Aeroflot (SU, Moscow Sheremetyevo) will stop listing depositary receipts on the Frankfurt Stock Exchange, and their holders have the right to convert receipts into ordinary shares in the company, the Russian carrier announced in a Moscow Exchange filing.

The move comes after the Russian parliament adopted a law last month to delist the depositary receipts that major Russian companies including Aeroflot have used to enable them to trade on stock exchanges abroad.

Under that law, “Aeroflot is required to terminate the depository agreement with Deutsche Bank, which regulates depository receipts for the circulation, issuance, and cancellation of the company’s shares [...] on the Frankfurt Stock Exchange,” the airline said in its statement dated May 5.

May 5 was the deadline specified in the law by which Russian companies had to send an application to the Ministry of Finance to end their depository programmes. Aeroflot said it had sent a notice to terminate the agreement to Deutsche Bank and had also notified Russia’s central bank.

“Holders of depositary receipts must apply to the depositary bank in the manner prescribed by the agreement to convert their receipts into Aeroflot shares, [...] taking into account the mandatory requirements of Russian law,” the filing said.

The change will not affect Aeroflot shareholders who own local securities on the Moscow Exchange, it added.

According to Russia’s Interfax news agency, as of the end of 2021, 0.7% of Aeroflot’s total number of outstanding shares had been converted into depositary receipts.