Deutsche Bank Trust Company Americas has stopped issuing Global Depositary" Receipts (GDR) for shares a number of Russian issuers indefinitely, effective June 3. The depositary said in materials that GDR programs by steel producer Severstal, gas producer NOVATEK, oil producer Bashneft, Novolipetsk Steel (NLMK) and silver miner Polymetal were affected. Deutsche Bank did not clarify why it had taken this step, saying only that books had been closed "until further notice." The bank's London and Moscow offices declined to comment. But a source with knowledge of the situation told Interfax that the law enacted in May, restricting foreign investment in strategic sectors of the Russian economy, was behind the move.
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