BNY Mellon has launched a scheme that permits the US financial institution’s shoppers to swap their holdings of abroad shares in Russia’s greatest corporations for native listings as Moscow’s capital markets diverge from the west.

The programme lets holders of Russian depositary receipts swap them into native shares in practically 20 Russian corporations together with Gazprom, VTB, Norilsk Nickel and Rushydro. Traders will probably be requested to pay a price for the cancellation of the depositary receipts, in response to a discover to the custodian financial institution’s shoppers seen by the Monetary Occasions.

New York-based BNY stated earlier this month that it will take a $100mn income hit after making a call to cease accepting new banking enterprise in Russia and halt the buying of Russian securities following Vladimir Putin’s invasion of Ukraine.

The launch of BNY’s change scheme comes after Russian information company Interfax reported on Tuesday that the nation is finding out a mechanism by which depositary receipts in main corporations could be delisted after which transformed to securities that will commerce in Moscow.

Worldwide buyers in Russian property have been left in limbo by President Vladimir Putin’s invasion of Ukraine final month. Many foreign-listed shares in Russian corporations have been suspended after western allies hit Moscow with monetary sanctions, whereas worldwide buyers’ entry to the nation’s native markets has been crimped as banks take a cautious stance on processing transactions.