Dear Depositors,
We hereby inform the customers whose securities accounts in the Depository of Bank GPB (JSC) hold the financial instruments of the issuers registered in the countries that commit unfriendly acts against the Russian Federation, Russian legal entities and individuals (hereinafter the “Unfriendly Countries”), including in Canada, Australia, Great Britain, in countries of the British Overseas Territories [1] and the Crown Dependencies [2] (hereinafter jointly referred to as “Foreign Assets”), that at present for reasons beyond the control of Bank GPB (JSC), due to the unstable political and economic situation in the world, the introduction of restrictive measures by the Unfriendly Countries, including Canada, Australia and the United Kingdom in respect of the financial system of the Russian Federation and certain Russian individuals and legal entities, including Bank GPB (JSC), as well as the restrictions on the higher-level accounting systems and other financial organizations involved in the chain of recording of rights to Foreign Assets / in the chain of payment of returns and value of Foreign Assets, there are risks of restrictions up to blocking of depository transactions and corporate actions with Foreign Assets recorded on the securities accounts in the Depository of Bank GPB (JSC), as well as payment of income and/or other payments due on Foreign Assets and other consequences unfavorable for the customers.
These risks exist with regard to the following financial instruments:
- securities denominated in pounds sterling, Canadian and Australian dollars;
- securities denominated in any currency, the issuers of which are persons of Canada, Australia, Great Britain, the British Overseas Territories and Crown Dependencies, including the Bermuda Islands and the British Virgin Islands, Guernsey, Jersey, the Isle of Man;
- securities for which British, Canadian, Australian financial institutions and their subdivisions are payment agents / banks involved in making payments.
Bank GPB (JSC) cannot be held liable for such risks and restrictions, as they are beyond the control of Bank GPB (JSC), and Bank GPB (JSC) has limited ability to foresee and prevent the consequences of such risks. It is recommended that the Depositor should independently assess the possibility of holding Foreign Assets in the securities accounts opened with the Depository of Bank GPB (JSC) and carefully consider whether the described risks are acceptable to the Depositor (if necessary, with the involvement of a legal advisor).
Respectfully yours,
Bank GPB (JSC)
[1] Anguilla, the Bermuda Islands, the Cayman Islands, the British Virgin Islands, the Falkland Islands, the British Antarctic Territory, the British Indian Ocean Territory, Turks and Caicos Islands, Gibraltar, Montserrat, Pitcairn Island, Saint Helena, South Georgia and the South Sandwich Islands, Akrotiri and Dhekelia.
[2] The Channel Islands (including the islands of Jersey and Guernsey) and the Isle of Man.