The next step will involve registering the company with the SEC, a process that takes about 45 days after all of the paperwork has been submitted, according to Diana Downing, an attorney with Milbank, Tweed Hadley & McCloy, which is representing Taftneft.
Several Russian companies, including LUKoil, have begun the registration process.
ADRs are certificates issued by a bank and backed by Russian stock held on deposit with the bank. Various types of ADRs allow transactions ranging from private placements to over-the-counter trading to full listing on a U.S. exchange.
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