Depositary receipt issuance from central and eastern Europe has exploded in the past two years, according to a JP Morgan study. Global depositary receipts volumes doubled over the period, while American depositary receipts issues increased 67%.

Russia has been by far the largest issuer of DRs in central and eastern Europe, and accounts for 83% of the ADRs and GDRs from the region. Russian companies have raised $5.31bn so far this year with GDR issues, increasing the country's dominance, which is only expected to grow.