WSJ view is factually incorrect. ADR holders don't receive any dividends since 03/22. It's not possible for two reasons. US institutions stepped out of depositary agreements so ADRs are delinked from the underlying stock. No payments can be passed through. It's true though that underlying Russian stocks continue to trade and pay dividends. The second reason is that Russian government doesn't even allow dividend payments to foreign entities now for an indefinite period of time. The dividends that are credited to the shares in the delinked (defunct) ADR trust are staying in the lock box account in Russia and cannot be paid out to the holders even if ADR trust was fully operational.
