Multi-asset investment platform ITI Funds is liquidating its two Russia ETFs later this month.

In a shareholder notice, the firm said it has called an extraordinary general meeting (EGM) on 22 August with the top item on the agenda to dissolve the ETFs “with immediate effect”.

It means the ITI Funds RTS Equity UCITS ETF (RUSE) and the ITI Funds Russia-focused USD Eurobond UCITS ETF (RUSB) will both be terminated after they were suspended in March.

For the motion to pass, shareholders representing at least 50% of the share capital of the ETF must vote.

If the item is passed, the liquidator of the ETF must hold another shareholder meeting to discuss the liquidation agenda.

It comes after ITI Funds board member Natalia Petrova resigned in May following the suspension of the two ETFs.

Petrova was replaced by Oleg Jelezko, who founded ITI’s parent company Da Vinci Capital more than 15 years ago – and already chairs ITI Group’s board of directors.

In a statement, ITI Funds said Petrova stood down from its board of directors “for business reasons”.

Invesco was the last asset manager to shut its Russia equity ETF in June after BlackRock announced it would be closing two ETFs in May.

DWSHSBC Asset Management and Amundi all still have Russia ETFs, albeit they remain suspended.

Last week, it emerged that PIMCO is giving itself the option to create side pockets on its ETF range, some of which still hold Russian debt.

The move would allow it to carve out the funds’ illiquid assets in a bid to protect new and existing shareholders from potential valuation and liquidity difficulties.

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