(Reuters] – Nornickel Metals, a Russian giant of metals, was granted permission by a government agency to maintain its international listing – but only for a year.

Nornickel is the largest producer of palladium in the world and refined nickel. Other large Russia-registered companies have applied for government approval to allow their depositary receipts to be traded on foreign exchanges.

Since April, when President Vladimir Putin issued a bill to require Russian companies to remove their overseas depositary receipts from them in order to decrease foreigners’ influence over the firms, approval was required.

Nornickel announced that on Thursday, a government commission approved the request to keep Russia’s American Depositary Receipts in circulation until April 28, 2023.

It explained that the permission would allow the metals producer to evaluate available options and take steps to increase its long-term investment appeal.

“It’s important to establish precedent in order for Russian companies to trade abroad depositary receipts. BCS analysts stated that the DR scheme will likely be retained by other companies in a memo.

Indirectly, maintaining a foreign listing may mean the company will adhere to good corporate governance practices and disclosure. BCS stated that this decision could be a positive step in the company’s long-term interaction with Western investors.

Russian steel producers NLMK, MMK, and Novatek, along with firms such as Sistema, Magnit, En+ and Magnit have stated they had also submitted for similar permission. It is not yet known what the results of these applications will be.

Gazprom (MCX) rejected a request from Russian gas giant Gazprom. They expect to delist their depositary receipts by May 31.