# EDGAR Filing Document

**Accession Number:** 0001348145
**File Stem:** 0001315863-23-000342
**Filing Date:** 2023-2
**Character Count:** 11753
**Document Hash:** cd2294fc7ef9b43619755a96db2384d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001315863-23-000342.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001315863-23-000342

**CONFORMED SUBMISSION TYPE**: 13F-HR

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**EFFECTIVENESS DATE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VR Advisory Services Ltd
- **CENTRAL INDEX KEY:** 0001348145
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 13F-HR
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 028-16598
- **FILM NUMBER:** 23629507

**BUSINESS ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005
- **BUSINESS PHONE:** 646.571.1870

**MAIL ADDRESS:**
- **STREET 1:** INTERTRUST CORPORATE SERVICES (CAYMAN)
- **STREET 2:** ONE NEXUS WAY
- **CITY:** CAMANA BAY, GRAND CAYMAN
- **STATE:** E9
- **ZIP:** KY1-9005

### FORM 13F COVER PAGE

**Report for the Calendar Year or Quarter Ended:** 12-31-2022

**Check here if Amendment** [ ] **Amendment Number:** 

**This Amendment (Check only one.):** [ ] is a restatement.

[ ] adds new holdings entries.

**Institutional Investment Manager Filing this Report:**

**Name:** VR Advisory Services Ltd<br>**Address:** INTERTRUST CORPORATE SERVICES (CAYMAN)<br>ONE NEXUS WAY<br>CAMANA BAY GRAND CAYMAN, E9 KY1-9005

**Form 13F File Number:** 028-16598

**CRD Number (if applicable):** 000137158

**SEC File Number (if applicable):** 801-65792

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

**Person Signing this Report on Behalf of Reporting Manager:**

**Name:** Fredrik Olsson<br>**Title:** Chief Compliance Officer<br>**Phone:** 44 203.761.9625

**Signature, Place, and Date of Signing:**

/s/ Fredrik Olsson  London, X0  02-14-2023<br>[Signature]  [City, State]  [Date]

**Report Type (Check only one.):**

[x] **13F HOLDINGS REPORT.** (Check here if all holdings of this reporting manager are reported in this report.)

[ ] **13F NOTICE.** (Check here if no holdings are reported in this report, and all holdings are reported by other reporting manager(s).)

[ ] **13F COMBINATION REPORT.** (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

### Form 13F Summary Page

**Report Summary:**

**Number of Other Included Managers:** 0

**Form 13F Information Table Entry Total:** 72

**Form 13F Information Table Value Total:** $269751346

      (round to nearest dollar)

**List of Other Included Managers:**

Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.

[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]

**NONE**

### FORM 13F INFORMATION TABLE

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | VOTING AUTHORITY | VOTING AUTHORITY | VOTING AUTHORITY |
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | FIGI | VALUE (x$1000) | SHRS OR PRN AMT | SH/PRN | PUT/CALL | INVESTMENT DISCRETION | OTHER MANAGER | SOLE | SHARED | NONE |
| ACTIVISION BLIZZARD INC | COM | 00507V109 |  | 10334250 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| ADARA ACQUISITION CORP | *W EXP 02/11/202 | 00653H110 |  | 7120 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| ADECOAGRO S A | COM | L00849106 |  | 2755861 | 332432 | SH |  | SOLE |  | 332432 | 0 | 0 |
| AERCAP HOLDINGS NV | SHS | N00985106 |  | 8748000 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| AIR LEASE CORP | CL A | 00912X302 |  | 11743457 | 305660 | SH |  | SOLE |  | 305660 | 0 | 0 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 |  | 4272365 | 48500 | SH |  | SOLE |  | 48500 | 0 | 0 |
| ALTENERGY ACQUISITION CORP | *W EXP 10/29/202 | 02157M116 |  | 5150 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| ANTHEMIS DIGITAL ACQUISITION | *W EXP 11/01/202 | G03959114 |  | 32943 | 299482 | SH |  | SOLE |  | 299482 | 0 | 0 |
| BAKKT HOLDINGS INC | *W EXP 10/25/202 | 05759B115 |  | 16500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| BATTERY FUTURE ACQUISITION C | *W EXP 99/99/999 | G0888J124 |  | 9510 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| BLACKSKY TECHNOLOGY INC | *W EXP 09/09/202 | 09263B116 |  | 17631 | 130600 | SH |  | SOLE |  | 130600 | 0 | 0 |
| C5 ACQUISITION CORPORATION | *W EXP 12/31/202 | 12530D113 |  | 750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| C5 ACQUISITION CORPORATION | CL A COM | 12530D105 |  | 511000 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| CANNAE HLDGS INC | COM | 13765N107 |  | 23318579 | 1129229 | SH |  | SOLE |  | 1129229 | 0 | 0 |
| CARTESIAN GROWTH CORP | *W EXP 02/26/202 | G19276115 |  | 14586 | 28517 | SH |  | SOLE |  | 28517 | 0 | 0 |
| CF ACQUISITION CORP VII | *W EXP 03/16/202 | 12521H115 |  | 1067 | 33333 | SH |  | SOLE |  | 33333 | 0 | 0 |
| COLOMBIER ACQUISITION CORP | *W EXP 99/99/999 | 19533H116 |  | 4587 | 53333 | SH |  | SOLE |  | 53333 | 0 | 0 |
| COLONNADE ACQUISITION CORP I | *W EXP 99/99/999 | G2284B119 |  | 1500 | 30000 | SH |  | SOLE |  | 30000 | 0 | 0 |
| CRESUD S A C I F Y A | *W EXP 03/09/202 | P3311R259 |  | 684434 | 667090 | SH |  | SOLE |  | 667090 | 0 | 0 |
| CRESUD S A C I F Y A | SPONSORED ADR | 226406106 |  | 2697167 | 403164 | SH |  | SOLE |  | 403164 | 0 | 0 |
| DHT HOLDINGS INC | SHS NEW | Y2065G121 |  | 5328000 | 600000 | SH |  | SOLE |  | 600000 | 0 | 0 |
| DIGITAL TRANSFORMATN OPT COR | *W EXP 03/31/202 | 25401K115 |  | 1324 | 22065 | SH |  | SOLE |  | 22065 | 0 | 0 |
| ENPHYS ACQUISITION CORP | *W EXP 99/99/999 | G3167L117 |  | 16803 | 186700 | SH |  | SOLE |  | 186700 | 0 | 0 |
| EVE MOBILITY ACQUISITION COR | *W EXP 12/31/202 | G3218G117 |  | 6250 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| EVO ACQUISITION CORP | *W EXP 01/04/202 | 30052G116 |  | 804 | 14400 | SH |  | SOLE |  | 14400 | 0 | 0 |
| FINANCIAL STRATEGIES ACQUISI | *W EXP 03/31/202 | 31772T115 |  | 6000 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| FREEDOM ACQUISITION I CORP | *W EXP 03/02/202 | G3663X128 |  | 7496 | 37500 | SH |  | SOLE |  | 37500 | 0 | 0 |
| FTAC EMERALD ACQUISITION COR | *W EXP 10/19/202 | 29103K118 |  | 9375 | 187500 | SH |  | SOLE |  | 187500 | 0 | 0 |
| GALATA ACQUISITION CORP | *W EXP 99/99/999 | G3R23A116 |  | 8722 | 122500 | SH |  | SOLE |  | 122500 | 0 | 0 |
| GEOPARK LTD | USD SHS | G38327105 |  | 4333107 | 280460 | SH |  | SOLE |  | 280460 | 0 | 0 |
| GX ACQUISITION CORP II | *W EXP 03/17/202 | 36260F113 |  | 78 | 15356 | SH |  | SOLE |  | 15356 | 0 | 0 |
| HEALTHCARE AI ACQUISITION CO | *W EXP 99/99/999 | G4373K117 |  | 7500 | 125000 | SH |  | SOLE |  | 125000 | 0 | 0 |
| HERTZ GLOBAL HLDGS INC | COM NEW | 42806J700 |  | 34675178 | 2253098 | SH |  | SOLE |  | 2253098 | 0 | 0 |
| ICONIC SPORTS ACQUISITION CO | *W EXP 10/12/202 | G4712C115 |  | 40320 | 300000 | SH |  | SOLE |  | 300000 | 0 | 0 |
| INFINITE ACQUISITION CORP | *W EXP 11/23/202 | G48028123 |  | 36952 | 559883 | SH |  | SOLE |  | 559883 | 0 | 0 |
| INTERNATIONAL SEAWAYS INC | COM | Y41053102 |  | 5798332 | 156627 | SH |  | SOLE |  | 156627 | 0 | 0 |
| INTERPRIVATE IV INFRATECH PR | *W EXP 03/05/202 | 46064T110 |  | 1604 | 40000 | SH |  | SOLE |  | 40000 | 0 | 0 |
| IRSA INVERSIONES Y REP S A | GLOBL DEP RCPT | 450047204 |  | 11166897 | 2336171 | SH |  | SOLE |  | 2336171 | 0 | 0 |
| ISHARES INC | MSCI BRAZIL ETF | 464286400 |  | 18018162 | 644196 | SH |  | SOLE |  | 644196 | 0 | 0 |
| IX ACQUISITION CORP | *W EXP 07/31/202 | G5000D111 |  | 2643 | 175000 | SH |  | SOLE |  | 175000 | 0 | 0 |
| JACKSON ACQUISITION CO | *W EXP 99/99/999 | 46653C114 |  | 866 | 151999 | SH |  | SOLE |  | 151999 | 0 | 0 |
| KADEM SUSTAINABLE IMPACT COR | *W EXP 03/16/202 | 48284E113 |  | 194 | 18825 | SH |  | SOLE |  | 18825 | 0 | 0 |
| LEGATO MERGER CORP II | *W EXP 09/01/202 | 52473Y112 |  | 32925 | 75000 | SH |  | SOLE |  | 75000 | 0 | 0 |
| LILIUM N V | *W EXP 09/14/202 | N52586117 |  | 1473 | 15000 | SH |  | SOLE |  | 15000 | 0 | 0 |
| LOMA NEGRA C I A S A MTN 14 | SPONSORED ADS | 54150E104 |  | 3440721 | 502295 | SH |  | SOLE |  | 502295 | 0 | 0 |
| NEW VISTA ACQUISITION CORP | *W EXP 02/01/202 | G6529L121 |  | 10072 | 174550 | SH |  | SOLE |  | 174550 | 0 | 0 |
| NIO INC | NOTE 0.500% 2/0 | 62914VAF3 |  | 20155452 | 27650000 | PRN |  | SOLE |  | 27650000 | 0 | 0 |
| NIO INC | NOTE 2/0 | 62914VAE6 |  | 8305500 | 9800000 | PRN |  | SOLE |  | 9800000 | 0 | 0 |
| NIO INC | SPON ADS | 62914V106 |  | 1462500 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| NOGIN INC | *W EXP 08/26/202 | 65528N113 |  | 2925 | 150000 | SH |  | SOLE |  | 150000 | 0 | 0 |
| PAGAYA TECHNOLOGIES LTD | *W EXP 09/01/202 | M7S64L107 |  | 6327 | 66666 | SH |  | SOLE |  | 66666 | 0 | 0 |
| PAMPA ENERGIA S A | SPONS ADR LVL I | 697660207 |  | 48136423 | 1507089 | SH |  | SOLE |  | 1507089 | 0 | 0 |
| PANGAEA LOGISTICS SOLUTION L | SHS | G6891L105 |  | 13610219 | 2642761 | SH |  | SOLE |  | 2642761 | 0 | 0 |
| PATRIA LATIN AMRCN OPPRNTY A | *W EXP 02/23/202 | G69454117 |  | 2673 | 29700 | SH |  | SOLE |  | 29700 | 0 | 0 |
| PAYSAFE LIMITED | *W EXP 03/30/202 | G6964L115 |  | 7593 | 132285 | SH |  | SOLE |  | 132285 | 0 | 0 |
| PINE TECHNOLOGY ACQUISITN CO | *W EXP 03/31/202 | 722850112 |  | 83 | 48645 | SH |  | SOLE |  | 48645 | 0 | 0 |
| PROOF ACQUISITION CORP I | *W EXP 99/99/999 | 74349W112 |  | 6140 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| PROSHARES TR | ULTRAPRO SHT QQQ | 74347G432 |  | 1908713 | 35340 | SH |  | SOLE |  | 35340 | 0 | 0 |
| ROSS ACQUISITION CORP II | *W EXP 02/01/202 | G7641C114 |  | 1670 | 33333 | SH |  | SOLE |  | 33333 | 0 | 0 |
| SIGNAL HILL ACQUISITION CORP | *W EXP 02/10/202 | 82664R113 |  | 1350 | 135000 | SH |  | SOLE |  | 135000 | 0 | 0 |
| SOUNDHOUND AI INC | *W EXP 04/26/202 | 836100115 |  | 3750 | 25000 | SH |  | SOLE |  | 25000 | 0 | 0 |
| SPIRIT AIRLS INC | COM | 848577102 |  | 3896000 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| STAR BULK CARRIERS CORP. | SHS PAR | Y8162K204 |  | 6730500 | 350000 | SH |  | SOLE |  | 350000 | 0 | 0 |
| TELECOM ARGENTINA SA | SPON ADR REP B | 879273209 |  | 1074745 | 197201 | SH |  | SOLE |  | 197201 | 0 | 0 |
| TLGY ACQUISITION CORPORATION | *W EXP 11/09/202 | G8656T125 |  | 3720 | 200000 | SH |  | SOLE |  | 200000 | 0 | 0 |
| TRANSPORTADORA DE GAS SUR | SPONSORED ADS B | 893870204 |  | 7408795 | 627864 | SH |  | SOLE |  | 627864 | 0 | 0 |
| TWELVE SEAS INVESTMENT CO II | *W EXP 03/02/202 | 90118T114 |  | 3015 | 190848 | SH |  | SOLE |  | 190848 | 0 | 0 |
| VELO3D INC | *W EXP 09/29/202 | 92259N112 |  | 20490 | 100000 | SH |  | SOLE |  | 100000 | 0 | 0 |
| VEON LTD | SPONSORED ADR | 91822M106 |  | 24500 | 50000 | SH |  | SOLE |  | 50000 | 0 | 0 |
| VIEW INC | *W EXP 03/08/202 | 92671V114 |  | 3602 | 105000 | SH |  | SOLE |  | 105000 | 0 | 0 |
| YANDEX N V | SHS CLASS A | N97284108 |  | 558055 | 429023 | SH |  | SOLE |  | 429023 | 0 | 0 |
| YPF SOCIEDAD ANONIMA | SPON ADR CL D | 984245100 |  | 8288351 | 901888 | SH |  | SOLE |  | 901888 | 0 | 0 |

---