The London Stock Exchange announced that it had immediately suspended trading in GDRs of several companies based in Russia, including Rosneft, Sberbank, Gazprom, Lukoil.
The LSE has 24 companies set up in Russia to trade on the stock exchange, of which 17 have been suspended. GDRs are trading certificates issued by a bank, which represent shares in a foreign company but with local trading.
However, the ban has affected a number of other Russian companies, including UK-based En +.
“Apart from the recent sanctions in relation to the developments in Ukraine, in the light of market conditions and in order to maintain the smooth operation of the markets, the London Stock Exchange has suspended the admission to trading of the instruments, with immediate effect,” he said. the LSE in a statement.
Britain and other Western countries have imposed sanctions on Moscow over its invasion of Ukraine, including assets of the central bank and the decoupling of seven Russian banks from the SWIFT system.
The price of Russian companies’ GDRs has fallen as a result of the conflict in Ukraine and subsequent sanctions.
It is characteristic that Sberbank GDRs in London have fallen 99.9% in 2022.
Source: Capital
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