London Stock Exchange suspends trading in eight more Russian firms

It comes a day after the financial markets operator said 28 Russian companies had been blocked.
The exchange has suspended more Russia-based companies (Kirsty O’Connor/PA)
PA Wire
Henry Saker-Clark4 March 2022

The London Stock Exchange has suspended trading in eight more Russia-based companies due to the ongoing invasion of Ukraine.

It comes a day after the financial markets operator said 28 Russian companies had been blocked.

The update showed that stocks in Russian grocery retailer Magnit and investment business Sistema were among the latest to be suspended in London.

In a statement, it said: “The London Stock Exchange notes the ongoing deterioration of market conditions since March 2, and in order to maintain orderly markets, the exchange has suspended the admission to trading of the instruments.”

(PA Graphics)
PA Graphics

The move follows steps taken by the UK, EU and US to roll out financial sanctions on Russia in a bid to prevent its companies from using Western markets to raise funds.

Last week, a subsidiary of Russia’s second largest bank, VTB, was the first firm suspended on the London Stock Exchange as a result of sanctions introduced following the invasion.

On Thursday, LSE chief executive David Schwimmer said the suspension of further firms would depend on updates to sanctions and issues maintaining an orderly market.

“This is a very complex and fast-moving situation and we are working closely with regulators across all parts of our business,” he added.

A number of British businesses have also sought to sever their ties with Russia in recent days, with Asos and Boohoo among those to halt sales in the country.

Create a FREE account to continue reading

eros

Registration is a free and easy way to support our journalism.

Join our community where you can: comment on stories; sign up to newsletters; enter competitions and access content on our app.

Your email address

Must be at least 6 characters, include an upper and lower case character and a number

You must be at least 18 years old to create an account

* Required fields

Already have an account? SIGN IN

By clicking Create Account you confirm that your data has been entered correctly and you have read and agree to our Terms of use , Cookie policy and Privacy policy .

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged in