London Stock Exchange suspends trading in several RDAs of Russian companies

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March 3 (Reuters)The London Stock Exchange announced on Thursday that it has suspended trading in the global certificates of deposit (GDR) of several Russian-based companies, including Rosneft, Sberbank, Gazprom, En+ and Lukoil, with immediate effect.

The LSE has 24 Russian-incorporated companies trading on its exchange, 17 of which are suspended. GDRs are negotiable certificates issued by a bank that represent shares of a foreign company but traded locally.

However, the ban has also affected a number of other Russian companies such as En+, which is incorporated in the UK.

“Following recent sanctions related to events in Ukraine, in light of market conditions and in order to maintain orderly markets, the London Stock Exchange has suspended the admission to trading of the instruments…with immediate effect,” it said. the LSE. in a report.

Britain and other Western countries imposed sanctions on Moscow over its invasion of Ukraine, including freezing Russian central bank assets and disconnecting seven Russian banks from the SWIFT financial messaging system.

On Tuesday, the LSE announced that it would stop transactions in the GDR of the Russian bank VTB VTBR.MM.

The price of GDRs from Russian companies plunged following the conflict in Ukraine and the ensuing sanctions.

Sberbank GDRs in London SBNCyq.L Tuesday were barely worth a penny after a 99.9% drop in 2022. ID:nL8N2V52VY

(Reporting by Yadarisa Shabong in Bengaluru and Karin Strohecker and Andres Gonzalez; Editing by Rashmi Aich and Jason Neely)

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