Russia’s state-owned gas company Gazprom announced on Friday that it was withdrawing its certificates of deposit from international stock exchanges after the Russian government refused to accept their further circulation.
According to a statement posted on the company’s website, licensees will have the option “right to convert them into ordinary shares”.
Gazprom also said it had notified the UK’s Financial Conduct Authority of its intention to cancel the standard listing on the London Stock Exchange (LSE). The company has also applied to the LSE and the Singapore Stock Exchange to withdraw its certificates of deposit within 20 business days.
Under a new law, securities of Russian companies can only be traded on foreign exchanges with special permission from the Russian authorities.
Last month, LSE blocked transactions from 27 Russian companies, including EN+, Gazprom, Lukoil, Rosneft and Sberbank. The blacklist was part of Western efforts to cut Russia off from international financial markets in response to Moscow’s military operation in Ukraine.
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