Home Stock list London Stock Exchange suspends trading of more Russian companies | London Stock Exchange

London Stock Exchange suspends trading of more Russian companies | London Stock Exchange


The London Stock Exchange on Friday suspended trading in other Russian companies, while an independent director resigned from the board of Evraz, the steel and mining group in which Roman Abramovich holds a 29% stake.

The LSE suspended trading in the other eight companies with close ties to Russia that were not on a list of 27 companies suspended on Thursday.

The companies trade financial instruments in London, including global certificates of deposit and US certificates of deposit, but not common stocks, which are traded on other exchanges where they have their primary listing.

Also on Friday, Evraz – which is listed primarily in London and incorporated in the UK – announced that James Rutherford had immediately resigned from the board. Rutherford was only a non-executive director of Evraz for nine months and also holds directorships in mining groups Centamin and Anglo Pacific.

His resignation comes a day after the Institute of Trustees urged British nationals to leave Russian boards, saying it was ‘no longer tenable’ for them to stay on after Ukraine invaded Ukraine. Russia, adding that all directors of Belarusian companies should also resign.

Evraz also has former Ford executive Stephen Odell and Sir Michael Peat, former private secretary to Prince Charles and whose last name is KPMG, on its board.

Peat, who was paid $224,000 (£168,232) last year, is due to step down at the end of March, having served on the board since 2011. Rutherford has received $125,000 since his appointment last June until at the end of last year. Odell was paid $138,000.

Evraz, who last week announced a dividend worth $450 million to Abramovich, has so far not been caught in the sanctions imposed on companies with close ties to Russia.

On Thursday, the London Stock Exchange suspended trading in 27 companies, including energy and banking firms Gazprom and Sberbank. The LSE said it was taking action “in light of market conditions and in order to maintain orderly markets”.

On Friday, the LSE added state-owned Federal Grid, Russia’s largest transmission company, telecom provider Rostelecom, residential property developer Etalon, supermarket chain O’Key, fertilizer company Acron, food retail chain Magnit, investment firm Sistema and commercial seaport Novorossiysk to its list of companies banned from trading in London.

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However, Evraz is one of many Russian-linked companies that have so far not been banned because they were granted “British nationality” by the LSE for business purposes.

Nevertheless, international pressure is increasingly weighing on Russian companies, while the invasion of Ukraine is also disrupting those operating in the region.

On Wednesday, Evraz and precious metals mining group Polymetal dropped the FTSE 100 in its quarterly review after their market values ​​fell.

Evraz’s market value has fallen more than 80% since Vladimir Putin’s invasion of Ukraine.