FTSE deletes Abramovich's Evraz from indexes amid trading crunch (updated)
14/03/2022 08:21
* Evraz, Polymetal Intl among companies impacted
* Petropavlovsk, Raven Property will also be deleted
* Follows feedback from advisory group, clients
(Adds detail from statement)
By Simon Jessop
LONDON, March 14 (Reuters) - Index provider FTSE Russell
said on Monday it would delete four UK-listed, Russia-focused
companies including Roman Abramovich's Evraz EVRE.L after many
brokers refused to trade their shares.
Evraz along with Polymetal International POLYP.L ,
Petropavlovsk POG.L and Raven Property Group RAV.L would be
deleted from all FTSE's indexes during the March review, it said
in a statement.
The move follows Russia's invasion of Ukraine, which it
terms a 'special operation', after which Western nations imposed
severe sanctions on the country, impacting many oligarchs with
connections to companies based outside of Russia.
FTSE Russell said it had received feedback from its External
Advisory Committees and market participants that trading in the
shares was "severely restricted" as brokers refused to handle
the securities, hitting market liquidity.
"Consequently, this will prevent index trackers from
replicating the ongoing inclusion of these names within the FTSE
Russell indices," FTSE Russell said.
Evraz and Polymetal International had been due to drop out
of Britain's blue-chip FTSE 100 .FTSE into the FTSE 250 at the
March review, but would now be replaced by NB Private Equity
Partners NBPE.L and Standard Life Private Equity Trust
SLPE.L , it added.
News of the deletion is the latest bad news for majority
Evraz owner Ambramovich, after 10 members of the board of the
steelmaker quit last week after the billionaire owner was
sanctioned by Britain, triggering the suspension of its shares.
(Reporting by Simon Jessop; editing by John O'Donnell)
((simon.jessop@thomsonreuters.com; +44 (0) 207 542 5052;
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