London Stock Exchange suspends more Russian firms (updated)

O'Key SA

04/03/2022 07:52

(Adds background, detail)
    By Carolyn Cohn
    LONDON, March 4 (Reuters) - The London Stock Exchange
 LSEG.L  said on Friday it had suspended the trading of several
Russian companies, including Sistema and Magnit, as exchanges
scale back their exposure to Russia.
    "The London Stock Exchange notes the ongoing deterioration
of market conditions since March 2 2022, and in order to
maintain orderly markets, the exchange has suspended the
admission to trading of the instruments," it said in a
statement.
    Britain, the European Union and the United States are
rolling out financial sanctions on Russia to prevent its
companies from using Western markets to raise funds, prompting
exchanges and settlement houses to cut ties with Moscow.
 urn:newsml:reuters.com:*:nL1N2V30OT
    The LSE suspended global depositary receipts (GDRs) - which
represent shares in a foreign company - for eight companies
after it froze trading in 28 firms on Thursday.  urn:newsml:reuters.com:*:nL4N2V61TF
    LSE CEO David Schwimmer said on Thursday the suspension of
the remaining firms would depend on further sanctions or an
inability to maintain an orderly market in them.  urn:newsml:reuters.com:*:nL8N2V61T7

 (Reporting by Carolyn Cohn; editing by John O'Donnell)
 ((carolyn.cohn@thomsonreuters.com; 44 207 513 4391;))