Home Somerset business London Stock Exchange suspends trading of eight more Russian companies

London Stock Exchange suspends trading of eight more Russian companies

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The London Stock Exchange has suspended trading in eight other Russian-based companies due to the ongoing invasion of Ukraine.

It comes a day after the financial market operator said 28 Russian companies had been blocked.

The update showed that shares in Russian grocer Magnit and investment firm Sistema were among the latest to be suspended in London.

In a statement, it said: “The London Stock Exchange notes the continued deterioration in market conditions since March 2, and in order to maintain orderly markets, the exchange has suspended admission to trading of the instruments.”

(PA graphics)

The move follows moves by the UK, EU and US to deploy financial sanctions against Russia in a bid to prevent its companies from using Western markets to raise funds.

Last week, a subsidiary of Russia’s second-biggest bank, VTB, was the first company suspended from the London Stock Exchange following sanctions introduced following the invasion.

On Thursday, LSE chief executive David Schwimmer said the suspension of new business would depend on updates to sanctions and problems with maintaining an orderly market.

“This is a very complex and rapidly evolving situation and we are working closely with regulators across all areas of our business,” he added.

A number of UK companies have also sought to sever ties with Russia in recent days, with Asos and Boohoo among those halting sales in the country.