London Stock Exchange suspends eight more Russian firms
The London Stock Exchange (LSEG.L) has blocked a further eight Russian firms following Vladimir Putin’s invasion of Ukraine.
Russian grocery retailer Magnit and investment business Sistema were among the latest to be suspended in London.
State-owned Federal Grid, Russia’s largest transmission company, digital services provider Rostelecom, Novorossiysk Commercial Sea, which operates two of the largest Russian ports, real estate developer Etalon Group, food retail group O'Key and Acron, a major mineral fertiliser producer, have also been suspended.
Read more: London Stock Exchange blocks 27 companies with Russian ties
It suspended global depositary receipts, which represent shares in a foreign company.
The LSE said it was taking the action “in light of market conditions, and in order to maintain orderly markets”.
The exchange operator blocked trading in 27 companies this Thursday after the invasion of Ukraine sparked market turmoil. It had already suspended VTB Bank on Monday.
This means that all 36 companies with strong Russian links are now suspended from the London market.
The LSE said there had been "ongoing deterioration" of market conditions since 2 March, adding it would continue to keep the situation under review.
Meanwhile, Evraz (EVR.L), the London-listed steel and mining group in which Roman Abramovich holds a 29% stake, announced that city veteran James Rutherford had resigned from the board.
Rutherford was a non-executive director at Evraz for only nine months and also holds directorships at the mining groups Centamin and Anglo Pacific.
He was paid $125,000 (£93,887) from his appointment last June until the end of last year.
Read more: UK investors pull £642m out of retail funds amid market uncertainty
The news also comes a day after the Institute of Directors urged British directors to stand down from the boards of Russian companies to “show their commitment to the principles of democracy and national self-determination”.
Evraz also counts the former Ford executive Stephen Odell and Sir Michael Peat, a former private secretary to prince Charles, on its board. Peat, who was paid $224,000 (£168,232) last year, is due to stand down at the end of March.
The mining company is among a number of companies linked to Russia that have not been barred because they have been assigned UK nationality by the LSE for trading purposes.
But its market value has fallen by more than 80% since the invasion.
