The London Stock Exchange has suspended trade of global depositary receipts (GDRs) of major Russian energy and commodity companies, including Gazprom, Lukoil, Rosneft, En+ and RusHydro with immediate effect, it said in a market notice March 3.
GDRs are financial instruments issued by banks that represent shares in a foreign company, allowing them to be traded on a local stock exchange.
“Further to recent sanctions in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets, the London Stock Exchange has suspended the admission to trading of the instruments […] in accordance with Rule 1510 of the Rules of the London Stock Exchange, with immediate effect,” it said. “The Exchange will continue to keep this situation under review.”
The affected companies have operations across crude and refined products, natural gas, power generation, steel and non-ferrous metals, petrochemicals and port infrastructure.
The companies include the following:
En+
Global Ports Investments
Novolipetsk Steel
Gazprom
Lukoil
MMK
Nornickel
PhosAgro
RusHydro
Tatneft
Rosneft
Sberbank
Surgutneftegas
— James Burgess
