London Stock Exchange bans trading in several GDRs of Russian enterprises including En+ Group
On 3rd March 2022, the primary stock exchange in the United Kingdom and the largest in Europe, the London Stock Exchange (LSE) announced that it had suspended with immediate effect the trading of global depository receipts (GDRs) of various Russia-based companies including En+ Group.
The London Stock Exchange has 24 companies incorporated in Russia trading on its bourse, out of which 17 are suspended. However, GDRs are negotiable certificates provisioned by a bank that represent shares in a foreign company but traded locally.
Notwithstanding, the suspension also impacted several other Russian companies such as En+ Group, the majority owner of Rusal, which is incorporated in the United Kingdom.
LSE revealed in a statement, "Further to recent sanctions in connection with events in Ukraine, in light of market conditions, and to maintain orderly markets, the London Stock Exchange has suspended the admission to trading of the instruments with immediate effect.”
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