London Stock Exchange suspends remainder of Russian firms

A man walks near a grocery store owned by Russian retailer Magnit outside Moscow, Russia February 27, 2018. REUTERS/Tatyana Makeyeva

LONDON, March 4 (Reuters) - The London Stock Exchange said on Friday it had suspended trading inthe remainder of the Russian securities listed on the exchange, after suspending the bulk of them earlier this week.

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. read more

The LSE suspended global depositary receipts (GDRs) - which represent shares in a foreign company - for eight Russian companies on Friday, including Magnit and Sistema, after it froze trading in 28 firms on Thursday. read more

"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.

There are no Russian securities trading on the LSE following Friday's move.

"This captures all Russian GDRs on our markets," a spokesperson said.

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. read more

Reporting by Carolyn Cohn and Huw Jones; editing by John O'Donnell and Jason Neely

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