Russia’s central bank has ordered the Moscow stock exchange to stay closed for a fifth day on Friday, sheltering local equities that global institutions now see as “uninvestable.” Meanwhile, the London Stock Exchange froze trading in eight Russian companies on Friday, adding to the 28 already suspended.
Meanwhile, the London Stock Exchange froze trading in eight Russian companies on Friday, adding to the 28 already suspended.
The war with Ukraine has battered Russian assets, as the US and its allies impose increasingly tougher measures against the country to hurt its economy.
Moscow’s MOEX exchange has been closed for the whole week in Russia, after plunging as much as 50 percent last Friday following the country’s war with Ukraine. As pressure mounts on Russian shares, their central bank ordered the closure in an apparent effort to prevent more losses.
A Reuters representative said that as a result of the most recent bans, there is no longer any Russian securities trading on the London stock exchange.
The LSE stopped trading in depositary receipts representing foreign shares for eight firms, including Rostelecom, the major Russian digital services provider, and Magnit, a food retail chain.
The London Stock Exchange acknowledged the continued deterioration of market conditions since March 2, 2022, and to maintain orderly markets, the exchange has halted the entry to trading of the instruments, the exchange stated in a statement.
As a result of sanctions imposed by the United States and its allies, the ruble dropped 30 percent to historic lows, trading at approximately 119 per dollar. As of Friday’s last check, the exchange rate between the currency and the dollar was 111.
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