London Stock Exchange tells members to check for Russia sanctions compliance

London Stock Exchange tells members to check for Russia sanctions compliance

28 Sep    Finance News

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LONDON — London Stock Exchange Group told market participants on Wednesday not to use its systems for transactions that could breach financial sanctions imposed on Russia following its invasion of Ukraine.

LSEG suspended trading in Russian listings on its platform after Russia’s invasion began in February and Western powers rolled out sanctions to sever financial links with Moscow.

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LSEG said in a statement on Wednesday it noted the “evolving sanctions landscape,” a reference to

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new sanctions

being introduced by the United States.

“The Exchange reminds member firms that they must conduct their own due diligence and take appropriate measures to ensure that they comply with any applicable sanctions, current or future,” LSEG said in a notice to the market.

Member firms should ensure that they are not using the “Exchange’s systems or services to perform transactions or conduct activities that would facilitate direct or indirect transactions in breach of these sanctions.”

Reuters reported in June that there had been a handful of attempts to privately trade LSEG listed depositary receipts and report them on the London exchange’s systems. Some of the apparent transactions were later canceled.

LSEG had no immediate comment on its notice.

Some 36 Russian companies had taken part in depositary receipts programs which were trading on U.S. and European markets, including Gazprom, Rosneft, Lukoil and Norilsk Nickel. (Reporting by Huw Jones and Sinead Cruise, Editing by Iain Withers and Chizu Nomiyama)

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