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London Stock Exchange cancels plans to suspend En+ GDRs

London Stock Exchange cancels plans to suspend En+ GDRs

London Stock Exchange cancels plans to suspend En+ GDRs
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By Reuters Jun 1, 2018 10:55:17 PM IST (Published)

The London Stock Exchange said on Friday that it would cancel plans to suspend trading in global depositary receipts (GDRs) of En+, following a decision by the US Treasury Department to give U.S. investors more time to divest from the company which is affected by sanctions against Russia.

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Washington imposed sanctions on some of Russia’s biggest companies and businessmen, including London-listed En+, on April 6, striking at allies of President Vladimir Putin to punish Moscow for alleged meddling in the 2016 U.S. presidential election and other so-called malign activities.
En+ manages the aluminium and hydropower businesses of Russian businessman Oleg Deripaska.
The LSE has postponed the suspension of En+ GDRs before, but this time it did not say whether a suspension would take effect at a future date.
“The Exchange will not suspend the trading of En+ Group GDR... on Friday 1 June 2018,” it said in a statement.
“The Exchange will continue to monitor the situation and is in communication with the UK authorities.”
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