London Stock Exchange suspends trading in Gazprom

Other blocked companies include financial services firm TCS Group, aluminium manufacturers EN+ and VK – the parent company of social networking site VKontakte.

The companies trade financial instruments in London including global depositary receipts (GDRs), but not ordinary shares. These are traded in on Russian stock exchanges.

Previously trading had been formally suspended in only one stock, the Russian bank VTB, on 25 February.

David Schwimmer, chief executive of London Stock Exchange Group (LSEG) said it was taking the action “in light of market conditions, and in order to maintain orderly markets”.

“The level of sanctions is unprecedented and very dynamic,” Schwimmer said. He described it as “a complex and fast-moving situation”.

But seven Russian companies with London GDRs are still trading in the LSE, with further suspension dependent on further sanctions, or if the firms destabilise the market.

The companies continuing to trade include telecoms provider Rostelcom, supermarket chain O’Key and the state-owned Federal Grid.

On 25 February LSE suspended VTB Capital, a subsidiary of Russian bank VTB, from trading.

The Financial Conduct Authority also halted trading in the bank’s GDR on the LSE, where it has a secondary listing. Its primary listing is in Moscow.

The 27 Russian firms suspended from the LSE are: EN+, Novolipetsk Steel, Gazprom, Gazprom Neft, Lukoil, Norilsk Nickel, Taftneft, Polyus, Severstal, Rosneft, Sberbank, VK, Ros Agro, Surgutneftegas, TCS Group, Rosseti, PhosAgro, RusHydro, Magnitogorsk Iron and Steel Works, Novatek, Fix Price Group, Global Ports Investment, Globaltrans Investment, HMS Hydraulic Machines & Systems Group, Lenta International, Medical Group, X5 Retail, VTB.