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LSE extends En+ trading after US Treasury prolongs authorization period until August 5

June 02, 3:14 UTC+3 MOSCOW

The exchange will continue to monitor the situation and is in communication with the UK authorities, London Stock Exchange said in a statement

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© REUTERS/Sergei Karpukhin

MOSCOW, June 2. /TASS/. London Stock Exchange (LSE) has announced an extension of En+ GDR trading starting June 1 after the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury extended the period for US investors to get rid of the shares and debt instruments of Russian companies slapped with sanctions.

"The exchange will not suspend the trading of En+ Group GDR from 1 June 2018... The exchange will continue to monitor the situation and is in communication with the UK authorities," LSE said in a statement on Friday.

On 31 May 2018, the US Treasury Department extended the period during which US investors should get rid of the shares and debt instruments of Russian companies En+, GAZ Group and Rusal until August 5. Previously, investors were obliged to get rid of the securities of these companies until June 6.

Earlier LSE cancelled suspension of GDR En+ trading, and rescheduled it to June 1.

On April 6, the US authorities announced sanctions imposed against a number of Russian officials, businessmen and companies. The Russian businessmen who were put on the new US restrictions list include Gazprom CEO Alexei Miller, VTB head Andrei Kostin, owner of Renova Viktor Vekselberg, Surgutneftegaz CEO Vladimir Bogdanov, Sibur board member Kirill Shamalov, and businessmen Igor Rotenberg, Oleg Deripaska and Suleiman Kerimov.

Among the companies slapped with the latest sanctions are several enterprises belonging to Russian businessman Oleg Deripaska. Among them are Agroholding Kuban, Evrosibenergo, Rusal, Russian Machines Holding and GAZ Group, B-Finance investment company, Basic Element holdings and En+. The sanctions imply that the assets of these companies are frozen.

The US Treasury said earlier that sanctions relief can be provided for Rusal if Deripaska makes divestment and relinquishes control over the company. Deripaska, in turn, said he was ready to reduce the stake in the largest shareholder of Rusal, En+, below 50%. Now the businessman controls 48.13% of Rusal through En+, in which he owns 66%.

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