London Stock Exchange to suspend the trading of En+ securities due to US sanctions against Deripaska
On May 2, the London Stock Exchange (LSE) will halt trades in the global depositary receipts (GDR) of En+ Group, which is owned by Russian businessman Oleg Deripaska. LSE will continue to monitor the situation, the press release says.
On April 6, Deripaska was placed on the US sanctions list, together with his main assets: Kuban agricultural holding, Basic Element Group, which was registered in the Virgin Islands by B-Finance Ltd, EN+ Group Plc., GAZ group (car manufacturing), JSC EuroSibEnergo, and Russian Machines group.
The day before, US Secretary of Treasury Steven Mnuchin said on Bloomberg that the US is ready to lift sanctions against Rusal if Deripaska held less than a 50% stake in the company.
On April 27, it became known that Mr. Deripaska decided to reduce his stake in En+ to less than 50%. In response to this decision, the US Treasury stated that the reduction in the share of Deripaska does not necessarily lead to the removal of his company from the sanctions list.