Russia allows 15 companies to remain listed abroad – Ministry of Finance

A view shows nickel sheets at Kola Mining and Metallurgical Company (Kola MMC), a subsidiary of Nornickel Metals and Mining Company, in the town of Monchegorsk in Murmansk region, Russia February 25, 2021. REUTERS/Evgenia Novozhenina

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May 18 (Reuters) – Russia has allowed 15 companies, including metals giant Nornickel (GMKN.MM) and liquefied natural gas producer Novatek (NVTK.MM), to remain listed on the stock exchange, the Ministry of Foreign Affairs said on Wednesday. Finance.

Russian President Vladimir Putin signed a bill in April requiring Russian companies to withdraw their certificates of deposit to reduce the influence foreign countries could exert on them unless they were allowed to remain listed.

The Ministry of Finance said that of the 36 Russian companies holding certificates of deposit, 19 had applied for permission and 15 had been successful.

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So far Nornickel, Novatek, Russia’s largest gold producer, Polyus (PLZL.MM), steel producers NLMK (NLMK.MM), Severstal (CHMF.MM) and Mechel (MTLR.MM ), as well as oil producer Tatneft (TATN .MM) said they had the green light to remain listed.

Russian gas company Gazprom (GAZP.MM) previously said its request was rejected and expects its certificates of deposit to be delisted on May 31.

It is still unclear which other companies have not been granted approval following an application.

Even with permission to remain listed abroad, trading in Russian securities has been halted by some Western exchanges.

The London Stock Exchange, for example, halted trading in certificates of deposit for major listed Russian companies when their prices crashed following the launch of Moscow’s “special military operation” in Ukraine on Feb. 24.

Certificates of deposit are certificates issued by a bank representing shares of a foreign company traded on a local stock exchange. They allow investors to trade foreign stocks in their own geographic area and time zone.

Western countries have imposed tough sanctions on Russia since it sent troops to Ukraine and a finance ministry official said Russian companies were looking to move their foreign listings elsewhere.

“Most of those considering continuing the deposit programs intend to move them to other jurisdictions,” Ivan Chebeskov, head of the department for financial policy at the ministry, told a conference on Wednesday.

“Everyone understands that the markets in which foreign investment can be attracted are likely to move east.”

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Reuters reporting; Editing by David Clarke

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