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Sanctions Prompt Russian Firms to Ditch London for Moscow

  • Union Investment says prefers local to U.K.-listed notes
  • TMK said it may consider delisting GDRs from London trading
Updated on

Russian companies spooked by the experience of a sanctioned company earlier this quarter are ditching stock listings in London and New York in favor of Moscow’s revamped bourse.

Meat producer Cherkizovo Group PJSC is mulling a Moscow share sale after it delisted from London last year, while the deputy chief executive officer of steel pipes producer TMK PJSC said he may consider a similar move in the future. The Moscow Exchange now handles 60 percent of the trading volume of dual-listed stocks compared with 44 percent in 2014.