SGX suspends trading of PJSC Gazprom GDR on Russia sanctions
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PJSC Gazprom is a Russian energy company that deals with oil and gas.
PHOTO: ST FILE
Tan Nai Lun
SINGAPORE (THE BUSINESS TIMES) - The Singapore Exchange Regulation (SGX RegCo) on Monday (March 7) suspended the admission to trading of PJSC Gazprom global depositary receipts (GDR) due to sanctions by the Singapore Government over Russia's invasion of Ukraine.
PJSC Gazprom is a Russian energy company that deals with oil and gas.
On Saturday, the Ministry of Foreign Affairs said it was banning banks and other financial institutions from doing business with four Russian banks, as well as stopping the export of certain goods, as part of the sanctions.
Among other measures, Singapore is also prohibiting transactions and financial services that facilitate fund-raising to the Russian government and entities owned or controlled by Moscow.
The prohibition applies to the buying and selling of new securities, providing financial services that facilitate new fund-raising, and participation in the making of any new loans.
SGX RegCo noted that the Russian government is the ultimate controlling party of Gazprom and has a controlling interest - including both direct and indirect ownership - of more than 50 per cent in the company.
SGX RegCo will suspend the admission to trading of the GDRs "to ensure that the market is fair, orderly and transparent", and such that the exchange "does not act contrary to the interests of the investing public".
