June 1, 2018 / 4:43 PM / 5 months ago

London Stock Exchange cancels plans to suspend En+ GDRs

LONDON (Reuters) - The London Stock Exchange said on Friday that it would cancel plans to suspend trading in global depositary receipts (GDRs) of En+ (ENPLq.L), following a decision by the U.S. Treasury Department to give U.S. investors more time to divest from the company which is affected by sanctions against Russia.

FILE PHOTO: The logo of aluminium and power producer En+ Group is seen on a building in central Moscow, Russia February 13, 2018. REUTERS/Sergei Karpukhin/File Photo

Washington imposed sanctions on some of Russia’s biggest companies and businessmen, including London-listed En+, on April 6, striking at allies of President Vladimir Putin to punish Moscow for alleged meddling in the 2016 U.S. presidential election and other so-called malign activities.

En+ manages the aluminium and hydropower businesses of Russian businessman Oleg Deripaska.

The LSE has postponed the suspension of En+ GDRs before, but this time it did not say whether a suspension would take effect at a future date.

“The Exchange will not suspend the trading of En+ Group GDR... on Friday 1 June 2018,” it said in a statement.

“The Exchange will continue to monitor the situation and is in communication with the UK authorities.”

Reporting by Alistair Smout and Polina Ivanova. Editing by Jane Merriman

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