June 1, 2018 / 4:43 PM / 6 months ago

London Stock Exchange cancels plans to suspend En+ GDRs

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

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.

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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