Russia Urges Companies to Delist Abroad

Deputy prime minister says Russian companies should shift from overseas stock exchanges to the Moscow Exchange as sanctions mount.

Russia urged companies to delist their shares from overseas stock exchanges and trade in Moscow in an effort to safeguard them as international sanctions mount against the country after its takeover of Crimea.

“This is a question of economic security,” First Deputy Prime Minister Igor Shuvalov told reporters after a government meeting near Moscow today. Speaking later in a telephone interview, he said the move isn’t mandatory and that companies should make independent decisions.

Shares of London Stock Exchange Group Plc dropped 2.2 percent after Shuvalov’s comments. LSE said it has 68 Russian companies trading on its exchange. William Briganti, a spokesman for Nasdaq OMX Group Inc., declined to comment, as did Sara Rich of the New York Stock Exchange.

Yandex spokeswoman Asya Melkumova declined to comment. Russia’s largest Internet company said in February that its board supports a Moscow listing.

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