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SGX bars trading of Russian Gazprom GDR
This follows MFA's call to cease transactions with entities owned by the Russian government.
Gazprom SDR found itself in deep waters as the gas company found itself suspended by the Singapore Exchange (SGX).
The move was done in consideration of an earlier announcement by the Ministry of Foreign Affairs regarding the prohibition of entering into transactions and financial services with entities owned or controlled by the Russian government.
The Russian government has a controlling interest of over 50% in Gazprom. This also includes both direct and indirect ownership of the group.
Due to these reasons, SGX will suspend admission to trading of the PJSC Gazprom GDR, with the index also monitoring developments.
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