Deutsche Boerse AG, one of Europe’s largest stock exchange operators, is closing the door on trading Russian bonds, stocks and structured products listed on its market.
The trading suspension, which affects all Russian bonds, individual securities and related structured products listed on the Germany-based exchange, takes effect after markets close on Tuesday, Deutsche Börse said. The move applies to more than 30 securities, including Russian sovereign bonds, as well as securities related to Gazprom PJSC, En+ Group International PJSC and Norilsk Nickel PJSC.
Deutsche Boerse said the trading suspension was aimed at protecting the investing public. As Western governments seek to insulate Russia’s financial system and economy, investors in Russian securities listed outside of that country face the prospect of sharp price swings and the possibility that Russian borrowers will default. their loans.
This uncertainty was highlighted earlier on Tuesday when Russia’s central bank moved to reassure the market that Russian residents and businesses would still be able to repay foreign debt following a decree from President Vladimir Putin banning currency transfers abroad.
Deutsche Börse’s latest trading halt follows its decision on Monday to suspend trading in more than 15 listed Russian stocks in response to sanctions against Russia.