SGX Suspends Gazprom GDR in Response to Government’s Sanctions Against Russia

Singapore Exchange (SGX) notes the 5 March 2022 announcement by the Ministry of Foreign Affairs on the Singapore government financial measures in relation to Russia, including prohibitions against entering into transactions or arrangements, or providing financial services that facilitate fund raising by entities owned or controlled by the Russian government.  

The prohibitions apply to buying and selling new securities, providing financial services that facilitate new fund raising by, and making or participate in the making of any new loan to the above entities.

SGX notes that the Russian government is the ultimate controlling party of Gazprom and has a controlling interest (including both direct and indirect ownership) of over 50% in it. Accordingly, to ensure that the market is fair, orderly, and transparent, and the exchange does not act contrary to the interests of the investing public, SGX will suspend the admission to trading of the PJSC Gazprom GDR.