Following Russia’s invasion of Ukraine, the lone Russian stock trading on the Hong Kong exchange lost nearly $6.7 billion in market value.
Following Russia’s invasion of Ukraine, shares of United Co. Rusal International PJSC, Russia’s largest aluminum producer, plummeted 47 percent as global investors avoided Russian assets in the face of harsh sanctions.
Trading on the Moscow Exchange has been suspended since February 25
According to the firm, which derives around a quarter of its income from Russia, Rusal and En+ Group parent company International PJSC will not be affected by UK sanctions on Oleg Deripaska and other Russian nationals.
Some US banks in Hong Kong, notably Goldman Sachs Group Inc. and Citigroup Inc., have declined to engage in deals involving Russian firm shares, according to the Financial Times.