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"The surprisingly strong performance of the MOEX—or Moscow Stock Exchange—comes with major caveats. Trading hours have been limited to just four hours, and only 33 of the 50 ruble-denominated stocks are open for trading. Furthermore, short-sellers are banned for now, and non-Russian investors are forbidden from selling until April 1.
Still, the Russian officials' decision to shut down the MOEX following incredibly volatile trading on Feb. 25—day two of the Kremlin's invasion of Ukraine—and to reopen it only gradually appears to have been a shrewd move. At 5:30 a.m. ET, the MOEX was up 5.8% with Russian blue-chips Sberbank and Gazprom racking up impressive gains of 5.2% and 15%, respectively". via https://fortune.com/2022/03/24/russia-stock-market-reopen-moex-month-offline/
@lawstudent95
22 March 2022 Updated with latest version of 'Financial sanctions: general guidance'. via https://www.gov.uk/government/publications/financial-sanctions-faqs#full-publication-update-history
"On 22 March, HM Treasury announced that OFSI has updated its general guidance by adding a paragraph to Chapter 4 on ownership and control and which clarifies OFSI’s position on aggregation of different designated persons’ holdings in a company". via https://raytodd.blog/2022/03/22/uk-sanctions-ofsi-updates-guidance-on-aggregation/amp/
Payment.....
Tue, 22nd Mar 2022 16:29
RNS Number : 6525F
Evraz Plc
22 March 2022
Update on clarification regarding the coupon payment for the 5.375% Eurobond 2023
22 March 2022 - further to the announcement made on 21 March 2022, EVRAZ plc (the "Issuer", the "Company") wishes to communicate that the Bank of New York Mellon, London Branch (the "Principal Paying Agent"), informed the Issuer that the amount for a regular coupon payment due on 21 March 2022 under outstanding principal amount of US$704,099,000.00 Notes due 2023 is now settled with the relevant account of the Principal Paying Agent.
The Company is fully committed to fulfil its payment obligations due on 4 April 2022 under its $700,000,000.00 Notes due 2024.
Spring statement is tomorrow, Wednesday. Apologies.
@lodan1 "We're going to end up becoming everything we were taught to despise"
I lost this battle years ago, now it's just damage control.
FT coverage of the story (no paywall): https://www.ft.com/content/00b8e832-4a08-4f6e-9644-46b00f7e8b1d
Key points:
- The block highlights the complications faced by Russian and Russia-linked companies trying to service debt following unprecedented western sanctions that have cut the country out of international payments systems.
- Investors had been bracing for a wave of defaults from corporate Russia following the sanctions imposed to punish Russia’s president Vladimir Putin for the invasion of Ukraine. However, some Russian companies, including Gazprom and Rosneft, have surprised markets by making payments to western investors.
- The Russian government made a $117mn payment on two of its dollar-denominated government bonds last week, although the process took longer than usual as banks involved in the payment chain sought assurances from US authorities that they were able to handle the cash.
I guess the spring statement on Thursday is the next big clue as Treasury remains tight-lipped and also Chelsea bid announcement today - LBC suggested sale would be closed in a month.
It will be interesting to see how the financial press covers this one.
Thank you. Agreed.
"To get round these demonstrable facts it is for HMG to prove that EVR has acted at RA's behest to "destabilise Ukraine". It is not for EVR to prove the haven't...."
I believe David Davis MP was calling for oligarchs and linked companies to be pushed to provide the evidence rather than HMG, govt rejected his amendment to the economic crime bill last Monday.
Look forward to your next post.
...with the following notification/warning:
"Some stock exchanges have suspended trading in shares of Russian domiciled businesses. Whilst we are unable to speculate on future suspensions please be aware there is a risk these shares may suspend and/or you may have difficulty trading in them in the future".
Yes, trading fine in HL.
Personally okay with this timeframe if EVR operations continue and markets stabilise more broadly.
Tonight with Andrew Marr 16th March
@37 mins David Owen who helped negotiate the peace deal after the war in Yugoslavia
- Putin needs a' graceful' exit strategy otherwise peace could be even more dangerous for Ukraine and Europe
- Direct talks with Putin are needed next
@54 mins Editor of FT who broke the news about the 50 point neutrality plan yesterday
- this is what the Ukrainians want, not sure if Putin is on board
- first negotiation is a security guarantee between Russia, Nato and EU
- Ukraine offering neutral status for Russian retreat back to where it was before Feb 24
- the purpose of the deal could be to regroup and fight? Russia has asked China for military support, and the response has been positive
This may be a blessing in disguise? An activist counter-petition could get more traction, media coverage and the attention of a back bench MP with too much time on their hands. My two pennies worth this morning.
x2 emails sent, thanks for drafting.
Used the complaints email for FCA > complaints.scheme@fca.org.uk
Just heard the Ukraine Ambassador in London on LBC. He is asking us to give https://www.withukraine.org as payback for when he, as a child, sent his breakfast money to help our miners back in the 80s.
Link to article: https://www.ft.com/content/a1b68eea-408d-43b0-ba4d-5b0c2c3ba195
Thanks, unable to sign just yet but saved down and will add name asap.
Key paragraphs of note in FT article on new economic crime bill rushed through last night:
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https://www.ft.com/content/a1b68eea-408d-43b0-ba4d-5b0c2c3ba195
In law, individuals or companies have a “right to property” and any attempt to effectively nationalise it requires the state to pay compensation.
“It will be interesting to see how [ministers] can justify [the plans] if we are not at war. The last time something along these lines was enacted was in 1939, under the Trading with the Enemy Act,” said Michael O’Kane, a sanctions expert and senior partner at law firm Peters & Peters.
Over the weekend, Gove said his plan no longer involved “permanent confiscation”, explaining: “I want to explore an option which would allow us to use the homes and properties of sanctioned individuals for as long as they are sanctioned for humanitarian and other purposes.”
@ProxLDM Got it. Thank you.
ProxLDM, okay thank you. I'm looking into a scenario where losses may be incurred if stock is "removed from my account"...but I'm sure you're right. Sadly!
Golongterm, called HL last week to discuss transfer options if removed from LSE and they advised the following in writing:
"...we can facilitate a transfer it but it's purely on the basis another provider can accept the transfer. It is to note however that that it's the listing on the LSE that's been suspended, so even if you transferred the stock, it couldn't be traded on other platforms either".
Awaiting advice from my accountant about write-offs as a worst-case scenario, but like everyone else, I remain optimistic.
Hope this helps?