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London Stock Exchange Group suspends all services in Russia

London Stock Exchange Group suspends all services in Russia

It comes days after the London Stock Exchange Group announced that it was suspending all goods and services for all clients in Russia as a result of new rules passed in Moscow. The company said it was suspending all products and services for all customers in Russia.

As to the company’s statement, “LSEG confirms that it is suspending all goods and services for all clients in Russia, subject to any regulatory restrictions.”

“We will continue to provide assistance to our personnel in the area. We are also communicating with our clients from outside of Russia who rely on us for data and price information pertaining to the Russian Federation. We’re looking at other ideas for how to keep these services going in the future.”

The corporation has joined an exodus of Western companies that have severed connections with Russia as a result of the country’s invasion of Ukraine, which resulted in harsh sanctions being imposed on it. Ukraine is being treated as a “special operation” by Russia, according to the country.

Since Wednesday of this week, the London Stock Exchange Group (LSEG) has prohibited access to goods featuring news and commentary in Russia, and it has also prohibited the sale of any new products or services in the Russian market.

It did not, however, halt access to data products for current clients in Russia at the time of the announcement.

A new Russian legislation makes it possible to imprison journalists who report on any occurrence that has the potential to bring the Russian military into disrepute.

In a letter sent last week to data platform Refinitiv and competitor Bloomberg, Ukraine’s central bank, the National Bank of Ukraine (NBU), urged them to prohibit Russian and Belarussian financial firms from using their systems.

According to the National Bank of Ukraine, such a move would “cripple their access to international financial markets.”

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