Russian steelmaker Evraz to be deleted from FTSE indices

The London-listed companies set for deletion are blue chips Evraz, which has already been suspended by the Financial Conduct Authority, and Polymetal International, along with small caps Petropavlovsk and Raven Property Group.

FTSE Russell, part of the London Stock Exchange Group, said it had taken the decision following feedback from market participants as well as its external advisory committees.

It said the ability to buy or sell shares in the four companies had been "severely restricted" because major international brokerage firms no longer supported trading them, meaning there was now "insufficient institutional liquidity and market depth".

The companies’ deletion from all of FTSE Russell’s indices will be effective from 21 March 2022, as part of the March review.

Both Evraz and Polymetal had been due to drop out of the FTSE 100 into the FTSE 250 in the review. They will now be replaced by NB Private Equity Partners and Standard Life Private Equity Trust, which will be promoted from the UK Small Cap index.

Russian oligarch Abramovich, who also owns Chelsea Football Club, has a stake of around 29% in steel manufacturer Evraz. Abramovich was sanctioned by the UK government last week. This included freezing his assets and a travel ban. The US, UK and European Union have imposed sanctions on a number of Russian companies and individuals following Russia’s invasion of Ukraine.

Ten non-executive directors quit Evraz on Friday in response, leaving chief executive Alexey Ivanov as the sole director.