BUSINESS LIVE: FTSE-listed Russian firms shrug off sanctions; Mothercare set for costly Russia exit; L&G profits surge
London-listed Russian businesses warned of the operational impact of the Ukraine war on Wednesday, but assured investors they are working to mitigate disruption to trade.
Polymetal International, Evraz and Petropavlovsk shares have seen substantial volatility in the last week, as investors weigh an uncertain outlook, but all three firms claim that they fall outside of Western sanctions against Russia.
Mothercare has suspended business in Russia following the invasion of Ukraine, leading to the closure of around 120 stores and its online offering in the country.
The impact is substantial for the baby product retailer, which generates 20 to 25 per cent of its global retail sales in Russia – or roughly £500million in monthly profits.
British life insurer and asset manager Legal & General Group has posted an 11 per cent jump in annual operating profit, which surged to £2.3billion in 2021.
Assets under management at the insurer’s fund management arm, one of the biggest investors in Britain, totalled £1.4trillion at the end of last year, up 11 per cent from a year earlier.
Six independent board members, including the chairman, resigned from Polymetal last week amid the fallout of the Ukraine war