Moscow now ‘uninvestable’, say top City firms as Russian stock market is closed for a second day
Russian businesses have been branded ‘uninvestable’ as the country’s stock market remained closed for a second day.
Companies such as Gazprom and Sberbank, face being removed from top market indexes.
Stephen Bird, the chief executive of British investment firm Abrdn, said Russia already commanded low scores on ESG – environmental, social and governance – criteria, and its fund managers were no longer allowed to invest in it.
Shunned: Companies such as Gazprom and Sberbank, which are listed in Moscow, even face being removed from top market indexes
Abrdn has been reducing its exposure for months
Luke Ellis, the chief executive of hedge fund Man Group, also dubbed Russia ‘uninvestable’.
He said his firm did not hold any Russian clients’ money, and had sold out of Russian and Ukrainian bonds.
Speaking to Bloomberg, he added: ‘I don’t like doing business in places where you need a bodyguard.’