Further to the ‘Russia - Ukraine Related Sanctions - March 2022 Index Review’ announcement issued on 25 February 2022, FTSE Russell held a meeting with the FTSE Russell Policy Advisory Board and Equity Country Classification Advisory Committee to discuss the escalation of sanctions by the European Union (EU), United Kingdom (UK) and the United States of America (USA) on Russia following its invasion of Ukraine.
The independent advisory committees and other stakeholders were consulted on the treatment of Russia with regard to the escalating sanctions, the decision by the Central Bank of Russia (CBR) to temporarily suspend trading on the Moscow Exchange (MOEX) and prohibit non resident investors from executing security sales.
Additionally on 2 March 2022, the CBR imposed a temporary suspension on Russian banks executing withdrawal transactions of funds in all currencies held by foreign clients (both legal entities and Individuals), and residents of the countries who issued sanctions against the Russian Federation, to the accounts opened in foreign countries.
Following consideration by the FTSE Russell Index Governance Board of the feedback received from the independent advisory committees, other market participants and given the current market conditions, FTSE Russell announced that in accordance with Rule 2.1 of the FTSE Russell Index Policy ‘In the Event Clients are Unable to Trade a Market’ Russia will be deleted from all FTSE Russell Equity Indices effective from the open on Monday 07 March 2022.
As a consequence Moscow Exchange (MOEX) was removed from the FTSE Mondo Visione Exchanges Index effective from the open on Monday 7 March 2022.
