Evraz Non-Execs Resign on Abramovich Sanctions: The London Rush

(Bloomberg) — Here’s the key business news from London-listed companies this morning:

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Evraz Plc: The non-executive directors at the steel mining business resigned from the board after the U.K. government sanctioned Roman Abramovich, who owns almost 29% of the company.

  • Evraz shares are currently suspended from the Financial Conduct Authority’s official list, and the company said it doesn’t think the sanctions apply to them as Abramovich doesn’t exercise effective control

Avast Plc: The cyber-security company suspended all of its operations in Russia and Belarus with immediate effect

  • Its operations in the three countries accounted for about 1.5% of its annual revenue in 2021

  • The company also bolstered its product offerings in Ukraine, saying it “is critically important” to supporting Ukrainians’ access to the internet given the amount of disinformation.

Heathrow Airport Holdings Ltd: Britain’s busiest airport said February passenger levels were 15% below its forecast and 50% below pre-pandemic levels

  • Higher fuel costs, longer flight times from war-related airspace closures, as well as concerns from U.S. travelers over war in Europe and fears over new coronavirus variants were impacting people’s willingness to fly.

Outside The City

Russia’s Defense Ministry said it destroyed airfields in western Ukraine overnight via long-distance strikes. Officials in Ukraine said the cities of Ivano-Frankivsk and Lutsk were hit, but did not confirm that shells landed at the airports. The mayor of Kyiv said almost half the capital’s citizens have fled since Russia began attacking the city.

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The U.K. froze the assets of Chelsea Football Club owner Roman Abramovich, as Boris Johnson’s government ramped up its sanctions against wealthy Russians. Chelsea won’t be able to sell new tickets for matches, and will be banned from buying new players or renewing contracts. Abramovich’s two super yachts, which together cost more than $1 billion, were at sea when the sanctions were announced.

Meanwhile, the European Central Bank unexpectedly accelerated its wind-down of monetary stimulus yesterday amid rising inflation, as the war in Ukraine threatens to push prices even higher.

Finally, read how BP Plc came to its decision to exit Rosneft PJSC, Russia’s largest oil producer, costing its shareholders about $25 billion.

Looking Ahead

Food delivery giants Deliveroo Plc and Ocado Group Plc will disclose results next week. The Bank of England will announce whether it’s raising its key interest rate in a bid to contain inflation.

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