MILAN (Reuters) – The iShares MSCI Russia ADR/GDR ETF rallied over 40% on Thursday after the London Stock Exchange froze trading in global depositary receipts of several Russia-based companies.
The ETF, which gives exposure to Russian companies like Sberbank and Gazprom that are now impossible to trade elsewhere, gained 46% to $24.1 by 0854 GMT after hitting a record low on Tuesday as investors pulled out of Russian assets.
Like other exchange-traded funds exposed to Russia, the iShares MSCI Russia ADR/GDR has temporarily suspended the creation of new shares given turbulent market conditions followed by Russia’s invasion of Ukraine and Western sanctions.
The Moscow exchange has been temporarily shut.
(Reporting by Danilo Masoni; editing by Carolyn Cohn)
