London Stock Exchange says Russia sanctions have minimal impact on business

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The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. REUTERS/Toby Melville/File Photo

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LONDON, March 3 (Reuters) – The London Stock Exchange Group said on Thursday that applying financial sanctions on Russia following its invasion of Ukraine would have only a minor impact on its business.

“We are actively engaging with regulators and authorities on all relevant sanctions and taking appropriate actions. LSEG’s operations in Russia and Ukraine account for less than one per cent of total income,” the exchange said in a statement.

The exchange has suspended trading in some Russian listings and reported preliminary full year results for 2021.

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The exchange, which bought data and analytics company Refinitiv for $27 billion early last year, said savings from the deal were running “significantly” ahead of target, with a 151 million pounds “run rate” in 2021.

“LSEG has delivered a successful first year after completion of the Refinitiv acquisition. We have produced a strong financial performance, have met or are ahead of all targets and have good momentum into 2022,” LSEG CEO David Schwimmer said.

Adjusted profit for 2021 was 1.823 billion pounds ($2.44 billion), up 44.6%, with total income of 7.165 billion pounds, up 0.8%, the exchange said.

Thomson Reuters, parent of Reuters News, holds a minority stake in LSEG and Refinitiv pays Thomson Reuters for news it distributes.

($1 = 0.7462 pounds)

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Reporting by Huw Jones; editing by Carolyn Cohn

Our Standards: The Thomson Reuters Trust Principles.