Gazprom, Lukoil and Sberbank are now penny stocks as Russian companies collapse in London
Russian natural-gas giant Gazprom, oil-producer Lukoil and leading bank Sberbank are all penny stocks based on their trading on the London Stock Exchange, as the local market was shut for a third day.
Sberbank SBER, -78.43%, which had assets of over $500 billion at the end of 2021, was trading for 3 cents a share in afternoon action. The European Commission on Wednesday approved the resolution plan for its Croatian and Slovenian arms that will be sold. Its Austrian and Czech operations will be wound down, with depositors compensated up to €100,000.
Lukoil LKOD, -93.23%, Gazprom OGZD, -23.50%, and Rosneft Oil ROSN, -77.71% continued to collapse as the dollar-denominated secondary listings in London remained the one venue where Russia’s top companies could be valued.
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