London Stock Exchange Says Sanctions Against Russia Have Minimal Impact On Business By Reuters

© Reuters. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, UK, Dec. 29, 2017. REUTERS/Toby Melville/File Photo

LONDON (Reuters) – The London Stock Exchange Group (LON:) said on Thursday that applying financial sanctions against Russia after the invasion of Ukraine would have only a minor impact on its operations.

“We are actively in discussions with regulators and authorities about all relevant sanctions and are taking appropriate action. LSEG’s activities in Russia and Ukraine represent less than one percent of total revenues,” the exchange said in a statement.

The exchange has suspended trading in some Russian quotes and has reported preliminary annual results for 2021.

The exchange, which bought data and analytics company Refinitiv for $27 billion early last year, said the deal’s savings were “significantly” above target, with a “run rate” of £151 million by 2021.

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

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

Thomson Reuters (NYSE:), parent company of Reuters News, has a minority stake in LSEG, and Refinitiv pays Thomson Reuters for news it spreads.

($1 = 0.7462 pounds)

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