The analysts support those who want to invest in the Russian gas producer Gazprom on the London Stock Exchange.

All 14 observers who examine its business development recommend the share as a buy.

With an average earnings potential of 745 percent, Gazprom is one of the most attractive stocks and can still be traded.

Philip Krohn

Editor in business, responsible for "People and Business".

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Philip Pickert

Business correspondent based in London.

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But as far as financial stocks are concerned, there is currently no development to be observed at all, because as part of the British and EU sanctions they can no longer be traded on Western European stock exchanges such as London or Frankfurt.

While seven analysts from before the sanctions are still maintaining their buy recommendations, three state that they are currently reviewing or suspending their assessment.

On Monday morning at 7:30 a.m., Deutsche Börse implemented the part of the sanctions that affects trading in securities of Russian financial service providers.

Securities of the two largest banks in the country VTB and Sberbank can no longer be traded.

The positions remain in the depots, the courses have been temporarily set to zero.

There are no more courses for Russian banks

Current courses are not determined.

The financial subsidiaries of the commodity groups Gazprom and Rosneft can no longer be traded either.

When trading resumes, there are established procedures, such as the volatility pause, to ensure that interim information is not priced in too quickly.

A few days ago, the analysis company Morningstar examined the involvement of German funds in Russia.

According to data from Morningstar Direct, Russian stocks accounted for 0.27 percent of long-term fund and ETF assets in Europe at the end of January.

That is 32.8 billion euros out of a total of 12 trillion euros invested.

Using a screening, the experts were able to filter out those funds with the highest share of Russia.

Emerging market index funds from iShares and Vanguard have the highest share at 3 percent.

In Eastern Europe funds, the Russia share is naturally higher.

According to Morningstar, Schroder ISF Emerging Europe has the highest volume at 740 million euros, with Russia accounting for 60 percent.

It even reaches 73 percent in the Invesco Emerging European.

Further restrictions followed on Tuesday

In addition to the trading restrictions, Deutsche Börse announced on Tuesday that it would suspend trading in all instruments on Russian bonds, individual securities and related structured products.

Original shares are not traded on the Frankfurt Stock Exchange anyway, only deposit receipts.

With five instruments, the Xetra platform has a 0.1 percent share of the order book volume for Russian equities, while Frankfurt has a 1 percent share with 30 instruments.

Gazprom notes were traded Tuesday at 14.6 million, with six-figure volumes hitting Norilsk Nickel at 727,000 and Lukoil at 451,000.

Trading is more extensive in Great Britain, where shares in the Russian VTB Bank were also stopped.

Like Deutsche Boerse, the London stock exchange operator announced the move on Tuesday after the UK financial regulator suspended the bank's securities due to the sanctions.

VTB Capital, the British trading arm of Moscow Bank, had previously been suspended from trading.

Brisk trade in London since the 1990s

Many Russian joint-stock companies have been traded on the London Stock Exchange since the 1990s.

Around thirty have raised money there with IPOs, for example the mostly state-owned oil company Rosneft, Gazprom, the steel company Severstal and Sberbank.

At the beginning of the week, Foreign Minister Liz Truss announced that Sberbank would be banned from clearing in pounds.

In mid-February, their shares were still trading at just under $15, since then they have plummeted to $1, meaning they have lost over 90 percent.

Trading volumes were unusually high as panicked investors tried to sell their shares.

The recent sharp price losses of Russian stock companies are now causing two companies to be kicked out of the British leading index FTSE100.

Both the gold mining company Evraz and the steel group Polymetal will be removed from the leading index on Wednesday because their market weight has shrunk too much.

Evraz has lost 75 percent in value over the past month, down almost 14 percent on Tuesday.

Russian stock prices plummet in London

Polymetal, where Roman Abramovich is the majority shareholder, has also plummeted 75 percent since early February, with shares down 25 percent on Tuesday alone.

The steel group's market capitalization has shrunk to £1.2 billion.

Instead of Evraz and Polymetal, traders expect West African gold miner Endeavor Mining and Centrica, parent company of British Gas, to join the FTSE100.

In the past few days, large institutional investors have announced their withdrawal.

Norwegian Finance Minister Trygve Slagsvold Vedum announced on Sunday that he would withdraw state oil funds from 47 Russian stocks.

This is not so easy for asset managers, since they invest the money in trust for customers.

Large insurers like Allianz, on the other hand, have to invest their money in a way that matches their risks in the respective currency area.

Capital investments are thus acquired in Russia for Russian business and in the Ukraine for Ukrainian risks.

This is done on the local markets through the local branches and not through the Frankfurt Stock Exchange.