London Stock Exchange, PayPal, U.K. add more financial pain for Russia
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Companies, governments and markets are taking more actions to distance themselves from Russian companies in response to Russia's invasion of Ukraine. The London Stock Exchange (OTCPK:LDNXF)
(OTCPK:LNSTY) has suspended trading in 27 companies, the U.K.'s Treasury is denying Russian aviation and space companies access to the U.K. insurance sector, and PayPal (NASDAQ:PYPL) has stopped accepting new users in Russia.
The London Stock Exchange (OTCPK:LDNXF) has suspended trading of some of Russia's biggest publicly traded company stocks, including Sberbank (OTCPK:SBRCY), Gazprom (OTCPK:OGZPY)
(OTCPK:GZPFY), Lukoil (OTCPK:LUKOY), Rosneft Oil (OTCPK:RNFTF), Novatek (OTCPK:NOVKY), and RusHydro (OTCQX:RSHYY).
The LSE said it's taking the action "in connection with events in Ukraine, in light of market conditions, and in order to maintain orderly markets." 
The U.K. Treasury said its further economic sanctions on Russian aviation and space companies "will limit the benefits Russian entities receive from their access to the global insurance and reinsurance market."
Note that Lloyd's and the London Market is a hub for the global insurance market. "In taking such action, the U.K. is demonstrating its commitment to apply severe economic sanctions in response to Russia's invasion of Ukraine," the Treasury said in a statement.
Meanwhile, U.S.-based payment firm PayPal (PYPL) is refusing to accept new customers in Russia, a company spokesperson told Reuters. PayPal's (PYPL) business in Russia only allows cross-border transactions.
The company already blocked some users and some of the country's biggest banks after the U.S. and other countries imposed sanctions on Russia. While Ukraine has called on the company to completely pull out of Russia, the PayPal (PYPL) spokesperson told Reuters that the company is still figuring out the implications of the sanctions.
The EU, U.S. and many other countries are banning many Russian banks from the SWIFT global financial communications system.