The London Stock Exchange has suspended trading in eight more Russia-based companies due to the ongoing invasion of Ukraine.

       It comes a day after the financial markets operator said 28 Russian companies had been blocked.

       The update showed that stocks in Russian grocery retailer Magnit and investment business Sistema were among the latest to be suspended in London.

       In a statement, it said: “The London Stock Exchange notes the ongoing deterioration of market conditions since March 2, and in order to maintain orderly markets, the exchange has suspended the admission to trading of the instruments.”

       (PA Graphics)

       (PA Graphics)

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       The move follows steps taken by the UK, EU and US to roll out financial sanctions on Russia in a bid to prevent its companies from using Western markets to raise funds.

       Last week, a subsidiary of Russia’s second largest bank, VTB, was the first firm suspended on the London Stock Exchange as a result of sanctions introduced following the invasion.

       On Thursday, LSE chief executive David Schwimmer said the suspension of further firms would depend on updates to sanctions and issues maintaining an orderly market.

       “This is a very complex and fast-moving situation and we are working closely with regulators across all parts of our business,” he added.

       A number of British businesses have also sought to sever their ties with Russia in recent days, with Asos and Boohoo among those to halt sales in the country.