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One of Russia’s top food retailers cancels London listing

O'Key group, one of Russia's biggest grocers, pulled out of London this morning, after notifying markets about its intention to do so last month.
O'Key group, one of Russia's biggest grocers, pulled out of London this morning, after notifying markets about its intention to do so last month.

One of Russia’s top food retailers has cancelled its London listing, more than two years after Moscow’s war in Ukraine led to an exodus of firms from the UK.

O’Key group pulled out of London this morning, after notifying markets about its intention to do so last month.

The company said it continues to have listings on the Moscow Exchange and Astana International Exchange, in Kazakhstan.

The firm is one of Russia’s leading food retailers, operating markets under the O`Key brand and discounters under the DA! brand.

According to a statement to the London Stock Exchange this morning, the company has 297 stores across Russia, including 77 hypermarkets.

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It employs 19,200 people, with a revenue of around £18m ( RUB 207.9 bn).

Following Russia’s invasion of Ukraine in February 2022, the UK government imposed heavy sanctions on Russian companies, including those linked to the Kremlin.

Major banks and firms have also been forced to withdraw from the country, with chains like McDonald’s and Starbucks criticised for not exiting quickly enough.

London has meanwhile seen the departure of Russian oligarchs who made the capital their home, with the likes of Roman Abramovich having assets stripped.

The UK has also been targeted with a number of cyber attacks since the start of the war, with Russia being accused.