Russian related stock trading (e.g. POLY)

[Alfa]

Hi,

I notice that it is only possible to sell, not purchase shares in POLY - a company that have a lot of mining operations in Russia.

I understand that other brokers such as Hargreave Lansdown, Interactive Investor, AJ Bell etc all allow this stock to be bought and sold without problem.

Why is this not possible via IG?

[OfentseIG]

2 hours ago, Alfa said:

Hi,

I notice that it is only possible to sell, not purchase shares in POLY - a company that have a lot of mining operations in Russia.

I understand that other brokers such as Hargreave Lansdown, Interactive Investor, AJ Bell etc all allow this stock to be bought and sold without problem.

Why is this not possible via IG?

Hi @Alfa

Could you please confirm the full name/full ticker of the stock you are querying and we will confirm the reason for the restriction. Some shares in Russian companies are currently suspended on the LSE as a response to the UK sanctions regime. Thanks, OfentseIG

[Alfa]

Hi @OfentseIG

Polymetal International (POLY).

Thanks.

[OfentseIG]

18 hours ago, Alfa said:

Hi @OfentseIG

Polymetal International (POLY).

Thanks.

Hi @Alfa

The stock is restricted as it is Russia related. Unfortunately all buys are restricted. If you hold an open position on the stock, you would be able to sell it. 

All the best, OfentseIG

[Alfa]

Hi @OfentseIG

Thanks for your reply.  I already understood it was restricted on the system due to being Russia related, but it is not a suspended stock on the LSE.

My question was why IG have this restriction in place when other UK brokers do not?

For example, I have heard from other traders that all the brokers listed below allow this to be freely traded - so it just seems strange that IG disallow it?

Thanks.

Lloyds
Barclays
Halifax
LSE Jarvis
AJ Bell
Fidelity
Hargreave Lansdown
Interactive Investor

[OfentseIG]

Hi @Alfa

Our broker Citi has restricted these products. You might be able to trade it with other brokers just not with IG at the moment. The restriction is with IG. We can't confirm for other brokers. All the best, OfentseIG

[Alfa]

Hi @OfentseIG

OK, fair enough.  It's just awkward to have to open an account with another broker if I did want to trade this UK stock.

Thanks.