Ex-Tory minister to step down as chairman of Russian aluminium business EN+

Former Tory minister Greg Barker is to stand down as chairman of Russian aluminium giant EN+ – as more companies and business figures cut ties with Moscow.

Lord Barker, who served in David Cameron’s government, has chaired EN+ since 2017. Its founder Oleg Deripaska has been the subject of US sanctions since 2018.

In a statement later, EN+ said that it “remains free of sanctions and is not subject to sanctions in any jurisdiction”, adding: “The departure of Lord Barker will not change this.”

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The announcement of the resignation on Monday came as Ian Cockerill, the British chairman of another Russian company, London-listed gold and silver producer Polymetal, also quit, together with a number of other independent board members.

Last week, the Institute of Directors, an influential business organisation, declared that it was “no longer tenable for British directors to be involved in governance roles in the Russian economy”.

Commenting on the latest announcements, Russ Mould, investment director at AJ Bell, said: “Russian companies trading on the London Stock Exchange continue to lose board members at pace as directors realise the optics of being linked to these businesses are toxic.”

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Meanwhile, accounting giants Deloitte and EY said they would sever links with Russia, following similar moves by KPMG and PwC – the latter first reported by Sky News.

The so-called “big four” firms dominate auditing work for blue-chip companies, and their work is often key to businesses obtaining international investor backing.

All have now said they are cutting off their Russian businesses from their global networks.

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Other companies taking action include jeans maker Levi Strauss & Co, which has suspended its Russian operations, as well as credit card company American Express and yoghurt maker Danone.

Carmaker Nissan said it would halt work at its factory in St Petersburg in coming days, Russia’s RIA Novosti news agency reported on Monday.

Others western companies from Nike and Ikea to Visa and Mastercard and Shell and BP have either closed shop or announced plans to exit the country.

Among global companies continuing to operate in Russia were McDonald’s and PepsiCo.

Fast Retailing, the owner of fashion brand Uniqlo, said it would keep its stores open.

Its chief executive Tadashi Yanai said: “Clothing is a necessity of life.

“The people of Russia have the same right to live as we do.”

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