Director of Barings EMEA trust steps down from Russian bank directorship

Nadya Wells

Nadya Wells, a non-executive director for Barings Emerging EMEA Opportunities trust, has resigned as an independent director of the supervisory board of Sberbank of Russia, with effect from yesterday (24 February).

The £100.4m trust, which is sitting on a 14.6% discount, holds Sberbank as its third largest company, making up 5.2% of the portfolio, according to the latest factsheet. Sberbank, the most actively traded Russian stock on the London Stock Exchange, plummeted 73% on Thursday following news that Putin launched a full-scale invasion of Ukraine. The bank will likely be subject to the new sanctions as the West looks to inflict more pain on the Russian economy. Sberbank accounts for 32.6% of Russia's total bank assets. Sanctions against Sberbank, where one in two Russians have an account...