FTSE Russell has ejected four Russian firms from its indices, including Evraz, which Russian billionaire and oligarch Roman Abramovich has a 29% stake in.
The other three companies removed are Polymetal International, Petropavlovsk and Raven Property Group.
As a result of the ejections, two investment trusts, NB Private Equity Partners and Standard Life Private Equity Trust, will be promoted from the FTSE UK Small Cap index and added to the FTSE 250 index.
Quilter stops third-party managers investing in Russia and Belarus
FTSE Russell said these decisions were a result of feedback from FTSE Russell's external advisory committees and "a range of market participants" who said the ability to buy or sell shares was "severely restricted" and therefore there is "there is insufficient institutional liquidity and market depth".
The deletion will take place effective from the open on 21 March, with the trading prices updated to zero on the close of market on 18 March.
