The stock of Ozon Holdings PLC (OZON) closed the recent trading session at $11.6, losing 8.16% from the previous trading session. On the last check, the stock of OZON further lost 18.97% in the pre-market, to $9.4. The company discussed the effect of the embargo by the US, EU on its operations. The embargos on Russia acted as an inhibitor for the stock price.
Ozon Holdings PLC is a Russian electronic trade company. The company interfaces and works with exchanges among purchasers and venders. Additionally, the company likewise sells items straightforwardly to their purchasers. With a market capitalization of $2.51 billion, the company has 216.41 million shares pending.
OZON News
On 24 February 2022, the firm notified about the progress of Ozon Bank. The company declared that the Ozon Bank was incorporated in the Specially Designated Nationals and Blocked Persons List by the OFAC of the U.S. treasury. Moreover, it documented an appeal to the OFAC of the U.S. Depository to eliminate Ozon Bank from the SDN list, on 25 February. Also, the company stated that Ozon Bank is not connected to Sovcombank.
Due to the Russia-Ukraine conflict, the United States and European Union are putting embargos on Russia. These embargos are playing a key role in the decline in Russian company stocks. On 24 February 2022, Russia started the invasion of Ukraine. The firm discussed the effect of these embargos on their operation. The company stated that it is not liable for any embargos right now. Ozon additionally noticed that there are no administrative limitations on the capacity of U.S. people to get and exchange securities.
The company further said that there is no immediate unfortunate impact of the U.S., EU, and different embargos on their present e-commerce operations and business. The company commented that they have a solid liquidity position with around 80% foreign liquidity. The organization had cash, cash equivalent, and short-term bank deposits of ₽126 billion as of December 31, 2021.
