(Reuters) – Russia granted 15 Russian companies, including Nornickel metals producer and Novatek liquefied producer approvals to stay listed on foreign exchanges. The finance ministry announced Wednesday.

Russian President Vladimir Putin signed in April a bill requiring Russian businesses to remove their depositary receipts from the list to limit foreign influence over them.

According to the ministry of finance, 20 out 36 Russian firms with depositary receipts had applied for permission. 15 companies were approved.

Nornickel and Novatek are Russia’s biggest gold producers. Polyus, NLMK, Severstal, Mechel, and Tatneft, the steel producers, have all indicated that they will remain on the list.

Gazprom (MCX) – Russian gaz company Gazprom has said previously that it was not granted its request and anticipates delisting its depositary receipts by May 31.

Uncertain if other companies were not approved following a request.

Some Western bourses stopped the trade of Russian securities even though they had permission to list them overseas.

For example, the London Stock Exchange stopped trading in depositary receipts from major Russian companies that it listed after their values crashed due to Moscow’s special military operation in Ukraine.

The bank issue depositary receipts which represent shares in foreign stocks that are traded on local stock exchanges. Investors can trade overseas stocks from their home country and in their preferred time zone using these receipts.

Since Russia sent its troops to Ukraine, the West has imposed severe sanctions against Russia. One official from the Finance Ministry stated that Russian companies wanted to move their foreign listings.

Ivan Chebeskov from the ministry’s financial policy division stated that most people who intend to keep depository programs going will move them to different jurisdictions.

Everyone knows that foreign investments are more likely to be attracted in the east.