``If agreed, EU sanctions would apply to all Russian banks that are more than 50 percent state-owned. Sberbank, VTB, the country's two largest lenders, are both listed on the London Stock Exchange and have offices there. If Russian banks get hit the ripples will be felt across the English Channel and in the heart of the world's financial center- the City of London... London has more than 50 companies that have operations in Russia on its $3.6 billion Stock Exchange. Russian companies often choose London for their initial public offerings, and borrow debt from London-based banks.''

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