Morgan Stanley said on Tuesday it plans to proceed with the sale of its global physical oil trading divisions to Russian state-run oil company Rosneft despite the ongoing crisis in Ukraine. "We're strategically committed to that transaction ... and we plan to close it," Chief Executive Officer James Gorman told reporters after the investment bank's annual shareholder meeting, adding that he will not speculate on whether geopolitical conditions will deteriorate further.The transaction was announced on Dec. 20, before Russia launched its incursion into Ukraine's Crimean peninsula.On April 28 the United States imposed sanctions on Rosneft president and chairman Igor Sechin in response to Russia's intervention into Ukraine. The sanctions only applied to Sechin, not Rosneft more broadly.At Morgan Stanley's annual meeting, shareholders voted to approve all of the company's directors, its auditor and its executive compensation package.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 0.3% or $0.09/share to $30.42. In the past year, the shares have traded as low as $23.53 and as high as $33.52. On average, 12656300 shares of MS exchange hands on a given day and today's volume is recorded at 1032219.
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