U.K. Plans To Revoke Moscow Stock Exchange’s Status As A Recognized Exchange

FILE PHOTO: A board with the logo is on display outside the office of the Moscow Exchange in the capital city of Moscow, Russia March 24, 2022. REUTERS/Maxim Shemetov/File Photo

LONDON – Britain on Tuesday announced its intention to revoke the Moscow Stock Exchange’s status as a recognized stock exchange, according to a statement issued by British tax authority, HM Revenue and Customs (HMRC).

The removal of status means that investors will no longer able to access certain U.K. tax benefits in the future when trading on the Moscow Stock Exchange.

However, existing investments will be protected.

The move is the latest in a string of sanctions the British Government has imposed on Russia following its invasion of Ukraine.

‘As we continue to isolate Russia in response to their illegal war on Ukraine, revoking Moscow Stock Exchange’s recognized status sends a clear message – there is no case for new investments in Russia’, British Financial Secretary to the Treasury, Lucy Frazer, said in the statement.

The recognized stock exchange is a classification given by HMRC for tax purposes, enabling securities treated on a recognized exchange to be eligible for certain tax treatments and reliefs.