The UK's tax authority, HM Revenue and Customs, has announced its plans to revoke the Moscow Stock Exchange’s (MOEX) status as a recognised stock exchange, APA reports citing Sputnik.
The tax body said that the move is being implemented in parallel to UK's sanctions against Russia over the special military operation in Ukraine.
"As we continue to isolate Russia […], revoking Moscow Stock Exchange’s recognized status sends a clear message – there is no case for new investments in Russia", Financial Secretary to the Treasury, Lucy Frazer, said.
The HMRC said that it has proposed to strip MOEX of its status in response to the restrictive measures the Bank of Russia has placed on foreign investors. As of 28 February, they were banned from selling the securities they owned due to a potential panic on the market that could have been triggered by the Western sanctions against Russia. According to the UK's tax authority, MOEX thus no longer met the "normal commercial standards expected of a recognized exchange".
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