United Kingdom Revokes Moscow Bourse’s Status As Recognised Exchange

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Britain on Thursday revoked the Moscow Stock Exchange’s (MOEX) status as a recognised stock exchange.

Britain grants recognised status to some exchanges, which allow the securities traded on them to benefit from specific tax reliefs. While existing investments through MOEX are unaffected, new ones will no longer be able to benefit.

When Britain proposed the move last month it was in response to restrictions the Bank of Russia had placed on foreign investors.

“With MOEX failing to withdraw their restrictions on foreign investors, the UK had to remove its recognised status. This was said by Lucy Frazer, Financial Secretary to the Treasury.

“This will stop further money being channelled into Russian assets. It would also send a clear message that there is no case for new investment in Russia.”
-Reuters

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