UK deprives MOEX of status as recognised stock exchange

The UK is revoking Moscow Exchange's (MOEX) status of a recognised stock exchange and thereby depriving investors trading on it of tax benefits, according to a press release from the UK Treasury.

"This means investors will not be able to access certain UK tax benefits in future when trading securities on MOEX, although existing investments will be protected," the UK Treasury said in the press release.

Financial Secretary to the Treasury Lucy Frazer said the move should be taken as a clear signal that "there is no case for new investments in Russia." The move comes alongside the unprecedented sanctions the UK Government has placed upon Russia because of their illegal invasion of Ukraine.

Recognised stock exchange status is a classification given by HMRC for tax purposes, on application, to qualifying stock exchanges. Securities traded on a recognised stock exchange are eligible for certain tax treatments and reliefs.