UK revokes Moscow bourses status as recognised exchange

div classBodysc17zpet90 cdBBJodivpLONDON Reuters – Britain on Thursday revoked the Moscow Stock Exchanges MOEX status as a recognised stock exchange, removing some tax relief for new investors.p

pBritain 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.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pWhen Britain proposed the move last month it said it was in response to restrictions the Bank of Russia had placed on foreign investors, citing a Feb. 28 ban which prevented brokers from selling assets at the instruction of nonRussian residents.p

p“With the Moscow stock exchange failing to withdraw their restrictions on foreign investors, the UK had no choice but to remove its recognised status,” said Lucy Frazer, Financial Secretary to the Treasury.p

p“This will stop further money being channelled into Russian assets and send a clear message that there is no case for new investment in Russia.”p

pThe government said in April the exchange was “no longer operating in line with the normal commercial standards expected of a recognised exchange.”p

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pp Reporting by Kylie MacLellan editing by William Jamesp

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