British authorities will revoke the Moscow Stock Exchange’s status as an official exchange in the United Kingdom in retaliation for restrictions on Russian foreign investors and to discourage investment in Russia during the Ukrainian War.
According to the announcement on April 19, this move means that investors will not have access to certain UK tax incentives when trading securities on the Moscow Stock Exchange (MOEX). HM Revenue and Customs Agency (HMRC)..
HM Treasury Treasury Secretary Lucy Frazer sends a clear message to revoke the recognized position of the Moscow Stock Exchange as it continues to isolate Russia in response to the illegal war against Ukraine. There are no cases of new investment in. ” statement.
The UK agency said new restrictions on investors receiving certain tax incentives and bailouts will only apply to future investments in securities traded on MOEX, and existing securities will not be affected. rice field.
“We designed the revocation order so that investors do not experience any changes in their existing investment in MOEX. We believe this is a fair approach and protects the interests of current UK taxpayers,” the agency said. rice field.
The Revenue and Customs Agency parallels a series of sanctions imposed on Russia by the British government for the Ukrainian invasion, which the Kremlin calls the “special military operation” to overthrow the Kyiv government and neutralize its troops. He added that he was taking action.
British institutions also said the move was in response to restrictions imposed on foreign investors by the Central Bank of Russia, and MOEX banned brokers from selling assets owned by non-residents of Russia. Stated. It is in line with the usual commercial standards expected of a recognized exchange. “
HM Revenue and Customs said the change would take effect “if the restrictions imposed by MOEX on non-resident investors continue to apply” after a two-week consultation period on the revocation order.
The Epoch Times is asking MOEX for comment.
In a related move, the Central Bank of Russia said on Tuesday that companies registered in Russia that trade depositary receipts on foreign stock exchanges must cancel them by May 5.
Central bank orders do not affect companies with Russian roots that have conducted initial public offerings (IPOs) in foreign exchange.
Russia on Tuesday intensified its attacks in eastern Ukraine as it occupies the city on the front lines and seeks to consolidate control of the major port city of Mariupol, which saw some of the fiercest battles of the war.