Britain today revoked the status of the Moscow Stock Exchange (MOEX) as a recognized stock exchange, removing some of the tax breaks for new investors.
Britain gives certain stock markets a recognized stock market status, which allows some of the shares traded on them to benefit from certain tax breaks. While existing investments through MOEX are unaffected, new ones can no longer benefit.
When Britain proposed the move last month, it said it was in response to restrictions imposed by the Bank of Russia on foreign investors, citing a Feb. 28 ban that barred brokers from selling assets ordered by non-Russians.
“With the Moscow Stock Exchange not lifting restrictions on investors, the United Kingdom had no choice but to withdraw its recognized status,” said Lucy Fraser, the Undersecretary of State for Finance. “This will stop the further inflow of money into Russian assets and send a clear message that there are no arguments for new investment in Russia.”
Source: AMPE
Source: Capital
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