UK plans to revoke Moscow Stock Exchange's status as a recognised exchange

"We’ve designed the revocation order in such a way that investors should experience no change in respect of their pre-existing investments on MOEX," HMRC said.

Britain said on Tuesday it planned to revoke the Moscow Stock Exchange's (MOEX) status as a recognized stock exchange in response to Russia's invasion of Ukraine, a move which would remove some tax relief for investors.

"Revoking Moscow Stock Exchange's recognized status sends a clear message – there is no case for new investments in Russia," Britain's Financial Secretary to the Treasury, Lucy Frazer, said in a statement. Britain said the move was in response to restrictions the Bank of Russia has placed on foreign investors, citing a Feb. 28 ban by the exchange which prevented brokers from selling assets at the instruction of non-Russian residents.

Britain's HMRC tax authority has launched a two-week consultation on the move, inviting comments from interested parties before the terms were finalized. "We've designed the revocation order in such a way that investors should experience no change in respect of their pre-existing investments on MOEX," HMRC said.