The UK Revenue Service (HMRC) plans to revoke the Moscow Stock Exchange’s status as a recognized exchange, due to a February ban on brokers selling assets to non-Russian residents. This is stated in the document on the department’s website.

In the future, investors will not be able to access certain UK tax benefits when trading securities in the Russian market, and existing investments will not be affected.

“Today, HMRC launched a two-week consultation that will include a draft recall order. We await comments from interested parties before a final decision is made,” the document says.

Since February 28, the Central Bank of Russia has temporarily prohibited intermediaries from selling securities on behalf of non-residents. The Moscow Stock Exchange complied with this ban.

If the Moscow Stock Exchange’s restrictions on non-resident investors continue, HMRC will issue a withdrawal order and then take effect.

Find out more about what’s happening to the Russian economy due to sanctions and war in a dedicated ForkLog article.