The UK’s HM Revenue & Customs (HMRC) has revoked Moscow Exchange’s status as a “recognized stock exchange”, according to a statement on the agency’s website. Investors will not be able to take advantage of British tax benefits.

“As the restrictions for UK investors remain in place, HMRC has withdrawn the Moscow Stock Exchange’s status as a recognized stock exchange with effect from May 5, 2022,” the statement said.

In mid-April, Lucy Fraser, Financial Secretary to the UK Treasury, described the purpose of the impending withdrawal of Moscow Exchange’s status as a recognized stock exchange as sending “a clear signal that there is no basis for new investment in Russia.”