Britain has revoked the Moscow Stock Exchange’s (MOEX) status as a recognized stock exchange in response to restrictions that the Bank of Russia had placed on foreign investors following the implementation of financial sanctions on Moscow for its invasion of Ukraine.

The U.K.’s Revenue and Customs department (HMRC) updated its list of “designated recognized stock exchanges” on May 5, noting the designation for the MOEX had been revoked, effective immediately.

Last month the British government signaled the move was coming, saying that restrictions imposed on foreign investors by the Russian central bank on February 28 meant that the Moscow exchange was “no longer operating in line with the normal commercial standards expected of a recognized exchange.”

“With the Moscow Stock Exchange failing to withdraw their restrictions on foreign investors, the U.K. had no choice but to remove its recognized status,” said Lucy Frazer, financial secretary to the Treasury.

“This will stop further money being channeled into Russian assets and send a clear message that there is no case for new investment in Russia.”

Recognized stock exchange status is a classification given by the HMRC that allows securities traded on such an exchange to be eligible for certain tax treatments and reliefs.

The United Kingdom. has followed the United States, the European Union, and many other allies in imposing sanctions on Russia, from President Vladimir Putin and his family, to Russian companies, billionaires and senior government officials, in response to the unprovoked war the Kremlin launched against Ukraine on February 24.