Russia’s Deputy PM: bill to cap foreign ownership of THE companies ‘destructive’

FILE PHOTO: Deputy Prime minister of Russia, Maxim Akimov, participated in a plenary session on the Pc. The saint-Petersburg International Economic Forum (SPIEF), Russia, June 6, 2019. REUTERS/Maxim Shemetov

MOSCOW (Reuters) – Russian Deputy prime Minister, Maxim Akimov, on Monday, a draft law on the restriction of foreign ownership in the Russian it-companies with up to 20% of “non-destructive”.

“The competitiveness of the Russian economy and are largely determined by the competitiveness of our businesses,” Akimov said in a statement. “This bill undermines the stability and enhance the competitiveness of enterprises, to provide all of the technology players in the market the wrong signal.”

The draft law was submitted to the state Duma on Friday. Shares in Yandex, known as Russia’s Google, which is an increase of 3.6% in New York after Akimov’s statement.

Reporting by Gleb Joiners and Anna Rzhevkina; editing by Katya Golubkova and Deepa Babington

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