Russia’s language law to restrict the foreign ownership of the top IT companies are: IFX

FILE PHOTO: The logo of the Russian internet group Yandex, is pictured at the headquarters of the company in Moscow, Russia, October 4, 2018. REUTERS/Shamil Zhumatov/File Photo

MOSCOW (Reuters) – Russia will have to revise a draft of a new law on the restriction of foreign ownership in a large IT-companies in order to take into account the opinions of all the players on the market, such as Yandex, Interfax said Tuesday, citing the legislators who drew up the proposal, by Anton Gorelkin.

On Monday, Russia’s Deputy Prime minister, Maxim Akimov, called the bill “non-destructive”, in the promotion of Yandex’s New-York listed stock.

“The Vice-Premier, Akimov said that the bill needs to be reworked, but no one ever says that to my bill, in its current form, it is the ultimate truth,” Interfax quoted Gorelkin, so to speak.

The bill, which currently sets the limit on the foreign ownership of the large Russian IT-companies with up to 20%, and a ban on non-compliant companies from advertising themselves or for others, in Russia.

The proposal will be discussed with the market players, such as Yandex, Gorelkin said.

Yandex, Moscow-listed shares were up 4.3 percent at 1135 GMT.

Reporting Nadezhda Tsydenova and Anna Rzhevkina; Editing by Katya Golubkova and Mark Potter

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