Yandex is in talks with the Russian government over ‘damaging’ bill

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) – The CEO of Russia’s largest internet company Yandex said on Friday the company was “actively in the debate on a draft law limiting foreign ownership in a large IT-companies with up to 50%.

The original proposal was for the closure of non-Russian ownership to 20%, however, Arkady Volozh said that the government seems to have taken the concerns on board.

“In its original form, it was extremely damaging, not only to us but to the whole of the technology sector in Russia, and probably also abroad,” – said Volozh.

Reporting Nadezhda Tsydenova; writing by Alexander in the bone Marrow; editing by David Evans

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