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Yandex Hit as Kremlin Backs Limits on Foreign Stakes in IT Firms

  • Foreign share in key Russian tech firms may be cut to 20%
  • Yandex plunges 17% in U.S. trading, the biggest drop in a year
U.S. Sanctions Threat Weakens Ruble To Two Year Low
Photographer: Andrey Rudakov/Boomberg
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The Kremlin is backing a draft law to restrict foreign ownership of Russia’s largest internet company, Yandex NV, and other local tech firms on national security grounds, despite warnings from providers that it will harm their businesses.

The presidential administration supports proposals by Anton Gorelkin, a United Russia deputy in the lower house of parliament, that would limit foreign ownership in “significant information resources” to 20%, according to three people with knowledge of the matter, who asked not to be identified discussing internal issues. Yandex fell 17% in U.S. trading Friday, its biggest decline in a year.