Latest Victim in ‘Zero Sum’ World Is a Russian Internet Giant

Yandex NV, often referred to as “Russia’s Google,” has become the latest victim of recent moves by some of the world’s largest economies to engage in rounds of protectionism.

The Russian Internet search company lost 16% of its market value on Friday after the Kremlin endorsed a draft law that would limit foreign ownership in major Russian technology firms. The plunge attracted the attention of at least two Wall Street banks, which rushed to Yandex’s defense, writing that the stock was now an attractive opportunity. Shares of Yandex have added back nearly 2% over the past two sessions in New York trading.