Yandex Hit as Kremlin Backs Limits on Foreign Stakes in IT Firms [Yahoo! Finance News]
Yandex N.V. - Class A Ordinary Shares (YNDX)
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Source: Yahoo! Finance News
Yandex Hit as Kremlin Backs Limits on Foreign Stakes in IT Firms ) -- 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 declined to be identified discussing internal issues. Yandex fell as much as 6.8% in Moscow trading Friday, heading for its biggest decline in a year. “As global IT corporations are seeking a monopoly and conquering new markets, it’s essential that we retain national companies in this sphere,” Gorelkin said at public hearings on the draft law late Thursday. “If we say the invisible hand of the market will do everythin
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