Shares in Yandex plunge as Russia mulls foreign investment restrictions

RUSSIA / FSU POLITICS - In Brief 13 Oct 2019 by Alex Teddy

On October 11 Yandex shares lost USD 1 billion in value as Moscow considered a law limiting foreign investment in the tech sector. Yandex is one of Russia's most prominent internet companies. Shares in the company lost over 17% of their value in the first hour of trading on the Nasdaq on October 11. The shares rallied slightly later. The Kremlin is examining a law that will restrict foreign ownership of IT companies to 20%. The proposal was made in June by a United Russia Party politician. However, it was only in October that the government seemed to endorse the policy. Roskomnadzor, the communications agency has been pro this idea for weeks. Yandex has been doing well for the past few weeks. However, last week it was suspected that Yandex.Money (the company's electronic payments arm) experienced a data leak about customers' financial information.

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