July 30, 2019 / 12:26 PM / 18 days ago

Russia to rework draft law on limiting foreign ownership in top IT firms - IFX

FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow, Russia October 4, 2018. REUTERS/Shamil Zhumatov/File Photo

MOSCOW (Reuters) - Russia will rework a draft law on limiting foreign ownership in major IT companies to take into account the opinions of market players including Yandex (YNDX.O), Interfax said on Tuesday, citing the lawmaker who drew up the proposal, Anton Gorelkin.

On Monday, Russia’s Deputy Prime Minister Maxim Akimov called the draft law “destructive”, boosting Yandex’s New-York-listed shares.

“Deputy Prime Minister Akimov said the bill should be reworked, but no one says that my bill in its current form is the ultimate truth,” Interfax cited Gorelkin as saying.

The draft law currently proposes limiting foreign ownership in “significant” Russian IT companies to 20% and banning any non-compliant companies from advertising themselves or others inside Russia.

The proposal will be discussed with market participants, including Yandex, Gorelkin said.

Yandex’s Moscow-listed shares (YNDX.MM) were up 4.3% at 1135 GMT.

Reporting by Nadezhda Tsydenova and Anna Rzhevkina; Editing by Katya Golubkova and Mark Potter

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