Report: Econ min sees no future without such firms as Yandex

MOSCOW, Oct 28 (PRIME) -- Russia has no future without such companies as Internet company Yandex, and the authorities should find a balance between security and interests of these firms, Economic Development Minister Maxim Oreshkin said October 25 in a broadcast of daily RBC.

Countries solve security issues regarding big IT companies in their own way. China, for example, fully cut off its market from Western services, Oreshkin said, adding he does not think the approach is correct.

“In particular, Yandex is the only search engine in the world to rival Google openly, without any barriers, and is not only up to the competition, but wins it often. There is no future without such companies. There are security issues, but a balance should be found,” he said.

The State Duma, the parliament’s lower house, received a bill in late July to limit foreign capital in significant information resources to 20%, but the government later suggested raising the cap to 50% minus a share. The document impacts Internet companies Yandex and Mail.ru Group.

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