State Duma receives bill limiting foreign stakes in Yandex, Mail.ru

MOSCOW, Jul 26 (PRIME) -- A draft law on important information resources submitted on Friday to the State Duma covers the IT companies focused on the Russian market, including Yandex and Mail.ru, author of the bill, member of the State Duma’s committee for information policies, technologies and connection Anton Gorelkin said.

The bill caps foreign ownership in such firms at 20% of voting shares.

“Firstly, these are companies, IT companies focused on the Russian market, for which the Russian market is the core market… As an example Yandex or, for instance, Mail.ru Group which are important, strategic, I should say, companies for the Russian IT market,” Gorelkin said.

A spokesperson for Mail.ru Group said that the bill would not affect the company, “We think that this draft law cannot pass the State Duma (parliament’s lower chamber) in its current version. Mail.ru Group plans to take part in the discussion and is sure that the government will find a scenario acceptable for everyone in discussion with the market.”

The official said that Russian shareholders own a much larger stake than the controlling one in Mail.ru Group, and even if the bill is approved, no changes in the shareholder structure will be needed.

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