Yandex says founder Volozh to contest EU personal sanctions

MOSCOW, Jun 6 (PRIME) -- Arkady Volozh, founder and former CEO of Yandex N.V., the Dutch parent of Russian Internet company Yandex, will challenge the personal sanctions slapped on him by the E.U. in the sixth package of restrictive measures, the company said on Monday in a statement.

“We were extremely disappointed to learn that our founder and CEO, Arkady Volozh, was sanctioned by the E.U. We believe this decision to be wholly unjust and based on an inaccurate understanding of Arkady and what Yandex is all about…Nevertheless, we will provide whatever support we can to the company and Arkady as he seeks to appeal and overturn his unfounded designation,” Yandex N.V.’s board of directors said.

Volozh earlier stepped down from his positions as executive director and chief executive officer of Yandex N.V. and from his board and executive positions with the company’s international subsidiaries.

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