Russia’s Yandex and Mail.Ru report strong growth despite ownership threats

Russia’s flagship tech companies, LSE-listed Mail.Ru Group and NASDAQ-listed Yandex, both reported strong third-quarter results amid ongoing concerns over government proposals to limit foreign ownership in Russia’s largest technology companies.

With revenues and earnings up at both companies, representatives confirmed they were lobbying the government to water down the potentially damaging legislation to the two publicly listed companies.

The latest speculation is that the Kremlin is considering backing the draft legislation, but would increase the proposed ownership cap to 50% minus one share instead of 20%.

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