Yandex Founder, CEO Resigns After Being Hit By EU Sanctions – The Moscow Times

The billionaire founder and CEO of Russian tech giant Yandex has resigned from the company after being targeted by European sanctions in response to Moscow’s invasion of Ukraine.

The European Union included Arkady Volozh in its latest package of sanctions on Russia on Friday, citing his company’s role in “promoting state media and narratives in its search results” and removing “content related to Russia’s war of aggression against Ukraine.”

Volozh, 58, will resign from his post as Executive Director and CEO and step down from his spot on the company’s board of directors, according to a company statement released Friday. The resignations are effective immediately.

In the statement, Volozh described the sanctions as “misguided and ultimately counterproductive.”

The company itself — often dubbed “Russia’s Google” — remains unaffected by Western sanctions as Volozh was targeted as an individual.

But Yandex shares nonetheless started to drop following the EU’s announcement.

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Read Full Story: https://www.themoscowtimes.com/2022/06/03/yandex-founder-resigns-after-being-hit-by-eu-sanctions-a77893

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