Volozh decided to leave Yandex

In the interests of the company, Volozh promised not to give voting instructions to the family trust,through which he owns a stake in Yandex Arkady Volozh

The Yandex company announced that Arkady Volozh will leave the post of CEO of the group of companies, the board of directors and leave senior positions in international subsidiaries. The company's statement came after the EU published a sanctions list with Volozh.

“I consider the decision of the commission illogical. However, while sanctions are in effect , I will not give any instructions or recommendations to the trust regarding voting, decisions will continue to be made by the board of directors. This will protect the interests of the company and all our shareholders. At the same time, I will continue to help the company and its team,” Volozh said.

Yandex emphasized that he owns shares (economic share - 8.6%, voting - 45.3%) through a family trust and is not a controlling shareholder. “Thus, personal sanctions against Arkady do not apply to either Yandex NV or its subsidiaries,” Yandex emphasized.

Co-founder of "Yandex" Volozh dropped out of the list of DOLLAR billionaires Business

The company added that they consider the decision of the European Commission unfair and are confident that it will not affect operations. “Millions of our users will continue to search and find information, use taxi services and deliver goods, food and medicine, watch movies, listen to music, study and do much more with the help of Yandex,” the company said.

On the afternoon of June 3, the EU explained the inclusion of Volozh in the sanctions list by the fact that he is "a major businessman working in sectors of the economy that provide a significant source of income for the government of the Russian Federation." According to Brussels, he "materially or financially supports the government and is responsible for supporting actions or policies that undermine or destabilize Ukraine."

Against the backdrop of this decision, Yandex shares on the Moscow Exchange fell by more than 14% as of 16:40.

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