Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.
BREAKING NEWS

Russia's Deputy PM: draft bill capping foreign stake in IT firms 'destructive'

Russia's Deputy PM: draft bill capping foreign stake in IT firms 'destructive'
Deputy Prime Minister of Russia Maxim Akimov attends a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov -
Copyright
MAXIM SHEMETOV(Reuters)
Euronews logo
Text size Aa Aa

MOSCOW (Reuters) – Russia’s Deputy Prime Minister Maxim Akimov on Monday called a draft law on limiting foreign ownership in major Russian information technology companies to 20% “destructive”.

“The competitiveness of the Russian economy is largely determined by the competitiveness of our companies,” Akimov said in a statement. “And this draft bill undermines stability and competitiveness of the companies, giving all tech market players wrong signals.”

The draft bill was submitted to the State Duma on Friday. Shares in Yandex <YNDX.O>, known as Russia’s Google, were up 3.6% in New York after Akimov’s statement.

(Reporting by Gleb Stolyarov and Anna Rzhevkina; editing by Katya Golubkova and Deepa Babington)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.