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EU prepares to lift sanctions against Yandex co-founder

Feb 21, 2024

European Union states have agreed to remove three people from the sanctions list after March 15, including Arkady Volozh, co-founder of the Russian Internet giant Yandex.

Source: Reuters and STT.

Details: Arkady Volozh was subjected to EU sanctions because of the war in Ukraine unleashed by Russia in June 2022. The reason was that his company operates in an industry that has become a source of revenue for the Russian government.


But last year, the Russian called Russia's war in Ukraine "barbaric" and asked the EU to lift sanctions against him.

Volozh also intends to sever ties with Yandex's Russian business after a consortium of investors agreed in early February to buy the Russian assets of the Dutch holding company Yandex NV.

Volozh himself owns an 8.5% stake in Yandex NV through a family trust, although he has no voting rights in the company.

Author - Olena Madiak, 21/02/2024

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