Yandex NV: Faced with EU sanctions Yandex CEO Arkady Volozh resigns

It has been announced that Arkady Volozh, co-founder Yandex, the largest Russian technology firm, has resigned as CEO of the company after being added to the EU's list of individuals sanctioned over the war in Ukraine. 

Volozh was named last week in the EU's sixth round of sanctions. Moreover, in the EU's listing document, it also accused Yandex, of "promoting State media and narratives in its search results, and deranking and removing content critical of the Kremlin, such as content related to Russia's war of aggression against Ukraine." That said, the giant, which has been operational since 1997, and the analog of Google, has not actually been added to the sanctions list, or sanctioned by the US or the UK. 

In a press release, it said: "We do not believe that these developments will affect the company's operations, its financial position or its relations with partners."

Responding to being added to the sanctions list, Volozh, whose family trust owns 8.6% of Yandex, and 45.3% of the company's voting rights, said the sanctions imposed on him are "misguided and ultimately counterproductive" adding: "I do not intend to give any instructions to my family trust as long as sanctions are in place. During this time, the trust will vote in line with the recommendations of the Board. While I will continue to support the team wherever possible, this decision is in the best interests of the company and its stakeholders."