06:05 GMT +310 December 2019
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    Russian Lawmaker Says Recalling Draft Law on Major IT Firms to Add Amendments

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    MOSCOW (Sputnik) - Russian lawmaker Anton Gorelkin said on Monday he had withdrawn his draft law on foreign shareholders of major IT companies to add amendments.

    "I have decided to use the recall mechanism to rework it as it will undergo significant changes," Gorelkin, a member of the ruling United Russia party, said.

    According to the lawmaker, his decision is not linked to the changes in the corporate governance structure of Russia's top technology company Yandex, announced earlier in the day. Under a proposed change that has yet to be approved by Yandex shareholders, a Public Interest Foundation (PIF) will be set up. PIF will receive a "golden share" and have a say in certain major deals of the company.

    "This project is not about any one company. Today's decision by Yandex is a pleasant surprise. I think Yandex' actions and my draft law are both steps in the same direction but they are not connected," the lawmaker said.

    Meanwhile, Yandex said it supported Gorelkin's decision to recall the draft law.

    "We support the idea to withdraw the draft law and believe that its aims can be achieved via methods that are less painful for the Internet industry," the company said.

    The law, which was introduced in the lower house of the Russian parliament in July, suggested that foreign investors could hold no more than 20 percent in companies that are vital to Russia's information infrastructure.


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