Russian Internet giant yandex (yndx.o) said on Friday that after the EU included Arkady volozh in the latest sanctions list against Russian entities and individuals, he had resigned as CEO and left the board of directors. Volozh co founded the yandex search engine with others in 1997. On Friday, volozh was included in the EU sanctions list because the EU determined that he supported Russia "materially or economically".
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On February 24, Russia began to send tens of thousands of troops to Ukraine, starting the invasion known as "special military operation".
Volozh said in the statement that he thought the decision of the European Commission was "misleading", but he added that during the sanctions period, he was transferring his voting rights to the company's board of directors.
Yandex itself is not subject to EU sanctions. The company stated that it did not believe that volozh's departure would affect its business, financial status or relationship with partners. They said in a statement: "yandex has a strong and in-depth management team. With the continuous support of the board of directors, they have the ability to bring the company to a new level."
Affected by the news, yandex's shares listed in Moscow fell 6% to 1496 rubles (US $23.43).
