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Yandex to consider restructuring of news aggregator in case bill is approved

Earlier in the day, a bill providing for limitation of foreign participation in news aggregators ownership structure was announced

MOSCOW, October 22. /TASS/. The Board of Directors of the Russian Internet company Yandex will consider restructuring options for the corporate news aggregators in case the bill limiting foreign ownership of such services is approved in Russia, press service of Yandex told TASS on Monday.

The bill providing for limitation of foreign participation in news aggregators ownership structure by a 20% stake was submitted to the lower house of the Russian parliament earlier today.

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Google does not fall under news aggregators bill, says regulator

"We know that such draft law was submitted to the State Duma and we keep a close eyes on developments. If such law is approved, the company’s Board of Directors will consider restructuring options for the news service subject to legislative requirements," the company told TASS.

"This initiative will not influence on operations of the Rambler portal. We work and will continue working in full compliance with Russian laws," spokesperson of Rambler Group Alexander Dmitriev told TASS. Google’s press service refrained from commenting.

Authors of the draft law say in the explanatory note that "restrictions are offered for the purpose of preventing the threat to public order in Russia and creating thereby comfortable conditions for development of the civil society." Provisions of the bill stipulate a six-month term to bring constituent documents of companies in compliance with new rules. A penalty in the form of news aggregator blocking by court decision is stipulated in case of failure to meet requirements.

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