MOSCOW, June 23. /TASS/. Yandex shares updated historical maximum on the Moscow Exchange. The company's securities grew by 5.9% and reached 3,444.8 rubles ($50.2) per share.

By 18:20 Moscow time, the company’s slowed growth to 3.2% and were trading at 3,359 rubles ($48.92).

The company’s shares increased after Russian President Vladimir Putin suggested reducing the insurance contributions rate from 14% to 7.6% and the income tax rate from 20% to 3% for IT companies.

"I suggest implementing the so-called ‘fiscal maneuver’ in the IT industry as the first step and significantly reduce the burden on the payroll in the first instance. I would like to note that this is the main item of expenditures for high-technology companies," the President said.

"The rate of insurance contributions for such companies is 14% at present for the period until 2023. I suggest lowering it to 7.6% and not temporarily, but perpetually. Furthermore, it will be proper to significantly, by one order, reduce the income tax rate for IT companies, also perpetually, as a matter of course, from recent 20% to 3%,"Putin added.