NIZHNY NOVGOROD, May 21. /TASS/. Russia’s Industry and Trade Ministry expects funds from sale of foreign companies’ shares in Ozon and Yandex this summer, Deputy Minister Vasily Shpak told TASS.

"Indeed, there is such practice that funds from sale of foreign assets are spent on supporting the industry. In particular, the funds that will be received from closing the deal, from sale of Ozon and Yandex, may be spent on support measures to develop radio electronics," he said.

"Those funds may be spent on subsidizing loans for our producers of radio electronics," Shpak said, adding that "the issue is about subsidized loans that the Industry and Trade Ministry provides to the sector."

Vostok Investments acquired the stake in the Russian online retailer Ozon from Baring Vostok international funds earlier this year. As a result, the investment holding received around 28% of shares in Ozon. Meanwhile Yandex N.V., the Dutch parent company of the Yandex group, closed the first stage of the transaction on sale of its business in Russia to a consortium of private investors earlier in May as it sold around 68% of shares in Yandex to Consortium.First mutual investment fund. At the second stage of the deal, Yandex N.V. will sell the remaining minority interest of approximately 28%.