A draft law proposing to limit foreign shareholdings in Russian companies that offer online video streaming services to 20per cent could worsen the investment climate, a spokesperson for internet giant Yandex told Reuters on Monday.
Russian lawmaker Anton Gorelkin on Friday submitted the draft law to the lower house of parliament, the Duma, saying in a blogpost that new amendments were aimed at protecting the Russian market from"the excessive influence of foreigners".Yandex, which owns Kinopoisk, a film and TV streaming service, could be affected by the proposed legislation as it is publicly listed on the U.S. Nasdaq stock exchange and has a free float of 87per cent.
Gorelkin said the proposed law would not stop foreign players from making money in Russia, but would prevent money shifting overseas. "The proposed bill could worsen the investment climate and slow down the development of the Russian market for audiovisual services," he said.
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