FILE PHOTO: The logo of Russian internet group Yandex is pictured at the company's headquarter in Moscow, Russia October 4, 2018. REUTERS/Shamil Zhumatov
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 87%. Gorelkin said the proposed law would not stop foreign players from making money in Russia, but would prevent money shifting overseas.
Last year, Gorelkin proposed a similar draft law to limit foreign ownership in “significant” Russian IT companies to 20%, raising concerns it would damage the ability of Russian companies to compete globally.
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