European Union sanctions may be lifted on Yandex founder and former CEO Arkady Volozh. This was reported by the Finnish news agency. STTby quoting sources.
Last December, Bloomberg, citing lawyers for 60-year-old Volozh, wrote that the businessman wrote: to try Get the sanctions lifted from you through the court.
“Arkady Volozh should not have been subject to sanctions after the start of the conflict in Ukraine, because he was never close to the Russian president and condemned Russia’s actions,” the agency said, referring to the thesis of Volozh’s lawyers who spoke at the European Council meeting. Court of General Jurisdiction.
Another argument for lifting the sanctions is that Volozh is not the main shareholder of Yandex and transferred his 8.6 percent stake to an independent director. Additionally, lawyers say the businessman has no ownership or control over the company.
The court found the arguments of Volozh’s defenders unconvincing and noted that the entrepreneur allegedly still took an active part in the Russian economy.
Before that, Volozh expressed his opposition to Russia’s decision to conduct a special military operation. He left his position as CEO of Yandex and leadership positions in the group’s international subsidiaries in June 2022 after it was included on the EU sanctions list. At the end of December of the same year, Volozh said goodbye with colleagues.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.