Yandex announced Volozh’s intention to appeal EU sanctions

The EU's decision to impose sanctions on Volozh was unfair and based on a “misconception” about the businessman and the company, Yandex said. It added that they would give Volozh “all possible support”

Arkady Volozh

Co-founder of Yandex Arkady Volozh will appeal in court the decision of the European Union to impose sanctions against him, the company said.

“We were extremely disappointed to learn that our founder and CEO, Arkady Volozh, came under EU sanctions. We consider this decision completely unfair and based on a misconception about Arcadia and what Yandex,— the message says.

The company recalled that after falling under the sanctions, Volozh left the post of CEO of the group of companies, the board of directors and left senior positions in international subsidiaries. “We [Yandex] will provide all possible support to the company and Arkady [Volozh] in his attempts to appeal and cancel the unreasonable imposition [of sanctions],” — the report says.

The European Union imposed sanctions against Volozh on the eve of June 3. Restrictive measures were announced as part of the next, sixth, package of sanctions.

The EU explained the imposition of sanctions against Volozh by the fact that he is “a major businessman working in sectors of the economy that provide a significant source of income for the government of the Russian Federation.” According to Brussels, Volozh “supports the government materially or financially and is responsible for supporting actions or policies that undermine or destabilize Ukraine.”

Volozh himself called the EU decision illogical. In “Yandex” emphasized that he owns shares (economic share – 8.6%, voting – 45.3%) through a family trust and is not a controlling shareholder. “Thus, personal sanctions against Arkady do not apply to either Yandex N.V. or its subsidiaries,” — noted in the company. While sanctions are in effect, Volozh promised not to give any instructions or recommendations to the trust regarding voting, noting that decisions will continue to be made by the board of directors.

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