The co-founder and the CEO, Arkady Volozh of the biggest Russian Tech company resigned from his post. This resignation came after the chief executive git picked out by the European Union penalties over the ongoing was between Russia and Ukraine.
Themultinationalcompanywithits headquarterinMoscowandbusinesslocationinAmsterdamdisclosedthe standdown ofVolozhfromhispost onJune3, 2022. Thecompanysaid that thechiefwillbehandingdown hisvotingpowerstotheboard.
VolozhissaidtohavetakenthisstepafterreceivingtheEuropeanUnion penalty that claimed that he aided Russia both materially and financially in the ongoing war against Ukraine.
VolozhcofoundedYandexin1997 and sincethenthecorporationis widely usedinRussia. Yandexisalsotermedas “RussianGoogle“. The news released by the corporation has confirmed that it is not on the list of any sanctions issued by the U.S., the U.K., or the European Union itself.
Furthermore, thefirmsaidthatVolzobeingpenalizedbytheEUand resigning hispostwillnotaffectits economical status or bond with partners. However, the stakes of the corporation dropped by 6% on the Moscow stock exchange, after Volzo’s resignation announcement.