Volozh’s resignation and appeal
Arkady Volozh, the co-founder and former CEO of Yandex, Russia’s largest internet company, remains under EU sanctions despite his recent criticism of the Kremlin’s invasion of Ukraine, according to a Bloomberg report. Volozh resigned from his positions at Yandex in June 2022, after the EU imposed sanctions on him and his company for allegedly promoting state media and narratives in its search results and removing content related to Russia’s war of aggression against Ukraine.
Volozh’s lawyers petitioned the EU for sanctions relief last month, after he became one of the few members of the Russian elite to publicly condemn the war and call for a peaceful resolution.
EU’s decision and rationale
However, the EU has decided to keep Volozh on its sanctions list for “another six months at least,” according to an anonymous source cited by Bloomberg. The decision could still change before being formally approved, but the EU said the process was ongoing and declined to comment further. The latest batch of EU sanctions in retaliation to Russia’s invasion of Ukraine expires on Sept The EU’s rationale for maintaining sanctions on Volozh is unclear, but it may be related to his continued influence and stake in Yandex, which controls over 60% of the Russian search engine market and has grown to offer various online services around the world.
Other Russian businessmen affected by sanctions
Volozh is not the only Russian businessman who has been affected by the EU’s sanctions. The bloc has also targeted energy tycoons Farkhad Akhmedov and Grigory Berezkin, who are reportedly planning to appeal their sanctions. Meanwhile, an EU court ruled Wednesday to dismiss an appeal by metals magnate Viktor Rashnikov against sanctions that were placed on him.
The EU has said that its sanctions are aimed at individuals and entities that are responsible for supporting actions or policies that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine.
