Volozh stands down as Yandex CEO following EU sanctions

MOSCOW. June 3 (Interfax) - Arkady Volozh has resigned as Executive Director and CEO of Yandex after the European Union impose sanctions on him, the Russian internet company said in a press release.

Volozh has also stepped down from his board and executive positions with Yandex's international subsidiaries.

The EU has imposed sanctions on Volozh personally. Neither Yandex nor the group's subsidiaries have been included on the sanctions lists of the EU, UK or United Kingdom. "We do not believe that these developments will affect the company's operations, its financial position or its relations with partners," Yandex said.

Volozh is the settlor of a trust for the benefit of his family, which holds Class B shares representing a 45.3% voting and 8.6% economic interest in Yandex. "He is not a controlling shareholder of Yandex, and consequently these sanctions do not apply to Yandex N.V . or its subsidiaries," the company said.

Volozh has decided and informed the board that he will not instruct the trustee as to how to vote such shares going forward.

"I do not intend to give any instructions to my family trust as long as sanctions are in place. During this time the trust will vote in line with the recommendations of the Board. While I will continue to support the team wherever possible, this decision is in the best interests of the company and its stakeholders," Volozh was quoted as saying.

Volozh handed his stake to the family trust in 2019.