Yandex announced Volozh's intention to appeal EU sanctions EU

decision to impose sanctionsagainst Volozh was unfair and based on a “misconception” about the businessman and the company, Yandex said. it added,

Arkady Volozh, co-founder of Yandex, 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, has come under EU sanctions. We consider this decision completely unfair and based on a misconception about Arcadia and what Yandex is.

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 message says.

Volozh decided to leave Yandex Business

The European Union imposed sanctions against Volozh the day before, on 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. 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 NV or its subsidiaries,” the company said. While the 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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