Posted on 07/29/2019 2:09:33 PM PDT by NorseViking
MOSCOW (Reuters) - Russia's Deputy Prime Minister Maxim Akimov on Monday called a draft law on limiting foreign ownership in major Russian information technology companies to 20% "destructive".
"The competitiveness of the Russian economy is largely determined by the competitiveness of our companies," Akimov said in a statement. "And this draft bill undermines stability and competitiveness of the companies, giving all tech market players wrong signals."
The draft bill was submitted to the State Duma on Friday. Shares in Yandex, known as Russia's Google, were up 3.6% in New York after Akimov's statement.
(Excerpt) Read more at news.yahoo.com ...
It’s either that, or the NSA/CIA and China will own their ass.
Lock, stock and barrel.
Generally true but the tech sector is very developed there. Russia had its version of Uber years before Uber and it had Facebook before Facebook. They had online navigation before Google Maps too.
Russia is a single market with local competition to Google, Facebook and Uber and all of the above are actually losing to local competition there.
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