Nov. 2 (Bloomberg) — Yandex NV sank the most in two weeks in New York on concern a new law allowing Russia’s government to block access to websites will deter advertisers from the nation’s most-used search engine.
Shares of Yandex slipped 1.3 percent to $23 on the Nasdaq Stock Exchange yesterday, defying a 2 percent jump in the Bloomberg Russia-US Equity Index of the most-traded Russian companies in New York. Futures expiring in December on Moscow’s RTS Index climbed 0.4 percent to 143,970 in U.S. trading hours, as a gauge of volatility in the contracts fell for a fourth day.
The law, which enables Russian regulators to block access to websites deemed to be promoting criminal activity against children without a court order, came into force yesterday, according to the communications regulator. Yandex, up 17 percent this year, tried to delay approval of the law, saying more consultation with the Internet industry was needed. In July, Wikipedia temporarily shut its website in protest. ENTIRE ARTICLE /washpost.bloomberg.com