Shares of Yandex (NASDAQ:YNDX) climbed 10.1% on Monday following reports that Russia's government is easing restrictions on foreign ownership in "strategically important tech firms," including the U.S.-listed Russian internet search leader.
According to The Moscow Times, Russia is weighing whether to impose a "50%-minus-one" limit on the percentage of shares that could be owned by non-Russian investors. While that limit might sound strict, it's significantly relaxed from a proposed 20% cap that caused Yandex shares to plunge as much as 18% in a single day earlier this month.
To be fair, even after yesterday's pop Yandex has only partially recouped its losses; shares are still down around 9% since the initial reports of Russia's move to restrict foreign shareholders. The Kremlin's involvement will also likely remain a persistent risk to that end. But the higher cap on foreign ownership is undoubtedly welcome news to investors eager to take part in Yandex's potential growth, and the stock responded in kind.