What happened

Shares of Yandex (NASDAQ:YNDX) climbed 25.7% in November, according to data from S&P Global Market Intelligence, after Russian internet search leader proposed a solution to Russian legislation that was threatening to limit foreign ownership in the company.

For perspective, Yandex stock slumped nearly 20% immediately following news of a draft law aimed at limiting foreign ownership of Russia's "strategically important tech firms" to 20%. But it also soared later that month after Russian lawmakers reportedly relaxed their proposal to incorporate a "50%-minus-one" limit for foreign stakeholders.

Blue-and-black stock market charts with zigzagging lines going up.

IMAGE SOURCE: GETTY IMAGES

So what

On Nov. 18, however, Yandex spurred its rally with another single-day pop of more than 10% after the company not only announced a big $300 million share repurchase authorization, but also proposed a restructuring to form a "public interest foundation" that would, among other things, have the power to prevent foreign investors' attempts to seize majority ownership in the business. Much to the joy of bullish investors, Russian lawmakers promptly voiced their support for Yandex's proposal and pledged to revise their previous bills to reflect as much.

Now what

Of course, uncertainty surrounding the Russian government's involvement should be par for the course for Yandex shareholders by now. But it was hard to blame investors for being concerned with the fallout of such restrictions. It was equally unsurprising to see shares rally last month as the company took the initiative to appease those worries. Now that shareholders are free to refocus on the health of Yandex's underlying business, I suspect it will remain a top portfolio candidate for the foreseeable future.