Finland arrests assets of Yandex, Russian billionaires Rotenbergs

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Billionaires Rotenbergs co-founder of Yandex Arkady Volozh are under sanctions of the European Union
Billionaires Rotenbergs co-founder of Yandex Arkady Volozh are under sanctions of the European Union

The shares of the Rotenbergs' Långvik Capital and its shares in two other companies, as well the accounts of the Finnish division of Yandex, have all been seized.

As a result of the arrest of Långvik Capital, Finnish authorities gained control over the shares of the Helsinki Halli ice arena and the Långvik company, which manages a hotel complex. In addition to the Rotenbergs, Russian oligarch Gennady Timchenko also owns a significant share of Helsinki Halli, and his shares have already been arrested.

Read also: Russia’s financial sector takes significant hit from Western sanctions

Helsinki has also frozen the accounts of the local division of Moscow-based tech firm Yandex, one of the founders of which, Arkady Volozh, has run afoul of EU sanctions. The company operates the Yango taxi service and a data center in Mäntsälä.

The arrest means that the property cannot be sold or pledged without the permission of a bailiff.

Read also: EU ministers to impose new sanctions on Russia and in-crease arms supplies to Ukraine

It is worth noting that Rotenberg brothers had used a loophole in British law to circumvent sanctions. The Rotenbergs created a type of company that is not required by law to identify its true owners.

Read the original article on The New Voice of Ukraine