September 29, 2023

Russia’s second-biggest web firm is heading house. The know-how big VK has introduced that it’s transferring its operations again to Russia from the British Virgin Islands. VK is the know-how conglomerate behind Russia’s model of Fb known as VKontakte. VK runs the favored social media websites VKontakte and Odnoklassniki, which have over 100 million month-to-month customers mixed.

The corporate will now be primarily listed in Moscow and registered on Kaliningrad’s Oktyabrsky Island, one in all two particular tax zones set as much as appeal to offshore firms again in addition to worldwide funding. VK was based in 2006 and has since grown to grow to be probably the most fashionable social media platforms in Russia and different components of the world. The platform has been a major participant within the social media area for a few years.

Delisting from LSE
The announcement comes as Moscow encourages companies registered in “unfriendly nations” to return house. Russian firms globally have confronted growing restrictions and scrutiny from authorities for the reason that Moscow-Ukraine conflict began in early 2022.

In an announcement, VK stated its shareholders and board authorized the choice and that its operations would proceed in Russia “as a world public joint inventory firm according to Russian laws”. The corporate additionally stated Friday it was delisting its depositary receipts (GDRs) from the London Inventory Alternate.

In April final yr, Moscow handed a legislation banning Russian firms from buying and selling their shares overseas through such depositary receipts — securities that characterize a share in a international firm. The transfer was meant to curb international management over Russian firms.


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