(Bloomberg) — The Kremlin is backing a draft law to restrict foreign ownership of Russia’s largest internet company, Yandex NV, and other local tech firms on national security grounds, despite warnings from providers that it will harm their businesses.

The presidential administration supports proposals by Anton Gorelkin, a United Russia deputy in the lower house of parliament, that would limit foreign ownership in “significant information resources” to 20%, according to three people with knowledge of the matter, who declined to be identified discussing internal issues. Yandex fell as much as 4.5% in Moscow…

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