From Reuters’ “Moscow tells 13 mostly U.S. tech firms they must set up in Russia by 2022” posted Tuesday:
Russia has demanded that 13 foreign and mostly U.S. technology companies be officially represented on Russian soil by the end of 2021 or face possible restrictions or outright bans.
The demand, from state communications regulator Roskomnadzor late on Monday, gave few details of what exactly the companies were required to do and targeted some firms that already have Russian offices.
Foreign social media giants with more than 500,000 daily users have been obliged to open offices in Russia since a new law took effect on July 1. The list published on Monday names the companies for the first time.
It lists Alphabet’s Google (GOOGL.O), Facebook (FB.O), Twitter (TWTR.N), TikTok and messaging app Telegram, all of which Russia has fined this year for failing to delete content it deems illegal.
My take: Is this why shares took a hit this morning?