(Reuters) – Russian internet giant Yandex said on Friday Arkady Volozh has stepped down as CEO and left the board of directors after the European Union had included him on its latest list of sanctions against Russian entities.

Volozh has transferred his voting power to the board, Yandex said, adding that it believes that “the new developments will affect the company’s operations, its financial position or its relations with partners.”

(Reporting by Reuters; Editing by Susan Fenton)