Russian tech giant VK, owner of the main social network in the Russian-speaking space Vkontakte, announced on Friday that it is moving to Russia, after being registered since 2005 in the British Virgin Islands, a tax haven. This decision comes as Moscow urges its companies based abroad, particularly in so-called “unfriendly” countries, to return to Russia to support the domestic economy, amid the conflict in Ukraine.
VK, the Russian equivalent of Facebook, said in a statement that “the decision to implement redomiciliation [des] The group’s operations” from the British Virgin Islands to Russia have been “approved” by shareholders and the board. Asked by AFP to comment on the timing of this decision and its reasons, the group still had not responded on Friday morning.
Pillar of the Russian-speaking Internet
In February, VK had simply indicated that the board of directors was in favor of such an operation, “in the best interest of the group and its shareholders.” In Russia, VK will be registered on the island of Oktyabrsky, in the Kaliningrad region (west), one of the special economic zones created to attract Russian investment and offshore companies. The Russian group will no longer be listed on the London Stock Exchange, VK said on Friday.
Founded in 1998 under the name Mail.ru, the group, renamed VK in 2021, is a major player on the Russian-speaking internet. It is currently headed by Vladimir Kirienko, under European, British and American sanctions, who is the son of the Deputy Director of the Presidential Administration. With almost 85 million monthly active users, VKontakte is the most used social network in Russia. VK says it employs more than 11,000 people.
Source: BFM TV
