MOSCOW, Nov 25 (Reuters) - Russian e-commerce firm Ozon

said on Monday it would seek shareholder approval to

redomicile to Russia from Cyprus, describing Russia as the only

viable option as it tries to mitigate capital controls and

regulatory risks.

Ozon, whose American depositary shares (ADS) were delisted

from Nasdaq last year, was given Russian government approval to

redomicile from Cyprus by the end of 2025, Russian news agencies

reported in June.

Many Russian companies are registered in the Netherlands or

Cyprus. As Western nations discuss how to best exploit Russian

assets that were frozen abroad over the conflict in Ukraine,

Moscow is keen to reduce possible foreign interference or

leverage, particularly over economically important entities.

Ozon's shareholders will vote on the proposal to register

the company in a special administrative zone in Russia's

Kaliningrad region at a general meeting on Dec. 27, Ozon said in

a statement.

Ozon said all other options were too complex or

disadvantageous to its Russian and international stakeholders to

be deemed viable.

"The majority of the Russian countermeasures and capital

control restrictions that apply to Ozon because of its residency

in Cyprus should cease," Ozon said, highlighting the regulatory

headaches Russian companies based in other jurisdictions now

face.

"The redomiciliation should decrease the risk that Ozon will

be impacted by legal and regulatory developments in Russia that

may adversely affect the ownership and control of Ozon's Russian

businesses," Ozon said.

Ozon, one of Russia's top e-commerce companies, raised

nearly $1 billion in an initial public offering (IPO) in late

2020, a debut that sparked a mini-IPO boom for Russian firms.

But trading in Ozon's securities on Nasdaq was suspended

soon after Russia sent troops into Ukraine in February 2022, as

were listings of Russian companies on the London Stock Exchange.

Ozon's ADSs have since started trading on Kazakhstan's

Astana International Exchange (AIX), as the company tries to woo

international investors with increased liquidity of its stock.

Ozon said it planned to restore its employee incentive plan

and would issue ordinary shares for this purpose after

redomiciling.

(Reporting by Olga Popova and Alexander Marrow; Editing by

Emelia Sithole-Matarise)