Yandex Owner To Exit Russia In $5.2-B Deal

Yandex NV, often dubbed "Russia's Google," has reached a 475-billion-rouble ($5.21 billion) deal to sell its operations to a group of Russian investors.

Yandex NV is often dubbed "Russia's Google." I Photo: WikiFido Wikimedia Commons

This deal marks the largest corporate exit from Russia since the country's invasion of Ukraine nearly two years ago. The Kremlin-engineered deal will see Russia's largest technology player entirely under Russian ownership, including a fund ultimately owned by oil major Lukoil.

Yandex's departure from Western tech circles comes amidst its co-founder Arkady Volozh's criticism of Russia's invasion of Ukraine.

Despite initial fears of nationalization, the deal allows Yandex's businesses to remain in Russia under Russian control. This move is seen as an attempt to prevent a technology brain drain while ensuring Yandex's continued presence in the country's tech landscape.

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