05.02.2024 14:27 Uhr, Quelle: Engadget

Yandex sells its Russian operations to local executives for $5.2 billion

Yandex, often described as Russia’s Google, has sold its domestic businesses at a knock-down price. Bloomberg reports the search and services giant, now headquartered in the Netherlands, has handed off its Russian operations for 475 billion rubles ($5.2 billion) in cash and shares. The new owners include the management group, as well as Russia’s biggest domestic energy company, Lukoil, and Russian businessman and a former executive at Gazprom, Alexander Ryazanov, among others. Now that Yandex has cut ties with Russia, it will be able to grow and partner more freely given the sanctions affecting businesses with Russian ties following the invasion of Ukraine. Since the war, Yandex has faced repercussions such as removal from Nasdaq. Its founder, Arkady Volozh, faced European Union sanctions in the summer of 2022 due to the company reportedly supporting Russian propaganda. The company soon sold its news aggregation service, and Volozh openly condemned the war. Reports that Yandex would cut ties with

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