Yandex N.V., the Dutch holding company behind Yandex, plans to divest itself of the Russian company as a result of the war in Ukraine.
Russia’s tech industry has suffered as a result of the invasion of Ukraine, with tech giants around the world pulling out of the country. Yandex is Russia’s local internet tech giant and success story, but even it has not been immune to the blowback.
According to Reuters, the Dutch Holding company behind Yandex is reviewing its ownership of its Russian subsidiary and looking for ways to “restructure the group’s ownership and governance in light of the current geopolitical environment.”
Reuters sources say former finance minister and Putin colleague Alexei Kudrin may take a position at Yandex, leaving his current role as head of Russia’s Audit Chamber.
“Kudrin is someone who the company feel is a good person to navigate this because he is liberal enough to understand that Russia needs a private internet company, free from nationalisation, and who has credibility in Putin’s eyes,” one of Reuters’ sources said.
“This is the best option for the company, which can provide it with maximum business neutrality,” another source added. “On the one hand, to continue developing in the country … and on the other, not to lie under state (control).”