Ministry of Digital Development: Yandex NV did not submit documents on the sale of Russian assets

Dutch Yandex NV (the parent company of the Russian Yandex) did not submit an application to the government commission on foreign investment for the sale of assets in Russia. This was announced by the Minister of Digital Development Maksut Shadayev.

“The materials were not brought in for ransom from Yandex NV Russian assets, there were no materials. There was a request for intra-group restructuring, but there was no package for the sale of Russian assets by foreign investors to someone,” the minister said (quote according to Interfax).

Earlier, the media reported that the approval of the settlement deal for the division of Yandex assets with the government was delayed for almost a month and a half due to a statement by Yandex co-founder Arkady Volozh, in which he condemned the special operation in Ukraine. By data Frank Media publications, the company lost about $150 million (from $250 million that Yandex NV could receive from business in Russia, the deal was reduced to $70-80 million).

In May, it was reported that the authorities had agreed on a deal to sell a controlling stake in Yandex. In particular, the media wrote on the approval of the agreement by Russian President Vladimir Putin.

Later in Yandex reportedthat they received applications from potential investors to purchase shares in the company. It was clarified that investors would not have control over the company – management would retain it.