“Yandex” will not be nationalized due to the threat of brain drain – Kommersant
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The main factor that stops the Russian authorities from nationalizing Yandex is the fear of a brain drain from the company. Reuters citing four sources. According to one of the interlocutors of the agency, the outflow of talented IT specialists could be the end for the company.
Obviously, if (nationalization.— “b”) happens, the company will gradually decline. And, perhaps, this is what stops the use of tough measures, ”the agency quotes the words of the interlocutor. According to Reuters sources, the risk of a brain drain is present not only in the event of nationalization, but also in the event of the sale of Yandex to any state-owned company.
At the end of November, 2022 “Yandex” announced possible changes in corporate structure. The company planned to leave behind the parent company Yandex NV, registered in the Netherlands, international projects in the field of cloud technologies, and sell the rest of the services. However, Reuters writes that at present, negotiations on the division of Yandex into Russian and international businesses have, in fact, stopped.
According to Bloomberg, interest in a controlling stake in Yandex showed billionaires Vladimir Potanin and Vagit Alekperov. Andrey Kostin, the head of VTB, offered to take control of Yandex (VTB is the only one who publicly confirmed an interest in buying a stake in Yandex).
However, later Mr. Kostin said that the bank could refuse to buy the Yandex stake, since the price was higher than originally announced. By opinion Mr. Kostin, if they try to sell a business without the discount provided by law for the exit of foreign investors, it must be transferred under the control of the Federal Property Management Agency, as was done with the Finnish Fortum.
The agency also notes that it is not yet clear what impact the position of Yandex co-founder Arkady Volozh, who spoke out against military operations in Ukraine. According to Mr. Volozh, after the start of the Russian military operation in Ukraine, he focused on supporting talented Russian engineers who decided to leave the country. Previously, Arkady Volozh served as CEO of the Dutch Yandex NV and was a member of its board of directors. He made the decision to leave the company in June 2022 after the European Union imposed sanctions on him.
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