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The owners of Russia’s tech pioneer Yandex are selling — at a big, Kremlin-required discount

AP Business Writer

FRANKFURT, Germany (AP) — The Dutch parent of pioneering Russian tech company Yandex is selling its operations in the country at a steeply discounted price of just over $5 billion to its Russia-based managers, oil company Lukoil and other investors. It’s one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine. A Yandex NV statement said Monday that the price reflected a 50% discount that Moscow imposes on companies from “unfriendly” countries like the Netherlands as a condition of exiting business in Russia. It follows drawn-out negotiations that show the difficulties international companies face if they want to unload their Russian businesses. Many have been struggling to do since the 2022 invasion of Ukraine.

Article Topic Follows: AP National News

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