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Russia-Ukraine War
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RUSSIA-UKRAINE WAR
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RUSSIAN TECH GIANT REACHES $5 BILLION DEAL TO QUIT RUSSIA
Yandex, often called “Russia’s Google,” said it reached a deal to sell off its
assets in the market where it made its fortune, after the war in Ukraine upended
its operations.
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Among the assets that Yandex will sell are a popular internet browser and
Russia’s main food delivery and taxi-hailing apps.Credit...Evgenia
Novozhenina/Reuters
By Anatoly Kurmanaev
Feb. 5, 2024Updated 5:35 p.m. ET
Get it sent to your inbox.
The parent firm of Russia’s most prominent technology company, Yandex, said it
has agreed to sell all its assets in the country for about $5 billion, which
would be one of the largest corporate exits from Russia since its invasion of
Ukraine.
The invasion had roiled Yandex — often referred to as “Russia’s Google” — and
turned its attempts to navigate between the Kremlin’s authoritarian policies and
a Western blockade of the Russian economy into the most dramatic example of the
war’s impact on the country’s once-vaunted tech sector.
The deal announced on Monday came after 18 months of negotiations. It is an
attempt by some of the company’s executives to shield Yandex’s new generation of
businesses from the war’s fallout and to protect them from potential sanctions.
Under its terms, Yandex’s Dutch-registered parent company, known as YNV, would
sell all its businesses based in Russia, which represented 95 percent of its
revenues between January and September of last year, to a group of Yandex
managers and Russia-connected investors. The businesses for sale account for
most of the company’s assets and employ the bulk of its 26,000 employees.
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The assets include a popular internet browser and Russia’s main food delivery
and taxi-hailing apps. After the sale, YNV would keep control of four smaller
subsidiaries focused on artificial intelligence, which are already operating
outside Russia. The new entity would employ about 1,300 people, including about
1,000 technology specialists, most of them Russian.
THE E.U.’S $54 BILLION DEAL TO FUND UKRAINE
E.U. LEADERS HAVE AGREED TO CREATE A 50-BILLION-EURO FUND TO SUPPORT KYIV
AGAINST MOSCOW AND HELP ALLEVIATE A POTENTIALLY SEVERE FINANCIAL CRISIS IN
UKRAINE.
* Unpacking the Aid Package: Opposition from Prime Minister Viktor Orban of
Hungary had been the primary obstacle to a deal — until he reversed
his position. Here’s what was decided.
* Good Cop-Bad Cop: To make the deal happen, Europe’s most important leaders
each assumed varied roles to push Orban into line.
* Waiting for the United States: Ukrainian officials were quick to thank the
E.U. for the funds. But President Volodymyr Zelensky of Ukraine also alluded
to uncertainty over future American support.
* A Longer Game: For Orban, aid to Ukraine has never been a question of
immovable principle. It is just one of many issues on which he has sought to
establish himself as the leader of a populist and nativist pan-European
movement.
YNV’s chairman said in a statement on Monday that the sale would enable the A.I.
businesses — which develop technologies like self-driving cars, cloud computing
and machine learning — to grow under new ownership unconnected to Russia.
Subscribe to The Times to read as many articles as you like.
Anatoly Kurmanaev covers Russia and its transformation following the invasion of
Ukraine. More about Anatoly Kurmanaev
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