Investors loyal to the Kremlin are taking over the Russian business of search engine Yandex. The cloud and AI sector, on the other hand, is intended to become the nucleus of a new global player.
In return, Y andex's existing shareholders will receive around five billion dollars. This corresponds to a discount of around 50 percent on the estimated current company value. Russian law stipulates that companies from “unfriendly states” must accept such a discount if they want to withdraw from the Russian market.