“We agreed that after the transaction, Oleg would participate in the management of the bank and help Yandex as a whole (this was logical, because as a result of the transaction, Oleg would become a major shareholder of Yandex),” RIA Novosti quotes the text of the director's letter.

Khudaverdyan noted that at each stage of the negotiations, the head of Tinkoff Bank, Oleg Tinkov, put forward new requirements.

“Therefore, when today we learned that Oleg had decided to withdraw from the deal, we were not surprised,” he added.

At the end of September, it was reported that Yandex had agreed with TCS Group to purchase Tinkoff Bank for $ 5.48 billion.

On October 16, it became known that the parties stopped negotiations on the purchase.

According to Tinkov, initially it was about merging, “finding synergies” and growing the client base, but “in fact, everything turned into a sale”.