Tech company Yandex selling Russian operations for $5 billion

Russian President Vladimir Putin visiting Russia’s largest internet search engine Yandex’s headquarters in Moscow (Alexei Druzhinin, Sputnik, Kremlin Pool Photo via 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 five billion dollars (€4.6 billion) to its Russia-based managers and oil company Lukoil.

It is one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine.