Russia’s Yandex seeks Putin’s approval for restructuring – FT

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Russian internet giant Yandex NV is seeking President Vladimir Putin’s approval to sell its business in the country and divest its major international projects, the Financial Times reported on Thursday, citing sources.

The company informally recruited former finance minister Alexei Kudrin to gain Putin’s approval in principle for the restructuring plan, the report said.

If Putin gives his final assent at their meeting later today, Kudrin is expected to leave his current position as head of the Accounts Chamber, a government accountability body, for a senior position at Yandex, the report said.

The changes would see Yandex’s Dutch holding company exit the Russian market by selling all of its business except for the international divisions of four key units, he said.

Yandex did not immediately respond to Reuters’ request for comment.

Often referred to as Russian Google, Yandex, like many Russian companies, has had a turbulent few months after struggling with Moscow’s growing isolation in the wake of the Ukraine conflict.

In August, VK, a state-controlled company with close ties to Putin, agreed to buy Yandex’s newsfeed and homepage. In exchange, Yandex acquired food delivery company Delivery Club from VK to focus on other areas of business, such as food delivery and ride-sharing.

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