Yandex, often referred to as the "Russian Google," is proceeding with the sale of all its operations in Russia. The company, headquartered in the Netherlands and listed on Nasdaq, announced a deal worth 475 billion rubles (approximately $5.2 billion) in cash and stock.

The buyers are a consortium of Russian investors, and the deal, which involves the spin-off of the company’s main international operations, comes after 18 months of negotiations with the Kremlin. The initial considerations for exiting Russia began immediately after Russia's invasion of Ukraine, which effectively ended Yandex's vision and ambitions to become a global internet power.

At the height of its success, the company achieved a market capitalization of $30 billion. However, in the past two years, thousands of Yandex staff left Russia, and foreign investors and key partners turned their backs. The sale price reflects a "compulsory discount of at least 50% compared to the market value," which has been imposed on all Western businesses opting to exit Russia.

Yandex announced it will remain a "private and independent company." The change in ownership is unlikely to affect the well-established brand name in the country. Dmitry Peskov commented that Yandex is one of the "national champions" of the Russian economy in the high-tech sector and one of its largest companies. Thus, ensuring its continued operation in Russia, even after the parent company's departure, has always been a priority.