Yandex Owner to Sever Ties to Russia With $5.2 Billion Sale.

Yandex, often referred to as Russia's Google, has agreed to sell its Russian assets, including its search engine, to a group of local investors for $5.2 billion. This is the largest corporate exit from Russia since Moscow's invasion of Ukraine. Yandex will retain some of its assets outside of Russia and plans to rebrand under a new name. The sale reflects Russia's increasing isolation from the West and the diminished status of its tech sector. The Kremlin has welcomed the sale, stating that it is important for Yandex to remain in the country. The deal took around a year and a half to negotiate due to complexities of ownership and finding acceptable buyers. [Extracted from the article]