MOSCOW, October 10. /TASS/. Dutch Yandex N.V., the parent company of the Russian technology company Yandex, did not apply to the government commission on foreign investment for the sale of assets in Russia, Digital Development Minister Maksut Shadayev told reporters.

"The documents for the buyout of Russian assets from Yandex N.V. have not been submitted," the minister said.

According to him, there was only a request for intra-group restructuring of the company.

About Yandex restructuring

On November 25, 2022, Yandex announced its intention to change the business management structure, allocating Russian assets, including search, advertising business, assets in the field of transport, online commerce and delivery, into a separate structure under management, and the remaining assets (drones, cloud business, educational services and a data markup platform) transfer to an independent company under the leadership of the Dutch Yandex N.V.

Yandex N.V., the parent company of the Russian Yandex, it plans to eventually withdraw from the shareholders of this group of companies by changing its name.

Yandex is also considering the possibility of transferring management of the group of companies to Russian management.

According to the RBC publication, management and consultants of the Dutch Yandex N.V. are discussing several restructuring options as part of allocating the Russian business into a separate legal entity and possible attraction of investors into its capital.

On May 23, 2023, head of VTB, Andrey Kostin, told reporters that the bank had become a member of a consortium to purchase a stake in Yandex, but the size of the bank’s stake in it would still be discussed. Kostin said that the deal could be closed by the end of the year, but did not specify its amount. The head of VTB did not disclose the other participants in the consortium. However, in mid-June, he said that the bank would not participate in the transaction to purchase a stake in Yandex, but was ready to take the asset under its management.

The Yandex press service told TASS then that all the details were still being worked out, and all possible changes must subsequently be approved by the company's shareholders.

In late May, it was reported that Yandex had received applications from potential investors to purchase various stakes in the company. The applications would be checked for compliance with sanctions restrictions.

According to the decision, new investors will not have control over the company - Yandex management will retain control. In turn, projects for the development of unmanned vehicles, cloud technologies and educational services of Yandex will continue to work in Russia, and their international parts will be separated into independent companies under the management of Yandex N.V.