Tech company Yandex is selling Russian operations for $5 billion. It’s a big discount

By DAVID McHUGH
AP Business Writer

FRANKFURT, Germany (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 $5 billion to its Russia-based managers and oil company Lukoil. It’s one of the biggest deals for Western-held companies to exit Russia since the invasion of Ukraine. A Yandex NV statement said Monday that the price reflected a 50% discount that Moscow imposes on companies from “unfriendly” countries like the Netherlands as a condition of exiting business in Russia. It follows drawn-out negotiations that show the difficulties international companies face if they want to unload their Russian businesses. Many have been struggling to do since the 2022 invasion of Ukraine.