Russian Internet giant Yandex seeks Putin’s approval to sell operations

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Russian Internet giant Yandex seeks Putin’s approval to sell operations

Russian Internet giant Yandex NV is seeking President Vladimir Putin's approval to sell its operations in the country and spin off its main international projects, the Financial Times reported on Thursday.

The report says that the former finance minister Alexei Kudrin was informally enlisted to win Putin's approval for the restructuring plan.

If Putin gives his final approval at the next meeting later in the day, Kudrin is expected to leave his current role as the head of the Audit Chamber, a government accountability body, for a leading position at Yandex, according to the report.

It said that the changes would lead to Yandex's Dutch holding company exiting the Russian market by selling its entire business apart from the international divisions of four key units.

Yandex didn't respond immediately to Reuters' request for comment.

Yandex, a Russian company, like many Russian companies, has had a turbulent few months after grappling with Moscow's increasing isolation in the wake of the Ukraine conflict.

In August, VK, a state-controlled company with close links to Putin, agreed to buy Yandex's news feed and homepage. Yandex acquired delivery company Delivery Club from VK to focus on other business areas, such as food delivery and ride-hailing.