Yandex Sale May Not Occur Due to Sanctions

The board of directors of Yandex is cautious about the approval of a deal to sell the company to a group of Russian investors, as three of the four potential buyers are under U.S. and EU sanctions. This was reported by The Bell, citing sources.

In May, the publication wrote that a list of potential future owners of Yandex approved by Russian President Vladimir Putin includes Vladimir Potanin, owner of the Interros holding, Alexey Mordashov, the main shareholder of Severstal, Vagit Alekperov, founder of Lukoil, and VTB Bank.

Sanctions have been imposed by the EU and the U.S. on all individuals mentioned in the list, except for Alekperov. As a result, the sale of Yandex could collapse, according to four sources familiar with the negotiations cited by The Bell.

So far, only Vagit Alekperov meets all the criteria set by the board of directors, sources note. The board has insisted that none of the potential buyers are sanctioned individuals or entities that may hide someone else's interests, and has demanded clarification about the source of the investors' funds.

Among other things, only Alekperov is willing to pay for Yandex shares without payment deferrals and has made the best price offer, one of the sources informed The Bell.

A source close to Yandex told The Bell that the deal is already being prepared, details are being worked out, and documents are being prepared. The company itself reiterated a statement released a month ago, stating that all applications from potential investors will be checked for compliance with sanctions restrictions.