Yandex NV, a Russian corporation registered in the Netherlands, has sold Yandex search engine and all other businesses located in Russia and will change its name to Nebius Group. This was reported by Bloomberg.
The company has completed the sale of its Russian business, which generated most of its revenue. After shareholder approval, the company will be renamed Nebius Group and will focus on developing its own projects, such as developing technologies for self-driving cars, cloud storage, data labeling, and ed-tech developments.
Russian billionaire Arkady Volozh, who resigned after being sanctioned in 2022 for Yandex's promotion of Russian propaganda and disinformation about the war in Ukraine, will return to the board.
In March 2024, the EU lifted sanctions against Volozh.
A Russian consortium of buyers will become the new owner of Yandex's Russian business. The deal amounted to $5.4 billion.