Yandex's $5.2 Billion Exit from Russia

Yandex, the Russian tech pioneer, is selling its operations in Russia at a steep discount of just over $5 billion to its Russian managers and Lukoil, reflecting a 50% discount imposed by Moscow on companies from "unfriendly" countries. The sale comes amid challenges faced by international companies in unloading their Russian businesses following the invasion of Ukraine and subsequent sanctions. The deal transfers Yandex's core business to Russian management and Lukoil, while the parent company retains its international businesses. Exiting Russia poses hurdles for businesses, including finding partners not under U.S. or European sanctions and avoiding banned financial transactions.