Yandex has closed the sale of its Russian assets, freeing the Dutch company up to focus on a collection of AI-related businesses that it aims to build up into a major European tech player.

The NASDAQ-listed company, best known as the parent of the “Russian Google”, has completed the biggest exit from the Russian market since the full-scale invasion of Ukraine in a $5+ billion sale – albeit this is at a fraction of the company’s pre-war value, after a Kremlin-imposed haircut on companies looking to sell up and leave Russia.  “That was the price of freedom,” said one source close to the deal.

The Russian directors have now left the YNV board, putting the company in the hands of the international members, led by long-serving chairman John Boynton.

YNV’s former Russian assets are now controlled by a consortium led by Yandex Russia’s management team and its financial backers.

In short, the international AI businesses are now free to move on. YNV said it expects to announce a new management team and group strategy in the company months. Since the EU removed sanctions earlier this year, there has been considerable speculation that Arkady Volozh, the exiled company founder, could return to build a new tech giant – only this time from Europe.

YNV said it sold approximately 68% of the assets being divested and had received the funds due at first close, without disclosing the amount. Based on the total transaction valuation of $5.2 billion that would mean YNV received about $3.5 billion. The second and final close is due to take place in early July.