Yandex will keep control over the majority of its group’s operations, including most services and assets, while certain foreign ventures and a data center located in Finland will operate outside this retained framework. To ensure governance over major strategic moves, an Executive Fund has been established that carries veto power on key decisions. This governance arrangement was outlined in a formal press release from Yandex that accompanies the strategic announcements.
As part of the restructuring, a limited license will be granted for select technologies to the Dutch entity Yandex NV by the end of the year 2024. This arrangement signals a deliberate separation of ownership and operational control, allowing the Dutch arm to access certain capabilities while the parent organization maintains overarching direction and control over core activities.
A separate agreement contemplates the sale of Yandex’s business activities in Russia to a consortium comprising private investors and current managers. The anticipated transaction values the Russian business at 475 billion rubles and will result in the parent structure being Russian JSC Yandex rather than the Dutch holding. This move reflects a shift in the corporate headquarters of record while preserving the operational footprint within the Russian market under new ownership and governance.
The consortium that emerges from this arrangement will be guided by a primary investor group, with the initial management and oversight concentrated in the hands of Yandex’s own executives. The so-called Manager Fund, created to oversee the transition, is expected to secure two seats on the board of the newly constituted ten-member company. This governance model aims to balance continuity with reform, ensuring that strategic decisions are aligned with the interests of the workforce and the market’s long-term expectations.
In parallel, reports indicate that Qiwi has completed the transfer process related to its Russian business, signaling another facet of the broader realignment taking place within the region. The overall picture depicts a staged reallocation of ownership, control, and governance across several entities connected to the Yandex ecosystem, with careful attention paid to maintaining essential services and investor confidence while pursuing a more localized leadership structure and oversight in Russia.