Page 13 - RusRPTJul23

After the split of Russian internet major Yandex local investors are expected to
take over 51% of the Russian entity for about $4bn (total $8bn valuation), while
the minority stake of 49% will be retained by Netherlands-based Yandex NV,
which is the legal entity listed in New York. About a dozen bidders of Russia's
richest oligarchs submitted bids for the company, with Potanin and Alekperov
previously reported in the lead.
“The company’s goal is to bring a restructuring proposal to shareholders for
approval later this year. After the Company enters the binding agreement with
respect to the divestment, it will publish a shareholder circular and the
proposed restructuring will then be subject to shareholder approval (including
separate approval of Class A shareholders),” Yandex said in a statement.
Currently the capital of Yandex NV is divided between the family trust of
Yandex founder Arkady Volozh (8.5%) and the company's employees (3.2%),
while the remaining 87.6% is in free float. Meanwhile, Volozh's family trust
(45.1%) and the company's board members, managers and employees (6.6%)
are the main owners of the voting shares. The state Public Interest Fund
established in 2019 controls a "golden share" in the company.
Famed as the “Google of Russia” Yandex’s search and portal segment
continues to earn more than half (54%) of its revenue of some $2bn last year.
However, prior to Russia's military invasion of Ukraine, Yandex was looking to
boost the monetisation of its technologies on the one hand and leverage them
to support its international expansion on the other. Apart from e-commerce, its
investment case previously rested on developments in transportation, fintech
and foodtech, with the developed ecosystem seen as a key advantage.
Yandex was Russia’s leading developer of AI and driverless technologies.
2.4 Russia sends more oil to Asia than Europe in 2022 for the first time ever
Russia's energy exports to friendly countries experienced significant growth in 2022, according to Deputy Prime Minister Alexander Novak. In his opinion piece published in the Energeticheskaya Politika (Energy Policy) magazine, Novak highlighted that in 2022 Russia sent more oil to Asia than to Europe for the first time ever. In addition Russia saw substantial increases in exports of oil, oil products, pipeline gas, LNG, and coal to various nations.
“In May 2022, Russian oil supplies to the Asian countries topped the volumes sent to Europe for the first time ever. In 2022, the growth of oil exports to the friendly countries amounted to 76% y/y, of oil products to 20% y/y, and of pipeline gas and LNG to 8% y/y. In total, we redirected almost 40mn tonnes of
13 RUSSIA Country Report July 2023 www.intellinews.com