Yandex NV, the parent company of Yandex based in the Netherlands announced the sale of their entire business in Russia for $5.2 billion (~RM24.7 billion). The business was sold after various trade sanctions were imposed on Russia after the country invaded Ukraine in February 2022.
At one time Yandex was nicknamed the "Google of Russia" because it offered the same services as a search engine, online store and mapping. As of 2021, the company has a market value of over $30 billion. After sanctions were imposed on Russia it plummeted to around $10 billion. Although the company was founded in Russia, its parent company is based in the Netherlands.
Economic pressure and difficulties in finding a workforce led Yandex's business in Russia to be sold to local investors. Local laws oblige sales of companies from countries that are not "friendly" to Russia to be sold at a 50% discount. In addition to Yandex, IBM's business, Dell, MacDonalds, Starbucks, IKEA and various other companies from the West have been sold since the war began.