The Kremlin is looking for buyers of Russias internet giant Yandex who would later sell the company to a Kremlin-linked oligarch sanctioned by the West, independent mediareported, citing several anonymous sources familiar with the matter.The Bell business outlet and the news website Meduza said the search follows abreakdown of Yandexs Dutch-registered holding companys previous talks to sell its revenue-generating businesses and fully exit Russia.The latest report says Kremlin First Deputy Chief of Staff Sergei Kiriyenko offered Yandexs corporate development adviser Alexei Kudrin three new potential buyers in June after Yandexs board rejected aprevious trio of would-be buyers over sanctions risks.One of the new candidates, investor Ivan Tavrin, is the only Russian figure who would fit the Kremlins requirement for a reliable investor and Yandexs demand for a buyer not under Western sanctions, according to The Bell and Meduza.Kiriyenko had reportedly offered Tavrins candidacy alongside the businessman and State Duma deputy Alexei Nechayev, the state-affiliated Russian Direct Investment Fund (RDIF) and Gazproms pension fund Gazfond.These middlemen would then be asked to re-sell their Yandex shares to Kremlin-linked billionaire banker Yury Kovalchuk at an undefined later date, said two unnamed sources familiar with the talks.Kovalchuk, a close friend of President Vladimir Putin, is the co-owner of VK another Russian tech company which is headed by Kiriyenkos son.Tavrin previously sold a popular non-state broadcaster to Kovalchuks National Media Group in 2018.Tavrin is interested in any asset that he could then transfer at a profit, doesnt matter to whom, said an unnamed source familiar with the talks.Tavrins unnamed confidante told The Bell and Meduza there were no specific talks about the deal.
The other candidates declined to respond to the outlets requests for comment.Yandexs board had reportedly rejected the candidacies of tycoons Vladimir Potanin, Alexei Mordashov and VTB Bank because they are under Western sanctions.
Oil tycoon Vagit Alekperov, another initial candidate, pulled out of the deal over fears of being sanctioned by the West, according to The Bell and Meduza.The outlets report that the outcome of the Kremlins latest talks with Russia-based Yandex is still up in the air.Colleagues no longer really believe that the sale will take place at all, said a source close to Yandexs management.Many are discussing the promisednationalization as a very real scenario, they added.