Former Yandex chief Volozh returns with AI infrastructure venture after Russia split

Yandex CEO Volozh attends the
St. Petersburg International Economic Forum

(Reuters) - Freed from its ties to Russia, newly unveiled Dutch firm Nebius hopes to help lead the great drive to build the infrastructure underpinning artificial intelligence, founder Arkady Volozh Get info without leaving the page., who previously set up Russian tech giant Yandex, told Reuters. 

A Russian consortium of buyers on Monday finalised a $5.4-billion cash and shares deal to acquire Yandex's Russia-based assets, which had been held through Nasdaq-listed Dutch parent Yandex NV (YNV), the largest corporate exit since Russia's invasion of Ukraine in February 2022, albeit at a hefty discount. 

The deal marked the end of foreign ownership in Russia's leading technology firm, sharply raising the potential for Kremlin oversight of Russia's internet space. But it also released YNV - now rebranding to Nebius Group - from its Russian shackles, enabling it to pursue development elsewhere.

By Alexander Marrow.
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