Russian Billionaire Potanin Acquires 9.95% Stake in Yandex

Russian billionaire Vladimir Potanin has acquired a 9.95% stake in Yandex, Russia's leading internet company often referred to as 'Russia's Google,' through his affiliated entities. This acquisition follows a July 2024 transaction where a consortium of Russian investors purchased Yandex's Russian business from its Dutch parent for approximately $5.4 billion, effectively ending foreign ownership. The stake became available after the expiration of a lock-up period, allowing consortium investors to hold shares directly without any single shareholder gaining control. Potanin's involvement is through Catalytic People, a joint venture between his holding company Interros and T-Technologies, which plans to invest in innovative and high-tech projects, including potential collaborations with Yandex in education and technology. This strategic move highlights the complexities of operating within Russia's tech sector amid sanctions and regulatory challenges. Potanin continues to diversify his portfolio beyond metals giant Nornickel, focusing on expanding his influence in Russia's technology landscape.