Putin ally Kudrin accepts tech giant Yandex’s offer of advisory role

Alexei Kudrin, a longtime ally of Russian President Vladimir Putin, stated on Monday he would be a part of know-how big Yandex to advise on company improvement as the corporate begins a sweeping governance and possession overhaul.

Yandex’s Dutch-registered holding firm final month stated it deliberate to divest possession and management of most of Yandex Group, together with its principal revenue-generating companies, a transfer that might result in enhanced Kremlin affect over a few of Russia’s spine web providers.

Since Russia launched what it calls a “particular navy operation” in Ukraine in late February, Nasdaq-listed Yandex, also known as “Russia’s Google”, has grappled with home strain on one aspect and its Western traders on the opposite, prompting hypothesis about its future.

Kudrin, who resigned as head of Russia’s Audit Chamber final week, stated he had accepted Yandex’s provide to develop the brand new holding firm’s company construction, together with the present administration crew.
“(This) will guarantee the corporate’s long-term and sustainable improvement in all markets, together with worldwide ones,” Kudrin posted in his Telegram channel.

“One of many principal duties is to assist protect Yandex’s distinctive administration and technological tradition, in order that it stays impartial and Russia’s finest IT firm, the place essentially the most proficient individuals attempt to work,” Kudrin stated.

Yandex, whose Moscow-listed shares had been round 1.1% larger by 0928 GMT, confirmed that Kudrin was becoming a member of the corporate.

Sources final month informed Reuters that Kudrin had been discussing the transfer to Yandex with Putin. Sources stated Kudrin was a superb match from the corporate’s standpoint because it strives to take care of enterprise neutrality.

The Russian authorities in September tightened its grip on the web, when Yandex offered its information feed and homepage to state-controlled rival VK.

A veteran of round 25 years in public service, Kudrin was finance minister for greater than a decade between 2000 and 2011. Whereas sustaining shut ties with Putin, he saved a comparatively low profile in his present position as head of the Audit Chamber, Russia’s public spending watchdog.

Nearly 88% of Yandex’s possession construction is free-float, with many Western funds amongst its shareholders.

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