Connect with us

Business

Russian Tech Giant Reaches $5 Billion Deal to Quit Russia

Published

2 years ago

on

Russian Tech Giant Reaches $5 Billion Deal to Quit Russia

The parent firm of Russia’s most prominent technology company, Yandex, said it has agreed to sell all its assets in the country for about $5 billion, which would be one of the largest corporate exits from Russia since its invasion of Ukraine.

The invasion had roiled Yandex — often referred to as “Russia’s Google” — and turned its attempts to navigate between the Kremlin’s authoritarian policies and a Western blockade of the Russian economy into the most dramatic example of the war’s impact on the country’s once-vaunted tech sector.

The deal announced on Monday came after 18 months of negotiations. It is an attempt by some of the company’s executives to shield Yandex’s new generation of businesses from the war’s fallout and to obtain relief from European sanctions.

Under its terms, Yandex’s Dutch-registered parent company, known as YNV, would sell all its businesses based in Russia, which represented 95 percent of its revenues between January and September of last year, to a group of Yandex managers and Russia-connected investors. The businesses for sale account for most of the company’s assets and employ the bulk of its 26,000 employees.

The assets include a popular internet browser and Russia’s main food delivery and taxi-hailing apps. After the sale, YNV would keep control of four smaller subsidiaries focused on artificial intelligence, which are already operating outside Russia. The new entity would employ about 1,300 people, including about 1,000 technology specialists, most of them Russian.

YNV’s chairman said in a statement on Monday that the sale would enable the A.I. businesses — which develop technologies like self-driving cars, cloud computing and machine learning — to grow under new ownership unconnected to Russia.

The buyers would pay in shares and cash — in Chinese yuan transferred outside of Russia — in a deal worth about $5.2 billion in today’s prices. That value represents roughly half of Yandex’s current market capitalization, a reflection of steep discounts that the Kremlin has imposed to punish companies that have tried to leave the country and are based in countries that the Kremlin considers unfriendly.

Companies based in the West have faced extreme hurdles in their attempts to leave Russia in the past two years. Russian authorities must sign off on buyers, price and terms, often forcing the exiting companies to sell at fire-sale prices.

The deal is subject to government approvals in Russia and must be acceptable to European regulators. Yandex said it expected the first stage of the sale to take place by the middle of the year.

Aleksei L. Kudrin, Russia’s chief government auditor and a longtime confidant of President Vladimir V. Putin, became an official adviser to Yandex’s Russian businesses in December 2022, a step widely seen as an attempt to win government support for the restructuring plan.

“For us, it is important that the company continues to operate inside our country,” Dmitri S. Peskov, the Kremlin’s spokesman, told reporters on Monday, referring to Yandex. If the deal is approved, “the Russian management of the company would remain the largest owner — that’s also important,” he said, adding that he cannot comment on the details of corporate negotiations.

Various Western-based companies, including Danish brewer Carlsberg and German power company Uniper, had announced sales of their Russian assets to local buyers, only to have the deals scuppered by the Kremlin.

The buyers of Russia’s most recognizable tech company do not include any prominent members of the country’s business elite, a reflection of YNV’s difficult task of finding investors with large enough pockets but without direct connections to the Russian government or sanctioned officials and oligarchs.

The group of buyers is led by some of Yandex’s Russian management team, and includes tech entrepreneur Alexander Chachava and an investment fund owned by Russia’s largest private oil company, Lukoil. YNV said none of the buyers are under Western sanctions, and they are not allowed to sell or transfer their stakes for a year after completing the deal. These conditions are aimed at addressing Western concerns that the deal could ultimately benefit Kremlin insiders.

After the invasion of Ukraine, at least three senior Yandex executives publicly condemned the war, becoming some of the most prominent Russian businessmen to break with the government line. Thousands of the company’s employees have left the country following the invasion, often to continue working remotely.

The antiwar declarations, however, have not shielded the company from Western backlash. The European Union has sanctioned Yandex’s founder, Arkady Volosh, and its deputy chief executive at the time, Tigran Khudaverdyan, for enabling Russia’s war effort, forcing them to step down from the company to maintain its access to Western financial services.

The European Union said Yandex’s news aggregation service at the time had blocked antiwar content, in effect enabling Russia’s propaganda. The company said it had no choice but to comply with Russia’s strict censorship laws, and has since sold the news aggregation service.

Mr. Volozh has called the sanctions against him “misguided.”

“Russia’s invasion of Ukraine is barbaric, and I am categorically against it,” Mr. Volozh, who lives in Israel, said in a statement in August. “I have to take my share of responsibility for the country’s actions,” he said, without offering additional details.

After being sanctioned, Mr. Volosh cut formal ties to YNV, but still owns about 8 percent of the company’s shares.

The post Russian Tech Giant Reaches $5 Billion Deal to Quit Russia appeared first on New York Times.

Related Topics:

The Business Diary magazine is a comprehensive publication that centers around business and economic development news. It covers a wide range of topics including finance, mining, technology, environment, climate finance, and agriculture. With its focus on providing valuable insights and updates, the magazine caters to readers who are interested in staying informed about the latest developments and trends in the business and economic landscape of Zimbabwe.

Continue Reading

Business

NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Published

13 minutes ago

on

May 4, 2026

By

NESZ 2026: A Convergence of Visionary Leaders Shaping the Future of Education in Zimbabwe

Zimbabwe stands at a defining moment in its education and development journey.

As the nation accelerates toward a knowledge-driven, innovation-led economy, the National Education Summit Zimbabwe (NESZ) 2026 emerges as a critical platform where policy, practice, and progress converge. Scheduled for 27–30 May 2026 at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo, this year’s summit promises to be the most impactful yet.

Under the theme

“From Policy to Practice: Driving Innovation & Investment in Zimbabwe’s Education System,”
NESZ 2026 brings together an exceptional lineup of speakers—leaders whose influence spans government, academia, industry, and global institutions.

A Powerhouse Line-Up of Speakers

This year’s summit features a distinguished assembly of policymakers and thought leaders at the forefront of Zimbabwe’s transformation agenda.

From government, the summit will host senior leaders responsible for shaping the country’s economic, education, and digital future, including:

  • Hon. Prof. Mthuli Ncube – Minister of Finance, Economic Development and Investment Promotion
  • Hon. Dr. Tatenda Mavetera – Minister of ICT, Postal and Courier Services
  • Hon. Prof. Paul Mavima – Minister of Skills Audit and Development
  • Hon. Edgar Moyo – Minister of Public Service, Labour and Social Welfare
  • Hon. Mangaliso Ndlovu – Minister of Industry and Commerce
  • Hon. Supa Mandiwanzira – Chairperson, Parliamentary Portfolio Committee on Primary and Secondary Education

Adding to this powerful policy voice is Hon. Dr. Frederick Shava, a seasoned diplomat and ambassador, bringing global perspective to Zimbabwe’s development discourse.

Leaders in Education, Innovation, and Human Development

Beyond government, NESZ 2026 features influential educationists, institutional leaders, and changemakers whose work continues to shape learning ecosystems:

  • Sr. Dr. Annah Theresa Nyadombo – Global safeguarding expert and education leader
  • Dr. Anna Moyo – Dean of Education, Midlands State University
  • Mr. Canaan Mpala – General Manager, TelOne Centre for Learning
  • Mr. Amos Guy Ngwarati – Headmaster, Wise Owl High School
  • Mr. Tim Middleton – Executive Director, Association of Trust Schools (ATS)

From grassroots education to higher learning and institutional leadership, these speakers bring a holistic perspective on the challenges and opportunities within Zimbabwe’s education system.

Champions of Empowerment and Enterprise

The summit also highlights leaders driving inclusive economic participation and community transformation:

  • Hon. Getrude Mutandi – Member of Parliament and Chairperson of the Parliamentary Portfolio Committee on Women Affairs, Community and SME Development

Her work, alongside others, underscores the critical link between education, entrepreneurship, and sustainable socio-economic growth.

What to Expect at NESZ 2026

NESZ 2026 is not just a conference—it is a strategic platform for action.

Participants can expect:

  • Policy-to-Practice Conversations

Engage directly with policymakers and decision-makers on how national education policies are being translated into real-world impact.

  • Innovation and Technology Showcases

Experience cutting-edge solutions in education, STEM, and digital transformation aligned with Zimbabwe’s Education 5.0 agenda.

  • Investment and Partnership Opportunities

Connect with investors, corporates, and development partners shaping the future of education and skills development.

  • Thought Leadership and Insight

Gain valuable perspectives from leading voices across education, government, and industry.

  • Networking and Collaboration

Build meaningful connections with educators, innovators, entrepreneurs, and policymakers from across Zimbabwe and beyond.

Why NESZ 2026 Matters

At its core, NESZ is about one thing: transformation.

It is about moving beyond conversations and into implementation.
It is about aligning education with industry, innovation, and national development.
It is about building a system that equips Zimbabweans not just to learn—but to create, lead, and compete globally.

With a speaker lineup of this calibre, NESZ 2026 is poised to spark the ideas, partnerships, and actions that will shape the next chapter of Zimbabwe’s education story.

Be Part of the Movement

📍 Zimbabwe International Trade Fair Grounds, Bulawayo
📅 27–30 May 2026

This is where education meets innovation.
This is where policy meets action.
This is where the future is built.

Register. Participate. Exhibit.

Continue Reading

Business

66th ZITF Opens in Bulawayo: Botswana’s President Duma Boko to Headline ‘Connected Economies’ Fair

Published

2 weeks ago

on

April 20, 2026

By

66th ZITF Opens in Bulawayo: Botswana’s President Duma Boko to Headline ‘Connected Economies’ Fair

The 66th Zimbabwe International Trade Fair (ZITF) officially opens its gates today in Bulawayo Province, marking one of the most anticipated events on Africa’s business calendar.

Running under the theme “Connected Economies, Competitive Industries,” this year’s edition is expected to offer a powerful platform for Africa’s industrial heavyweights. The focus is clear: link manufacturing breakthroughs and digital transformations directly to global value chains.

High-Profile Opening

On Thursday, Botswana President Duma Boko will officially open the exhibition. His presence underscores growing regional cooperation and signals strong confidence in Zimbabwe as a trade and investment hub.

Organisers expect the fair to attract serious deal-making across sectors including manufacturing, technology, agriculture, and logistics.

Strong International Turnout

The numbers speak for themselves:

  • 485 direct exhibitors are taking part

  • 100 leaseholders (permanent or long-term exhibitors)

  • 46 international exhibitors

  • Representing 29 countries from Africa, Europe, Asia, and the Middle East

Full list of participating countries includes:

Africa: Botswana, Eswatini, Ethiopia, Kenya, Malawi, Mozambique, Namibia, Nigeria, South Africa, Tanzania, Zambia, Zimbabwe

Europe: Belarus, Belgium, Denmark, France, Germany, Ireland, Italy, the Netherlands, Sweden, United Kingdom

Asia & Middle East: China, India, Indonesia, Japan, Malaysia, Pakistan, United Arab Emirates (UAE)

Blocs & Others: European Union (EU)

This diverse participation makes ZITF 2026 one of the most internationally connected trade fairs in recent years.

Theme Breakdown: What ‘Connected Economies, Competitive Industries’ Means

The theme is not just a slogan. It reflects three key priorities:

  1. Connected Economies – Stronger trade corridors, simplified cross-border processes, and regional integration through AfCFTA and SADC.

  2. Competitive Industries – Local manufacturers upgrading technology, improving quality, and competing beyond national borders.

  3. Global Value Chains – Positioning Zimbabwe and Africa as reliable suppliers to international markets.

Organisers believe the fair provides a launchpad for African industries to move from survival mode to global competitiveness.

What to Expect at the Fair

Visitors and exhibitors can look forward to:

  • Live demonstrations of new manufacturing technologies

  • Digital transformation showcases

  • B2B matchmaking sessions

  • Policy dialogues on industrialisation

  • Networking with buyers from over two dozen countries

For local businesses, this is a rare opportunity to connect directly with international partners without leaving Bulawayo.

Why This Matters for Zimbabwe

ZITF is more than a trade fair. It is a barometer of economic confidence.

A strong 66th edition sends a clear message:

  • Zimbabwe remains open for business

  • International partners are willing to engage

  • The march toward Vision 2030 (upper-middle-income status) is alive and real

The fair also boosts Bulawayo’s economy, filling hotels, restaurants, and transport services for the week.

Final Word

As the gates open today, all eyes are on Bulawayo.

With Botswana’s President Duma Boko set to speak on Thursday, 29 countries on the exhibitor list, and a theme that prioritises real economic integration, the 66th ZITF is shaping up to be a landmark event.

Stay with The Business Diary for daily updates, interviews, and analysis from the fairgrounds.

Continue Reading

Business

Zimbabwe’s Economic Diplomacy on the Global Stage: Minister Ncube’s Abidjan Engagement

Published

1 month ago

on

April 3, 2026

By

Zimbabwe's Economic Diplomacy on the Global Stage: Minister Ncube's Abidjan Engagement

ABIDJAN-In a significant stride for Zimbabwe’s economic revitalization, Hon. Prof. Mthuli Ncube, Minister of Finance, Economic Development, and Investment Promotion, led a high-level delegation to Abidjan on 30 March 2026. The delegation’s primary objective was to engage with Dr. Sidi Ould Tah, President of the African Development Bank (AfDB), to galvanize support for Zimbabwe’s Arrears Clearance and Debt Resolution (AC & DR) Process. This strategic move underscores Zimbabwe’s commitment to re-engaging with international financial institutions and bolstering its economic recovery trajectory.

The visit provided a platform for Minister Ncube to participate in the Strategic Ministerial Dialogue on Debt Sustainability and Financing Africa’s Development Priorities. The dialogue emphasized the imperative of strengthening domestic resource mobilization through digitalization, enhancing public financial management systems, and promoting transparency and accountability in debt reporting. These measures are critical for Zimbabwe as it seeks to optimize its resource utilization and attract sustainable investments.

A key takeaway from the dialogue was the call for prudent debt management, innovative financing instruments, and stronger partnerships to mitigate rising debt vulnerabilities while safeguarding critical development spending. Minister Ncube’s participation in this dialogue highlights Zimbabwe’s proactive approach to addressing its debt challenges and fostering sustainable economic growth.

On the sidelines of the Abidjan engagements, Minister Ncube attended the launch of the Africa’s Macroeconomic Performance and Outlook 2026 Report as a panellist. The report painted a promising picture of Africa’s economic resilience, with a real GDP growth of 4.2% in 2025, surpassing the global average of 3.1%. Growth is projected at 4.3% in 2026 and 4.5% in 2027, with GDP per capita growth standing at 1.9%.

The report’s findings underscore Africa’s potential as a growth hub, notwithstanding risks from debt pressures and external shocks. It recommended coordinated policy action, structural reforms, and targeted investments in job creation, social protection, and human capital development to ensure inclusive and sustainable growth across the continent.

Minister Ncube’s engagement in Abidjan is a testament to Zimbabwe’s commitment to leveraging international partnerships and expertise to drive its economic agenda. The country’s participation in high-level dialogues and strategic engagements is crucial for attracting investments, clearing debt arrears, and fast-tracking economic recovery.

The outcomes of the Abidjan engagements are expected to inform Zimbabwe’s policy direction, particularly in areas of debt management, investment promotion, and economic diversification. As Zimbabwe charts its path towards sustainable development.

In conclusion, Minister Ncube’s Abidjan visit underscores Zimbabwe’s resolve to engage proactively with international financial institutions and development partners. By prioritizing debt sustainability, economic resilience, and inclusive growth, Zimbabwe is positioning itself for a brighter economic future.

Continue Reading

Trending