VTB CEO says Yandex should pass receivership till sanctions end

ST. PETERSBURG, Jun 16 (PRIME) – The purchase of a stake in Internet company Yandex by new investors at a market price is unreasonable, the asset should be given in receivership till sanctions end, VTB Bank CEO Andrei Kostin on Friday said.

“I think the deal should not be carried out at such levels…It turns out to be a market (deal)…What for?” Kostin said on the sidelines of the St. Petersburg International Economic Forum.

Kostin thinks the example of Finland’s energy company Fortum should apply in this case, “to take under management and return it to them when sanctions are over. This is my point of view today.”

Dutch firm Yandex N.V., the parent company of Russian Internet giant Yandex, said earlier it will divest from the country’s assets. According to earlier statements, VTB Bank is in talks to buy a stake in Yandex.

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