Kostin on purchase of Yandex: Deal not needed at this price; necessary to take asset under management, like Fortum

ST. PETERSBURG. June 16 (Interfax) - A deal to buy a stake in Yandex by a consortium of investors at the price set for the company is not advisable, as they are trying to sell the asset without a discount provided by the current regulation on foreign investors' exiting, and it should be transferred to external management, similar to Fortum , VTB President and Board Chairman Andrei Kostin said in a statement.

Answering whether VTB had finally refused to participate in the consortium, Kostin said that, "Moreover, I believe that a deal should not be made at these levels at all. This is a market [deal] obtained. For what?" Kostin asked during an interview with reporters on the sidelines of the St. Petersburg International Economic Forum (SPIEF) 2023.

"We have a presidential decree for 50% [meaning the requirement for a discount when foreign investors exit Russian assets], though here we are talking about a market deal, to American investors, because everything was taken away from us (...) We must act according to the Fortum scheme, take them under control and return them when the sanctions are over. This is my position today," Kostin said.