Former Russian Finance Minister Steps Down to Focus on Russian Technology Company, Yandex

Former Russian Finance Minister, Alexei Kudrin, (left) (photo: twitter @Aleksei_Kudrin)

JAKARTA - The former Minister of Finance of Russia, Alexei Kudrin, said on Tuesday, November 29 that he would step down as head of the Audit Chamber to focus on private companies. A source expects him to take on a role at Russian tech giant Yandex.

Kudrin, seen as a pro-Western economic liberal and a close ally of President Vladimir Putin throughout his career, will be the most high-profile government official to leave office since Russia sent tens of thousands of troops to Ukraine in February.

"In total, I spent about 25 years in the public sector," Kudrin wrote on his Telegram channel. "Now I want to concentrate on big projects, which are related to the development of private initiatives broadly, but also have a significant impact on society."

The RIA news agency reported that the upper house of parliament, the Federation Council, will consider the proposal in a session on Wednesday 30 November after the Kremlin sent a document calling for Kudrin to be relieved of office.

He served as the powerful finance minister for more than a decade between 2000 and 2011, and while maintaining a close relationship with Putin, Kudrin has kept a low profile in his current role as head of the Chamber of Audit, Russia's public spending watchdog.

In a late night meeting last week, Kudrin and Putin discussed Yandex's future, three people familiar with the matter told Reuters.

Sources say Kudrin is expected to take on a role at Yandex, which last week announced it was reviewing a possible governance overhaul that could see it separate from its Dutch parent company, as well as sell most of its services in Russia and take on some internationally focused business units.

Yandex, often nicknamed "Russia's Google" dominates Russia's online search and ride-hailing market, but has come under increasing pressure since Russia began what it called "special military operations" in Ukraine. It has sold several departments deemed politically sensitive, such as its news service, to a rival digital platform VK controlled by the Russian government.