Alexei Kudrin is Now Officially Adviser to Russia's Google, Yandex

Alexei Kudrin, is now Yandex's adviser. (photo: twitter @Aleksei_Kudrin)

JAKARTA - Alexei Kudrin, a longtime ally of Russian President Vladimir Putin, announced Monday December 5 that he will join tech giant Yandex to advise on developing the company as it embarks on a major governance and ownership overhaul.

Yandex's Dutch-listed parent company last month said it plans to relinquish ownership and control of most of the Yandex Group, including its main revenue-generating businesses, a move that could increase the Kremlin's influence over some of Russia's internet services.

Since Russia launched what it called "special military operations" in Ukraine in late February, Nasdaq-listed Yandex, often referred to as "Russia's Google", has been grappling with domestic pressure on one side and its Western investors on the other, fueling speculation. about his future.

Kudrin, who stepped down as head of the Russian Audit Chamber last week, said he had accepted Yandex's offer to develop a new holding company structure, along with the existing management team.

"(This) will ensure the company's long-term and sustainable development in all markets, including international markets," said Kudrin in a post on his Telegram channel.

"One of the main tasks is to help preserve Yandex's unique management and technological culture, so that it remains independent and becomes the best Russian IT company, where the most talented people strive to work," said Kudrin.

Yandex, whose Moscow-listed shares were about 1.1% higher at 0928 GMT, confirmed that Kudrin had joined the firm.

Sources at Yandex last month told Reuters that Kudrin had discussed a move to Yandex with Putin. Sources say Kudrin is a perfect fit from a company perspective as he tries to maintain business neutrality.

The Russian government last September tightened its grip on the internet, when Yandex sold its news feed and homepage to VK, a rival state-controlled platform.

Kudrin is known as a veteran who has been in public service for around 25 years. He also served as finance minister for more than a decade between 2000 and 2011. While maintaining a close relationship with Putin, he has kept a low profile in his current role as head of Russia's Chamber of Audit, public and spending watchdog.

Nearly 88% of Yandex's current ownership structure is free-floating, with many Western funds among its shareholders.