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Yandex becomes a Russian company. Almost a state corporation

Hello.

On Friday, November 25, the information field exploded with reports that the head of the Accounts Chamber

Alexei Kudrin visited the President of Russia andagreed on his transition to Yandex. This reshuffle has been mentioned before, various sources indicated that Kudrin is acting on the part of Arkady Volozh, who is thus trying to divide the company and withdraw part of the assets to foreign markets. Back in the spring, all signs indicated that Yandex was withdrawing assets from Russia, this concerned intellectual property, the company's developments, and key employees.

Yandex withdraws assets from Russia and creates a second company for refugees

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Inside "Yandex" consistently createdculture of rejection of the Russian state, which has become the norm for part of the company. Arkady Volozh himself was the conductor of these ideas, but at the same time he did not shy away from receiving any preferences and support within Russia, he used the administrative resource to the fullest. An attempt to sit on two chairs could not be eternal, in the end, long before all the events, Volozh chose immigration from Russia, perceived our country as a place where he receives money, but does not plan to live. This conclusion can be drawn by anyone who knows how little time Volozh spent in Russia, how much real estate he bought in different countries. From the funny last months - squatters occupied Volozh's house in Amsterdam, and the billionaire's lawyers could not evict them within the framework of the law.

Let me remind you that Arkady Volozh was under sanctionslists of the EU at the beginning of the summer, the Europeans said that he directly and indirectly supported the actions of the Kremlin. Yandex considered the sanctions unfair, but could not do anything with them. Hence Volozh's desire to disown Russia, to try to lift sanctions from himself, which is hardly possible in the medium term. Even if he gives up the Russian assets of Yandex, he will be reminded of all the past in which he personally participated.

In the history of Yandex, I was always surprised bydual position of the company. They crushed successful competitors at the expense of administrative resources within Russia. On the other hand, they acted exactly against the state, which made up their happiness and financial well-being. It should be noted here that outside of Russia, Yandex could not become successful, all external offices were financed by earnings in our country, expansion was possible only at the expense of Russian money. They walked widely, walked for everything and expected that at any moment the state would lend a shoulder, which ultimately happened, during this crisis Yandex received soft loans, and de facto the state began to perceive this moment as a purchase of the company.

And here we come to the most interesting inthe whole story, something that raises many questions from outside observers. Why are appointments in a state-owned company with the participation of the President of Russia, the owner of the company does not object to this and, on the contrary, is happy with what is happening? The answer lies in the fact that Yandex, receiving benefits from the state, initially agreed to be state-owned and work for the state. Although Yandex told completely different stories for internal use, a different positioning was created.

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It's no secret that most people in Russiabelieve that "Yandex" knocks the state, transfers all user data in one form or another. Comrade Major has become a household name and is associated exclusively with Yandex. In "Yandex" sluggishly dismiss such accusations, but periodically it breaks through that business all over the world is arranged in the same way and there are no exceptions. To some extent, this is a matter of faith - whether Yandex knocks on the state or not. Here, look at the results of the survey in our Telegram channel.

The survey can be found here

Hence the direct participation of the President of Russiain the company section, "Yandex" is a state asset in which the money of our country is invested. in all discussions there is a model according to which the Yandex section will take place. A new company is being formed in foreign markets, it will include the division of drones, cloud development, and the Praktikum training area. A new management structure appears in Russia, in fact, the Dutch Yandex N.V. That is, Yandex becomes one hundred percent Russian without any impurities.

None of us really knows the termsagreements between Volozh and the Russian state, but I think that Volozh sold his asset in his usual manner. From various discussions within Yandex and indirect signs, the following conclusions can be drawn:

  • Volozh cannot take most of the employees from Russia, the transition (read - moving) is available for a small number of them;
  • Russia continues to indirectly maintain access to an external company, in return Volozh, in one form or another, has the opportunity to continue to receive money from the Russian market.

I am sure that Volozh traded his employees andpromised that they should be kept in a new external company, so that when conditions change, they would return to Russia. This recitative sounds quite often and is perceived by politicians in Russia as a kind of inevitability, although it all depends on the scale of the crisis and what the new Yandex can do outside of Russia.

The transaction is conceptual in nature, otherwiseto tell. The high-ranking official acts as a guarantee that Volozh will fulfill his agreements (and I think that he has no choice, he simply cannot but do this, he was pressed hard). In my memory, there were no appointments (and this is precisely the appointment and nothing else) of an official in a commercial IT company, and Alexei Kudrin has no such experience at all. Along the way, according to media reports, Kudrin receives an option of 5% from Yandex, of which 2% at the very beginning, and 3% at the end of the work. Depending on the starting point, we can say that this is 200-300 million dollars. In fact, commissions from Volozh for a deal with the Russian state. Agree that there is something extremely funny in this, since it is impossible to adequately explain this. In many countries, such an option could be labeled as a deal in violation of all principles, and someone could even consider it a bribe to a government official. But in the current situation, few people care how it all looks from the outside.

And here we come to the next point, anythe development of the situation for Yandex outside of Russia was negative, from all the bad scenarios a more or less acceptable one was chosen. In it, the breakaway pieces of the company will deny their Russian roots (this is already happening, and very actively). Some offices will turn into companies with nondescript names to confuse the traces. Some will be included in the new management structure, the financing of which will come from both Volozh and, possibly, the Russian state. And in any case, these connections will hit Yandex number two, no one will forgive him for his Russian roots and will not let him work. The only way to save a company is by selling it to a strong player, but they have no need for Yandex developments. Yes, and they can only buy intellectual property, no one wants to allow the integration of employees into some corporations, the likelihood of trouble in the future is too high. External "Yandex" will remain alien and alien to everyone, traitors are feared everywhere, since their role model is always the same. Let us recall the complication of external conditions and sympathize with Arkady Volozh, the fate of his money, as before, is directly connected with Russia. I don't think that the prospects for Yandex's external offices outside of Russia are bright, the structure will begin to collapse within 2-3 years if it cannot find funds in unlimited quantities. And there is such a lender - it is Russia. It's another matter how much Europe or the United States is aware of this, most likely, there are no illusions here, and therefore they will consistently put pressure on Yandex.

Let's now talk about the Russian "Yandex".Tantrums are built into the DNA of the company as part of the corporate culture; inside Yandex, employees like to reflect on any occasion, and even more so when such large-scale changes occur. In Yandex chats, the news about Kudrin's arrival was painted exclusively in negative tones - everything was gone, you need to run wherever your eyes look. The reaction is expected and has nothing to do with reality, most of the employees are relaxed office people who do not have strong convictions and are willing to work in any conditions if they are paid a decent salary. There are no fighters against the regime, all this is just a certain modality of behavior, nothing else, fashion, and nothing more. Therefore, they will work, perhaps not as well as before, but nothing catastrophic will happen. In Yandex, and so most of the things were done crookedly, nothing will change, and now, perhaps, the angle of curvature will slightly increase. From a financial point of view, nothing threatens Yandex inside Russia - a monopolist in the field of taxis, search, a little later it will become a monopolist in the field of food delivery. In a word, a cloudless future and, in fact, all the features of a state-owned company with a monopoly in a number of areas. A sort of Russian Railways at the minimum. And this transformation will hit Yandex very hard, the company will gradually turn into a swamp.

The main task of Kudrin and his team will beturning Yandex into a company loyal to the state will take about a year. The number of layoffs will not be prohibitive, dozens of people, no more. It's definitely not worth worrying about. It is impossible to lose competencies with such state support and the absence of direct competitors in a number of areas. The company will have money, but the quality of service will decrease even more, here, alas, the logic of development is understandable.

There is a small chance that now inside Yandexa new management team will be formed, the company will become different and will be able to grow according to other principles. But it is precisely the participation of the state that this, apparently, will not happen, such examples are unknown to me. It’s definitely not worth burying Yandex; from a financial point of view, the company will be in chocolate in the coming years. But there is no doubt that the potential for its development and increased competition in Russia will fall.

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