Topline
Arkady Volozh, the billionaire founder of Russia’s biggest tech company Yandex, condemned Russia’s war in Ukraine as “barbaric,” in a statement to independent Russian news outlet the Bell, joining a small number of Russian billionaires who have publicly denounced the invasion.
Yandex co-founder Arkady Volozh gives a speech in Moscow, Russia.
Key Facts
In his statement to the Bell, Volozh said he wanted to make his position on the issue clear, adding “Russia’s invasion of Ukraine is barbaric, and I am categorically against it.”
The billionaire said he was “horrified” by the daily attacks against the people of Ukraine, “many of them my personal friends and relatives.”
Volozh also responded to criticism that he was trying to erase his links to Russia after he updated his website to identify as a “Kazakhstan-born, Israeli tech entrepreneur,” saying although he moved to Israel in 2014, “I have to take my share of responsibility for the country’s actions.”
Volozh said he moved in 2014 to expand the company’s international projects but after Russia’s invasion he realized his role in Yandex “had come to an end.”
Yandex is the most dominant search engine and the most valuable tech company in its home country and is sometimes referred to as “Russia’s Google.”
Key Background
Volozh resigned as the CEO of Yandex and exited its board last year after being hit by EU sanctions alleging he was “materially or financially” supporting Russia’s invasion, an allegation he has denied. Volozh has also been subjected to sanctions due to Yandex’s decision to promote Russian state media propaganda about the invasion. Yandex’s Dutch-listed holding company has been attempting to divest its Russian business in an effort to grow internationally. The spin-off plans have reportedly garnered interest from oligarchs like Vladimir Potanin and Vagit Alekperov—both allies of Russian President Vladimir Putin. The purported offers value Yandex’s Russian business at around $7 billion.
Forbes Valuation
According to our estimates, Volozh’s current net worth is around $1.1 billion. Despite resigning from the CEO’s role and the board, Volozh remains the largest individual shareholder in the company.
Further Reading
Yandex founder Arkady Volozh condemns “barbaric Russian invasion of Ukraine” (The Bell)
Tycoons’ Bids Value ‘Russia’s Google’ at $7 Billion (Bloomberg)