The owner of Yandex, often referred to as “Russia’s Google”, has said it will pull out of its country of origin.

Its Dutch-based parent company sold the operation in Russia for ₽475 billion or US $5.2 billion, much lower than its estimated market value.

The sale to a consortium of investors means Yandex’s Russian business is now a fully Russian-owned entity.

The firm has previously been accused of hiding information about the war in Ukraine from the Russian public.

Moscow has welcomed the latest deal which the company said was “the product of an extensive period of planning and negotiation over more than 18 months”.