Arkady Volozh, the founder of Yandex, has officially renounced his Russian citizenship, nearly two years after selling his stake in the Russian search engine giant. This move marks a clear break from his roots in a country he once helped shape into a technological powerhouse.

Exit from Russia After War-Torn Years

Volozh, 62, is among a small group of Russian-born billionaires who have abandoned their Russian passports since President Vladimir Putin ordered the full-scale invasion of Ukraine in 2022. Others include DST Global founder Yuri Milner and Tinkoff Bank founder Oleg Tinkov.

The decision to renounce Russian citizenship was confirmed by a person familiar with the situation, who requested anonymity due to the private nature of the matter. A spokesperson for Volozh’s current company, Nebius Group NV, declined to comment.

Volozh has held an Israeli passport for over a decade and has lived there since the early 2010s. He built Yandex into a dominant force in the Russian tech sector, offering services from search engines to ride-hailing and e-commerce. However, the war in Ukraine and subsequent international backlash created significant challenges for the company.

War and Sanctions Triggered a Reckoning

Following the invasion of Ukraine in February 2022, Yandex faced intense scrutiny both domestically and internationally. Shares of the company were suspended on the Nasdaq shortly after the invasion began. That June, Volozh stepped down as CEO after being sanctioned by the European Union, which cited Yandex’s role in promoting Russian propaganda and disinformation.

In 2023, Volozh publicly condemned the invasion, admitting that he had previously remained silent while helping Russian engineers at Yandex leave the country. The EU later lifted its sanctions on Yandex, but the damage to the company’s international reputation had already been done.

By 2024, Yandex’s Russian business was sold for $5.2 billion to a group of Russian investors. The Dutch holding company was subsequently renamed Nebius, and Volozh began building a new business around Yandex’s international assets.

Rise of Nebius and AI Infrastructure

Under the new name of Nebius, the company regained its Nasdaq listing and shifted its focus toward building and operating data centers for artificial intelligence. Volozh has since signed major deals with companies such as Meta Platforms Inc. and Microsoft Corp. to provide dedicated AI infrastructure.

Over the past year, Nebius’s market capitalization has nearly tripled to about $25 billion. Volozh’s family controls approximately 13% of the company, and his net worth is estimated at $3.3 billion, according to the Bloomberg Billionaires Index.

The decision to renounce Russian citizenship highlights a broader trend of Russian elites distancing themselves from the country amid the war and its economic and reputational fallout. It also signals a strategic shift for Volozh, who is now focused on expanding Nebius’s global AI infrastructure business.

With the war in Ukraine showing no immediate end, and Russia’s international standing continuing to decline, Volozh’s move could be seen as a long-term strategic decision. Analysts suggest that such renunciations are likely to increase as more Russian business leaders seek to protect their assets and reputations abroad.