• The co-founder of Russian internet giant Yandex N.V. (NASDAQ: YNDX), Arkady Volozh, bid farewell to its staff ahead of a corporate restructuring.

• The restructuring could see ownership of many of the firm's core services change hands, Reuters reports.

• Volozh departed as CEO and left the board of directors after the European Union included him in its sanctions against Russian entities and individuals in June.

• Volozh called the EU's decision "misguided."

• "As you know, I haven't really been involved in Yandex's Russian business for some time, but this year I had to step down from the company completely," the report quoted Volozh.

• In November, Yandex's Dutch-registered holding company shared plans to divest ownership and control of most of Yandex Group, including its main revenue-generating businesses.

• The report further noted that the international divisions of Yandex's self-driving technologies, cloud computing, data labelling, and edtech would be developed independently from Russia.

• "It's my hope to be able to advise the four international start-ups that might in the future develop independently from Yandex," Volozh said.

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