Yandex N.V., the Dutch parent company of the Russian Internet giant of the same name, is selling its last remaining Russian businesses at a steep discount following sanctions imposed over Russia’s invasion of Ukraine two years ago.

The deal, which includes the sale of all of Yandex N.V.’s businesses in Russia and several neighboring markets, will be worth about 475 billion rubles ($5.2 billion) – about half of the company’s market capitalization at the average share price for the three months ended Jan. 31, 2024. The reason for the drop is a rule introduced by the Russian government that would make any sale of Russian assets by parent companies registered in countries deemed “unfriendly” to Russia a “mandatory discount” of at least 50 percent. And the Netherlands, as a member of the EU bloc that has imposed sanctions on Russia, falls into this “unfriendly” category.