Exclusive-Russia's VTB may pull out of running for Yandex stake - CEO Kostin

A VTB bank logo is seen on screen through a window in the Moscow International Business Center, also known as Moscow-City, on a sunny day in Moscow, Russia August 12, 2022. REUTERS/Maxim Shemetov

MOSCOW (Reuters) - Russian state-owned lender VTB may pull out of the running to acquire a stake in internet giant Yandex, the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer.

Often dubbed "Russia's Google", Yandex is making progress on a corporate restructuring plan that should see it divest ownership and control of core, Russia-based businesses, in what could be one of Russia's most significant corporate deals this year.