Prosus says it is severing ties with its Russian Avito classifieds business

Illustration shows smartphone with Prosus' logo displayed
FILE PHOTO: Prosus' logo is pictured on a smartphone in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

March 25, 2022

AMSTERDAM (Reuters) – Dutch technology investor Prosus NV said on Friday it was cutting ties with its Russian online marketplace Avito, and would not seek to benefit economically from its ownership of the business.

The company will “cease all involvement in its Russian operations”, with Avito continuing to operate as an independent entity run by its own board and a local management team, Prosus said in a statement.

“Prosus will have no day-to-day involvement in the operations of the business and will neither invest further nor seek to benefit economically from the interest in Avito in these circumstances.”

(Reporting by Toby Sterling; Editing by Jan Harvey)