REUTERS/Maxim ShemetovMOSCOW, June 9 (Reuters) - Russian state-owned lender VTB (VTBR.MM) may pull out of the running to acquire a stake in internet giant Yandex (YNDX.O), the bank's CEO, Andrei Kostin, told Reuters, as discussions are now centered around higher prices than the bank's initial offer.
Kostin said he was not sure VTB would continue with its bid.
"I am not sure that we will go into Yandex," Kostin told Reuters when asked about plans.
"It was announced at $7 billion recently, we submitted our application at a different price level, lower," Kostin said.
VTB was hit hard with Western sanctions over Russia's actions in Ukraine, something that limits its ability to front a consortium bid, Kostin said.
Persons:
Maxim Shemetov, Andrei Kostin, Kostin, –, Arkady Volozh, VTB, Vladimir Potanin, Vagit Alekperov, Guy Faulconbridge, Elena Fabrichnaya, Alexander Marrow
Organizations:
Moscow International Business Center, REUTERS, VTB, Reuters, Kostin, Yandex NV, Thomson
Locations:
Moscow, City, Russia, Maxim Shemetov MOSCOW, Yandex, Ukraine, Yandex's