Today, Yandex and Sberbank of Russia OJSC publicized the conclusion of the previously published joint venture for electronic money solutions. Under the conditions of the agreement, Sberbank acquired 75% interest in the charter funds of Yandex.Money for roughly US$60 million. The vital goal of the alliance was to power inventions in online retail payment solutions.

The Yandex-Sberbank partnership would create a universal payment solution for all kinds of businesses. It would also make recurring payments and deals trouble-free for both online and offline patrons.

The initial step towards rationalization of online payments began in June. Sberbank gave up its commission for Yandex.Money supplements from the entire bank card at its ATMs and payment depot.

The Yandex.Money unit would leverage Sberbank's infrastructure to improve latest online payment solutions centered on Yandex's technologies. Yandex.Money, a non-banking credit union workng under a license released by the Central Bank of Russia, would continue serving its clients

Yandex would keep ample interest in the joint venture for about 25%. Yandex would also end consolidating the financial records of Yandex.Money starting on the third quarter of 2013.