Russian businessmen Vladimir Potanin and Vagit Alekperov have both submitted bids to obtain a controlling stake in Russia’s leading internet company, Yandex, according to a new Bloomberg report released Friday citing sources with knowledge of the matter.

The bids, which reportedly value Yandex at almost $7 billion, are set to be discussed next week, at the company’s board meeting in Dubai. However sources said a final decision on the bids may not be reached at that meeting.

Potanin and Alekperov are looking to acquire a 51% stake in the Russian business of the tech giant, which it is estimated is worth as much as 600 million rubles ($7.5 billion).

According to sources that takes into account a Moscow-mandated 50% discount for foreign companies looking to exit Russia.

In Russia, laws regulating divestment procedures require companies leaving Russia to sell their assets in the country at a discount of 50%. Furthermore the sales must be approved by the government and gain governmental permission, and they must make a mandatory contribution to the Russian budget, which amounts to at least 10% of the market value of their local assets.

The regulation applies to Yandex’s business in Russia, because the company is registered in the Netherlands, which is included on a list of hostile states the Kremlin says support sanctions on Russia, along with other EU member states.

Yandex had announced a sprawling plan last year for a corporate restructuring which was to see the company split its domestic and international businesses. The company is most notable for its search engine, which is used more often in Russia than Google. The company also holds major shares in food delivery and taxi-hailing apps in Russia as well. Although the company sold its news-aggregator, it still is responsible for more than 60% of the local search market.

The company has managed to maintain profitability despite Western sanctions on Russia, with a net reported income of 5.8 billion rubles ($72 million), in the first quarter of 2023. However since February of 2022, trading in the company’s stock has been halted as the Nasdaq exchange has sought to have its securities delisted.

The company’s market capitalization peaked at $29 billion in 2021.