By Alexander Marrow and Gleb Stolyarov

(Reuters) - Sanctioned Russian billionaire Vladimir Potanin has acquired a 9.95% stake in internet giant Yandex, often dubbed "Russia's Google", through companies he owns, according to statements published on Tuesday from companies involved.

A consortium of Russian investors bought Yandex's Russian business from its Dutch parent in July 2024 for around $5.4 billion in cash and shares, ending foreign ownership of the internet company.

Yandex said on Tuesday that the expiration of a lock-up period meant investors in the consortium could now own stakes in Yandex directly, but that no shareholders would gain a controlling interest.

Catalytic People, a joint venture between Potanin's holding company Interros and T-Technologies, the owner of online lender T-Bank, acquired Meridian-Servis, an investment company that held a stake in the Yandex consortium, on May 26, according to Russia's corporate registry.

Sources told Reuters in May 2023 that Potanin, one of Russia's richest men, had been among the original bidders hunting for a stake in Yandex.

For the deal to win regulatory approval, both from Russia and the United States - where parent company Yandex NV had its Nasdaq listing - avoiding buyers under sanctions was essential. And Yandex stressed that complying with sanctions was key.

That would have effectively ruled out Potanin, who came under restrictions from Western governments seeking to limit funding for the war in Ukraine following Russia's February 2022 invasion.

Meridian-Servis had previously been owned by Alexander Ryazanov, a former executive at Russian energy giant Gazprom, who was not under sanctions.

Sergei Aleksashenko - a former Bank of Russia deputy governor and Ukraine war critic, designated a foreign agent by the Russian justice ministry - said on Tuesday the deal was an example of how sanctions on individuals can be circumvented.

Interros is T-Technologies' largest shareholder, with a 41% stake. Both companies have said Catalytic People, which also owns a 64% stake in Tochka Bank, will be used to invest in innovative and high-tech projects.

Potanin is CEO of Russian metals company Nornickel and its largest shareholder, but he has other investments through Interros.

T-Technologies President Stanislav Bliznyuk said the deal opened opportunities for T-Technologies and Yandex to work together on educational and technology projects.

Yandex dominates Russia's online search market and plays a leading role in the country's ride-hailing, cloud and food delivery sectors.