Russian billionaire and Putin critic launches AI data centres in the UK
Nebius, a technology company headquartered in the Netherlands, will invest £200m to establish an 'AI factory' in Britain, deploying 4,000 graphics-processing chips designed to power the latest generation of machine-learning technology. The $12bn (£9bn) business is assessing potential data centre sites in the South East.
Nebius was formed as part of a carve-up of Yandex, a company known as 'Russia's Google'. Arkady Volozh, a Russian entrepreneur worth a reported $2bn, founded Yandex in 1997 as a Russian rival to the US search engine.
The business later listed in New York and in 2021 was valued at more than $30bn. However, its shares were suspended in 2022 after Russia's invasion of Ukraine and Mr Volozh was sanctioned by the European Union.
Over the years Yandex faced growing pressure from the Kremlin to censor online news and search results, and the company was accused by Brussels of helping to spread Kremlin propaganda.
In 2023, Mr Volozh labelled Putin's invasion 'barbaric' and said he was 'horrified' by the war. He said: 'I am categorically against it. Although I moved to Israel in 2014, I have to take my share of responsibility for the country's actions.
'There were reasons to stay silent during this long process. While there will anyway be questions about the timing of my statement today, there should be no questions about its essence. I am against the war.'
The European Union removed its sanctions of Mr Volozh last year.
Nebius was formed as part of a carve-up of Yandex, which spun off its Russian search division in a $5bn deal to Russian investors. Nebius, which is listed in the US, is made up of the remaining European, US and Israeli assets, including several data centres powered by Nvidia microchips and its self-driving car technology.
Mr Volozh, Nebius's chief executive, said: 'The UK is where AI is being built, tested, and deployed at scale across industries from fintech to life sciences. Being here puts us closer to the start-ups, researchers, and enterprise leaders shaping what's next.'
Nebius's UK investment comes after Sir Keir Starmer, the Prime Minister, announced plans to spend more than £1bn to boost the UK's computing power in a speech at London Tech Week alongside Jensen Huang, the Nvidia chief executive.
On Monday, the Government announced a series of AI investments ahead of this week's Treasury spending review. These included £1bn for an AI research resource, made up of powerful AI data centres and supercomputers, as well as £187m to boost the technological skills of the UK workforce.
On Tuesday, Peter Kyle, the Technology Secretary, also announced plans for a new Turing AI fellowship in a speech at London Tech Week. Backed by £25m, the programme will seek five AI experts who will be offered a substantial package to relocate to the UK and hire a team to conduct AI research.
Mr Kyle said: 'We will harness the vast potential of our trillion-pound tech sector to help remake our country for the better.'
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