The share of VK in the total losses of the Aliexpress Russia JV for the II quarter of 2022 amounted to 1.6 billion rubles, follows from the interim financial statements of the holding for the reporting period. VK itself indicates this amount in the reporting as “unrecognized”, since it wrote off investments in the project back in the first quarter.
The Aliexpress Russia joint venture was created on the basis of the local assets of AliExpress and Tmall, owned by Alibaba Group. When AliExpress Russia was created, the main owner of the company was the Chinese Alibaba Group with a 55.7% share. MegaFon received 24.3%, Mail.ru Group (now VK) – 15%, RDIF – 5%. In 2021, RDIF, together with the investment platform Mubadala Investment Company and other Middle Eastern sovereign funds, bought out a 7.85% stake in the JV from Alibaba Group, and Megafon sold its stake to Cypriot USM International Alisher Usmanov and partners.