VK rejects plans to sell game developer due to sanctions

VK does not plan to sell its own gaming division MY.Games, it is only planned to rename one of the current legal entities, RBC was told in the company's press service.

“MY.Games continues to operate worldwide and will continue to develop as part of VK,” the company emphasized.

Earlier, VK's desire to sell MY.Games due to sanctions against the company's CEO Vladimir Kiriyenko was announced by a Kommersant source in the Russian video game market. “The problem is that MY.Games is the main source of foreign exchange earnings, and sanctions <...> threaten questions from foreign partners,” the source said, noting that the company is looking for buyers in Asia and the Middle East.

A source close to the government added that VK management recently had a meeting with representatives of the largest Chinese game studio Tencent Games. He admitted that one of the topics covered was the sale of MY.Games, calling it logical. In his opinion, the deal would become a formality, VK can transfer licenses for the sale of its own games, while the development process itself will continue in Russia - “it will turn out to be a kind of proxy legal entity”, which will save foreign exchange income.