Russia’s largest state-controlled lender Sberbank (SBER) is negotiating the purchase of AFK Sistema’s stake in Russia’s second-largest e-commerce platform Ozon (OZON) in a transaction valued at more than RUB300bn ($4.2bn), according to Kommersant daily citing investment market sources.

As covered by IntelliNews, earlier this month second-largest bank VTB and Russia’s largest e-commerce platform Wildberries also confirmed a partnership deal.

State banks buying into the e-commerce space is in line with the overall trend of state-affiliated entities taking over Russia’s internet economy. Merging Sber and VTB with e-commerce platforms is also seen as a way to appease a growing conflict between the banking sector and the fintech verticals of e-marketplaces.

Wildberries and its peer Ozon Holdings are leading the Russian market in the ongoing e-commerce consolidation. As a reminder, both have boosted their fintech verticals, to the annoyance of major banks and the Central Bank of Russia (CBR). 

Kommersant daily reports that Sberbank structures are in talks to acquire AFK Sistema multi-industry investment holding’s 31.8% stake in Ozon, potentially as part of a debt settlement arrangement. 

At current Moscow Exchange valuations, the stake is worth approximately RUB278.9bn, although market participants estimate that a standard control premium of 10%–15% could raise the deal value to RUB305bn-RUB319bn. 

AFK Sistema denied that negotiations are taking place, while Sber and Ozon declined to comment.

Ozon operates across Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia, Georgia, Azerbaijan, Uzbekistan, Turkmenistan, China and Turkey. 

In 1Q26, Ozon’s gross merchandise value, including services, increased by 36% year on year (y/y) to RUB1.14 trillion, while orders surged by 83% y/y to 807.7mn units. Active buyers increased by 16% y/y to 67.3mn users, while the number of pick-up points exceeded 85,000.

Ozon’s 1Q26 revenue increased by 49% y/y to RUB300.9bn, gross profit rose by 45% to RUB68.2bn, and EBITDA climbed by 50% to RUB48.8bn. The company broke even with net profit reaching RUB4.5bn ($57mn). 

The company’s largest shareholder is AO O23, linked to LETA Capital managing partner Alexander Chachava, which controlled 34.95% of shares as of March 1, 2026.

Kommersant daily suggests that AFK Sistema’s possible decision to sell its stake is linked to the conglomerate’s financial pressures. The holding company reported a 2025 net loss attributable to shareholders of RUB222.2bn, while consolidated financial liabilities increased by 7.9% to RUB1.42 trillion.

Sistema’s net debt declined by 16.7% to RUB368.2bn. Analysts at BCS Global Markets previously warned that Sistema’s high debt burden at the holding level remains a key concern.

The newspaper noted that Sber previously acquired a 37.6% stake in microelectronics producer Element from AFK Sistema for RUB27bn earlier this year, alongside an additional 4.3% from minority shareholders. 

Sources cited by Kommersant daily suggested that transferring the Ozon stake could represent another step in reducing Sistema’s debt load.

Mikhail Burmistrov, chief executive of Infoline Analytics, described Ozon as “the most promising asset” in AFK Sistema’s portfolio and said the opportunity for Sberbank to convert debt exposure into equity ownership would represent “an extremely successful opportunity” for the bank, as cited by Kommersant.

Market participants surveyed by Kommersant daily said ownership in Ozon would provide Sberbank with access to the marketplace’s large customer base and strengthen its ability to expand financial services, including consumer lending, instalment payments, advertising and fintech products. 

One source told the daily that “on the basis of the marketplace, the bank could more actively develop loans, instalments, advertising and other services.”

According to Kommersant, other major banks including Sovcombank and potentially Alfa Bank also consider negotiations over the Ozon stake, although Alfa Bank denied involvement. 

Kommersant daily recalled that Reuters reported as early as 2020 that Sber had explored acquiring a large stake in Ozon, although negotiations collapsed over valuation disagreements. At the time, Sber reportedly valued the company at $1.4bn, while Ozon sought a valuation of $2.1bn before ultimately raising $1.2bn through its NASDAQ IPO later that year.

Even without a possible sale to Sberbank, Ozon was controlled by Kremlin-affiliated investors. In 2025, domestic investment holding company Vostok Investments bought about 28% of Ozon's shares from Baring Vostok Private Equity Funds. The deal was linked to Vladimir Putin’s long-time ally, sanctioned billionaire Yuri Kovalchuk.

Kovalchuk is one of the “old guard” pro-Kremlin oligarchs or so-called stoligarchs. The sale of Ozon's stake was reportedly overseen by First Deputy Chief of Staff Sergei Kiriyenko. Both Kiriyenko and Kovalchuk have previously been involved in the state takeover of internet major VK (former Mail.ru).

Together with the high-profile struggle for control over Russia’s largest e-commerce operator, Wildberries, the sale of nearly 30% stake in Ozon to Kovalchuk marked a notable shift in Russia's e-commerce and internet landscape, with influential figures consolidating control over major platforms.

Kovalchuk's entities were also already involved with Yandex.Market, and there were indications they may also acquire Wildberries, the market leader with a 33% share, according to The Bell. Combined, Wildberries, Ozon and Yandex.Market controls over 60% of the sector.