Catalytic People, a joint venture between Potanin’s holding company Interros and T-Technologies, the owner of online lender T-Bank, has purchased a 25% stake in Selectel, valued at some 16 billion rubles ($206 million), T-Technologies said in a statement.

President Vladimir Putin has said home-grown AI models are vital to preserving Russian sovereignty, and has urged technology companies such as Sberbank and Yandex to catch up with US and Chinese rivals.

Potanin, CEO of Russian metals company Nornickel and its largest shareholder, has expanded his investments in the technology sector, acquiring a 9.95% stake in internet giant Yandex, often dubbed “Russia’s Google”, earlier this year.

“I think that in the near future, in Norilsk Nickel, as well as in many other Russian companies, there will be a breakthrough in this area,” Potanin said in a television interview that aired last week, referring to AI.

Interros, Potanin’s holding company, is T-Technologies’ largest shareholder, with a 41% stake.

T-Technologies President Stanislav Bliznyuk said the purchase would allow the company to utilise Selectel’s vast cloud infrastructure in its development of AI products.

Selectel’s revenue for the first nine months of 2025 grew by 42% year-on-year to 13.5 billion rubles, T-Technologies said.