US software company AspenTech agreed to buy Micromine from Potentia Capital in July 2022.
This week, AspenTech said it had terminated the deal.
"AspenTech and Potentia were waiting to secure a final Russian regulatory approval as a condition to closing the transaction," AspenTech said.
"As this process continued, the timing and requirements necessary to get this approval became increasingly unclear.
"This lack of clarity on the potential for, and timing of, a successful review led AspenTech and Potentia to this mutual course of action."
AspenTech said it would not be paying a termination fee.
Micromine's software line includes its eponymous Micromine mine design product and its mine production planning and management tool Pitram, both of which became industry staples.
The company was founded by Graeme Tuder 36 years ago.