In an internal combustion engine having an exhaust system with a turbocharger including an exhaust gas turbine disposed in the engine exhaust duct, a bypass line connected to the exhaust duct upstream of the turbine including a valve for diverting exhaust gas flow and bypassing the turbine, the valve includes a valve body having first and second exhaust gas flow control openings of different flow cross-sections and being adjustable between a first position in which the first flow control openings is in communication with the exhaust gas duct, a second position in which the second flow control opening is in communication with the exhaust gas duct and a blocking position in which exhaust gas bypass flow through the valve is blocked.