The parent firm of Russia’s most prominent technology company, Yandex, wants to Cut ties with the country to It should protect its new businesses against the fallout of War in Ukraine: A possible setback to President Vladimir V. Putin’s efforts to Develop homegrown alternatives to high-tech Western goods or services that have been blocked by sanctions
A complete overhaul of the Dutch holding company has been completed. of Yandex — often referred to as “Russia’s Google” — would transfer its most promising new technologies to According to reports, the company would export its existing businesses outside Russia to foreign markets. This includes a popular web browser, food delivery, and taxi-hailing apps. to Two people who are familiar with the subject would not speak publicly because they were too embarrassed to. of The sensitivity of The discussions.
The company’s plan aims to It is important to protect itself from the home market and highlight its stifling effects of Western sanctions on Russia’s once-thriving technology sector.
According to people familiar with the matter, the war in Ukraine led to the development of Yandex’s new technologies — such as self-driving cars, machine learning and cloud services — unviable. These businesses require access to Experts and technology from the West would be left behind if Russia is still associated with them. of They were added.
Yandex’s Russian subsidiary would continue offering the same products in the country under the new owners, said the second person familiar with the matter.
The State of The War
- A Pivotal Point: The The Ukrainian army is now on the offensive while the Russians remain in defensive mode. But only one-fifth of the troops are on the offensive. of its territory still occupied by Moscow’s forces, Ukraine has a long way to go.
- Dnipro River: Undercover raids have been conducted by a volunteer Ukrainian special forces force team. of darkness traveling across the strategic waterway, which has become the dividing line of The southern front.
- Evacuation Plans: The Ukrainian government is in preparation to Help evacuate the residents of the southern cities of Kherson and Mykolaiv are two areas where the infrastructure is deteriorating. of When winter hits, there is a humanitarian emergency.
- Visual Investigation: Video clips circulated on social media have led to a heated debate about whether or not the Ukrainian forces committed war crimes. as They tried to Capture a group of Russian soldiers who were then shot and killed. Here’s what we know.
It is not clear whether Yandex’s plan will go forward. The company must obtain the Kremlin’s approval to Transfer Russian-registered technology licences outside Russia, one of The people agreed. It would also be necessary to Find buyers for the company’s businesses, most likely in Russia. The overall restructuring plan would also be required. to be approved by Yandex’s shareholders.
Yandex’s plan is backed by Aleksei Kudrin, Russia’s chief government auditor and a longtime confidant of Mr. Putin. One, Mr. Kudrin of There are few economic liberals remaining in the Russian government. The company’s representative is acting informally but is expected. to In the future, you may be asked to take on a managerial position.
Expect Mr. Kudrin to attend to This week, meet Vladimir Putin to discuss Yandex’s future and other topics, said one of The people familiar with this matter. The Kremlin’s spokesman, Dmitri S. Peskov, said on Thursday that he had no information about such a meeting.
Yandex declined to comment. Russia’s Audit Chamber, Mr. Kudrin’s employer, did not respond to Send a comment request
The company’s restructuring plan was first reported Russian economic media outlet The Bell
Western efforts to Russia after its invasion was economically isolated of Ukraine has devastated once-thriving company. The price of Yandex’s shares traded in Moscow has plunged 62 percent in the past year. The company’s New York-listed shares lost more than $20 billion in value before the Nasdaq stock exchange suspended their trading following Russia’s invasion of Ukraine in February
Numerous of Yandex’s more than 18,000 employees have left Russia since the start of The invasion. In March, the company’s deputy chief executive at the time, Tigran Khudaverdyan, defied the Kremlin line by calling it a “monstrous war” In a Facebook post.
To distance itself from the war’s political fallout, Yandex in August sold its online news aggregator, which had become filled with state propaganda because of Russian media laws increasingly harsh and restricting criticism of The war.
The European Union imposed sanctions against Mr. Khudaverdyan in March for Yandex’s role in promoting the Kremlin’s war narrative. His boss, the company’s Israel-based founder, Arkady Volozh, was hit with sanctions by the bloc several months later. Both were forced to resign from the company. to Allow it to Keep operating in Europe.