After Moscow invaded Ukraine ‘Russia’s Google’ has decided it can’t stay in Russia.
Moscow-headquartered YandexThe country’s dominant search engine founded by two Russian Entrepreneurs are hoping to Transfer its The most promising technologies abroad and the most popular its Russian Business to Avoid the Western sanctions that were imposed on Russia after President Vladimir Putin’s order to Ukraine.
The plan was created by the Financial Times Report on Thursday Yandex N.V.—Yandex’s holding company registered in the Netherlands—would sell Most of its Russian Businesses, such as search, ecommerce, and ride-hailing to A local buyer. The New York Times Later it was confirmed that Yandex N.V. would then change its The most promising technologies to non-Russian markets.
Cut ties with Russia, Yandex Hopes to Protect its Connectivity allows for new ventures such as self-driving vehicles, cloud computing, education technology, and other innovative ventures. to The Russian market. Western partners have cancelled tie-ups with Yandex after Russia’s war in Ukraine, including food delivery company Grubhub, which ended its Robotics Initiative with Yandex days after Russia’s invasion. Export restrictions have also been implemented to limit the sales of components of high technology. to Russia.
There are obstacles to Yandex’s plan. It would require to Find a buyer in your area to Purchase its Russian businesses. It would also need Moscow’s permission to Transfer technology licenses beyond the country?, Yandex Shareholders would require to You agree to The plan.
The plan is reportedly supported by Aleksei Kudrin, Russia’s former finance minister. Kudrin is expected to You can be a leader at Yandex After the deal is closed, it will be reported. to The Financial Times.
Yandex Did not respond immediately to You can submit a request to comment.
Sanctions and staff exodus
Yandex, founded in 2000, controls about 60% of Russia’s search-engine market, and has invested in ride-hailing, e-commerce and news.
Although it is not state-owned Yandex They have forged a close relationship with The Russian government. Yandex 2019 agreed to Give the state a bigger say its Operational decisions in a bid to Avoid legislation that restricts foreign ownership Russian tech companies.
Trading was suspended by the NASDAQ stock exchange Yandex shares soon after Russia’s invasion due to Concerns regarding U.S. sanctions Yandex’s shares in Moscow have fallen by 60.3% since the start of the year. Despite this, the stock plunge is not unexpected. Yandex’s strong performance in the Russian market, with Revenue rose by 46% year-over-year in the third quarter.
The Russian tech Company has also been affected by the departure of talented Russians country After the invasion by Ukraine. More than 10% Yandex’s 19,000 staff have left, reported Bloomberg August
The European Union also targets Yandex Executives with Sanctions against the company, accusing it of supporting pro-war activities Russian propaganda on its News platform. The EU sanctioned Yandex Tigran Khudaverdyan was the Deputy CEO and responsible for news division in March.
EU sanctioned Yandex Arkady Volozh, founder and former-CEO, was accused of committing a crime in June. “materially or financially” supporting Russia’s invasion. Volozh resigned The CEO of the company in one day. Yandex sold its news division to fellow Russian tech VK company in August
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