Yandex operates Russia’s largest search engine.
Yandex is known in Russia for its search engine function. PDO
Yandex, known as the “Google of Russia”, is trying to leave Russia, they say, among other things The New York Times and Insider. The background of the decision is the war of aggression started by Russia in Ukraine.
Yandex’s Dutch parent company plans to sell its business to markets outside of Russia. However, leaving Russia is not simple, as it would require the approval of both the Kremlin and the company’s shareholders to be successful.
Yandex has not commented on the matter to NYT or Insider.
Anonymous sources who spoke to NYT say that Yandex would sell its search engine operations and ride-hailing and food delivery operations, for which it is best known in Russia. In Finland, among the companies owned by Yandex, the taxi service Yango is best known.
The company’s Dutch parent said on Friday, according to Insider, that its board has “initiated a strategic process to review options for restructuring the group’s ownership and management in light of the current geopolitical environment.”
If the company’s plans come true, it would be a huge setback to Vladimir Putin, which has been trying to grow Russian counterparts for Western technology companies that have left the country. Several technology companies have left Russia since the war of aggression started by the country.
Shares collapsed
According to Insider, thousands of Yandex employees have left Russia and left their jobs since the start of the war of aggression.
The company is also listed on the Nasdaq stock list of the US technology exchange. Immediately after the war began, the price of the company’s New York-listed shares plummeted by more than $20 billion before Nasdaq suspended trading for shareholders.
Shares listed in Moscow have also fallen by 62 percent during the current year, according to Insider.