Yandex N.V., Moscow-based internet service firm Yandex Group’s parent company, registered in Amsterdam, announced on Friday, November 25, that it is reportedly looking to sell its business and sever ties with Russia amid heightened tensions between Moscow and the West.
The announcement comes an hour after former finance minister Alexei Kudrin, a long-time colleague of Russian President Vladimir Putin, is expected to leave his role as head of Russia’s Audit Chamber to take up a position with Yandex, reports Reuters.
According to Yandex, the Board of Directors has begun a strategic process to review options for restructuring the company’s ownership and governance.
The company says its goal is to ensure the sustainable development and success of the group’s diverse portfolio of businesses over the long term.
Currently, the internet firm is exploring a variety of potential scenarios and steps, including divesting Yandex N.V.’s ownership and control of all other businesses in the Yandex Group, such as search and advertising, mobility, e-commerce, food delivery, delivery, entertainment services, and others in Russia and international markets.
Secondly, the company plans to develop the international divisions of certain services, including self-driving technologies, cloud computing, data labeling, and ed-tech, under a new name and independently from Russia.
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