Is Yandex, Russia’s Marquee Tech Company In Trouble? One Former Board Member Says Yes. – Radio Free Europe / Radio Liberty

It’s Russia’s Google, a multibillion-dollar, homegrown technology company that dominates the country’s e-commerce, offering everything from search engine results and food delivery to car sharing and an online marketplace.

Yandex is a bellwether for Russia’s high-tech economy in the 21st century.

Now, with Russia bombarding Ukraine and the West pounding Russia with crippling sanctions, the company’s future is in doubt.

On March 7, Yandex announced the resignation of two board members, quoting them as saying “our hearts are with the entire team in these challenging times.” A week later, the deputy executive director resigned, after he was hit with European Union sanctions. Then Yandex announced it was looking to sell two of its most visible content divisions to focus on its other businesses.

Western sanctions, meanwhile, have led to the company’s shares being frozen on U.S. stock exchanges. That in turn has led shareholders to seek repayment on bond guarantees, but the company says…

Read Full Story: https://www.rferl.org/a/russia-yandex-trouble-sanctions-ukraine/31769182.html

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source: https://news.oneseocompany.com/2022/03/24/is-yandex-russias-marquee-tech-company-in-trouble-one-former-board-member-says-yes-radio-free-europe-radio-liberty_2022032416713.html

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