In recent years, Russian search and technology giant Yandex has struggled to keep up with its Western counterparts and had developed its own smart devices, self-driving cars, and its own food delivery and ride-sharing services, among other things. . According to The New York TimesHowever, the sanctions of the West against his homeland after the invasion of Ukraine have made it impossible to further develop and improve his projects. That is why Yandex’s parent company, which is registered in Amsterdam, is reportedly looking to sell and cut ties with Russia.
Apparently, Yandex plans to sell the emerging technologies it is working on to markets outside the country, as they need western technologies and experts to reach their full potential. It also wants to sell its established businesses, such as its internet browser, food delivery and ride-hailing apps. Yandex plans to continue offering those products under its Russian subsidiary, which likely means finding buyers in the country.
Whether Yandex can actually escape from Russia is another matter. The times’ sources said the company must first obtain Kremlin approval in order to transfer Russian-registered technologies outside the country. It also needs to get its shareholders on board with its restructuring plan before it can move forward. That said, the company has a powerful advocate for it: Alexei Kudrin, the country’s former finance minister, who enlisted it in an informal capacity to gain Vladimir Putin’s blessing. A TBEN report says Kudrin will meet with Putin this week to discuss Yandex’s plan. If the Russian president agrees, Kudrin is expected to step down from his position as chairman of the Russian Court of Audit to take on a leadership role at the new Yandex.