Many Russian companies, especially Yandex and Vk, were exposed to European Union and US sanctions due to the Ukraine war. Indicating that it wants to reach more users internationally, Yandex announced that it will carry out its activities in Russia through the Netherlands.
Yandex will be a Dutch company! The company withdraws from Russia
The adventure of Yandex, which started as a search engine, has expanded to areas such as advertising, maps, e-commerce, cloud backup and autonomous vehicle software. Described as Russia’s leading technology company, Yandex has announced that it is working to move some of its intellectual property out of the country.
Home to the Yandex NV holding for more than a decade, the Netherlands will now become the company’s headquarters. Making a statement on the subject, Yandex executives said, “In light of the current geopolitical environment, we have initiated a strategic process to restructure the ownership and management of the Yandex family.” made statements.
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Analysts predict Yandex NV will withdraw from the Yandex brand as it deals with driverless technology, cloud, edtech and data labeling activities outside of Russia. Russian state-owned news agency TASS described the announcement as Yandex leaving Russia.
The Yandex NV board’s plan seems to recognize that handing over some of Yandex’s business is the only way for the company to have a chance to operate and grow outside of Russia. The Russian government has not yet made a statement on the matter.
The details of the announcement published by Yandex are as follows;
“We will work on the development of international divisions of certain services (including autonomous driving technologies, cloud computing, data labeling and edtech), independent of Russia.
We plan to divest from Yandex NV of ownership and control of all other businesses in the Yandex Group (including search and advertising, mobility, e-commerce, food delivery, delivery, entertainment services and others in the Russian and international markets), including by transferring certain governance elements. .
Some of the company’s overseas operations will be left to Yandex NV, the rest will be transferred to Yandex management in Russia.”