Yandex wants to split business, keep Russian and worldwide operations separate

In an attempt to preserve the company's market positions in Russia and conquer some new territories Yandex is about to split 28.Nov.22 9:01 AM By Shawn Highstraw Photo Yandex    334

Yandex, a counterpart to Google, is thinking about moving many of its business units outside Russia, reports the New York Times. The company suffers greatly from the sanctions imposed on Russia due to the war in Ukraine. Yandex, like Google, has a search engine. Among other things, the company develops smart devices and self-driving cars. the group also develops software, such as internet browsers. The company is also active in, among other things, meal delivery and taxi services. The West's sanctions against Russia make it impossible for Yandex to develop or improve products, the New York Times reports. Therefore, according to the business newspaper, the parent company of Yandex, which is registered in the Netherlands, plans to split the company. The Russian tech company wants to sell the new technologies it is working on to parties outside Russia. For its development, the company needs Western technologies and experts. Because of the sanctions, Western companies are no longer allowed to do business with enterprises in Russia. Through a split, Yandex hopes to remain active in Russia as well. The company plans to continue offering its current products and services under its Russian subsidiary, according to The New York Times. Whether Yandex can really leave Russia is the question. The company will probably have to first get approval from the Kremlin in order to be able to accommodate Technologies registered in Russia outside the country. Shareholders must also give the green light for a possible split.

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