Russian tech giant Yandex is looking to take its business out of Russia

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Yandex is the largest search engine in Russia and one of the most popular search engines in the world. Now, in a new report, it has been announced that this search engine plans to stop its communication with this country due to the problems caused by the Western sanctions on Russia.

Over the past few years, Russian search and tech giant Yandex has tried to keep up with its Western rivals, developing its own smart devices, self-driving cars, as well as food delivery and car-sharing services, among other products.

However, the New York Times noted in a new report that Western sanctions against Russia after the invasion of Ukraine have made it impossible to continue developing and improving these projects. For this reason, Yandex’s parent company, which is registered in Amsterdam, is apparently looking to sell and cut ties with Russia.

Yandex leaving Russia

Yandex is the largest search engine in Russia and one of the most popular search engines in the world
Yandex is the largest search engine in Russia and one of the most popular search engines in the world

Apparently, Yandex plans to sell the emerging technologies it is working on to overseas markets; Because they need western technologies and experts to reach its full potential. The company is also looking to sell its established businesses such as internet browsing, food delivery, and car sharing. Of course, Yandex still plans to offer these products to users under its Russian branch, which probably needs to find buyers inside the country.

To break away from Russia, Yandex must first get Kremlin approval to transfer Russian-registered technology abroad, the Times’ sources said. Also, before it can continue to operate, it must bring its shareholders into the restructuring plan.

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Finally, the company is said to have a powerful backer backing it: Alexey Kudrin, the country’s former finance minister. The Financial Times reports that Kudrin plans to meet with Putin this week to discuss the Yandex project. If approved by the Russian president, Kudrin is expected to leave his post as head of Russia’s Audit Chamber and take a management role at the new Yandex.

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