Yandex, one of the technology companies with the greatest potential in Russia, is suffering from the serious effects of the invasion of his country to Ukrainein particular, due to the economic restrictions that the West has imposed on the country, reported the newspaper La República.
The company is also known as the ‘Russian Google’and is in the middle of a process of restructuring in the country, that seeking to save itself at a business and economic level, will have to give up trying to cover an international scene.
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After the start of the war and the imposition of the Western sanctions dozens of its employees were forced to flee Russia (among them its general director) and has considerably hindered the growth, even the sustainability of the platform. Due to the above, its founder Arkady Volozh is seeking Putin’s approval and help.
The situation in the company began to flare up in marchwhen volozh He was included in the list of people sanctioned by the European Union, this forced him to leave his positions in the company, however, it was not of great help to the company as the situation only got worse.
The European Union continued the attack against the company, assuring that the former head of the company, Lev Gershenzon, had said that the company was lending itself to hide information about users in Ukraine.
Илья Чиркин, сотрудник Счетной палаты, победил в конкурсе «Лидеры России». He попал в сотню лих!)) Успешная проверка кометенций))) поздравил сод material pic.twitter.com/DFqJ57uoyl
— Alexei Kudrin (@Aleksei_Kudrin) May 31, 2022
The situation in the company began to worsen in March, when Volozh was included in the list of people sanctioned by the European Unionthis forced him to leave his positions in the company, however, it was not of great help to the company as the situation only got worse.
The European Union continued the attack against the company, assuring that the former head of the company, Lev Gershenzon, had said that the company was lending itself to hide information about users in Ukraine.
The future outlook for Russia’s tech giant
Given the rise in the value of the shares of Yandex everything indicates that the market is confident that the company will be able to recover, thus, media in Russia affirm that the restructuring is close to completion.
It is speculated that Volozh’s strategy to save the company will be to sell his business in Russia to a structure already registered in the country, to keep only his registered company. Netherlands.
As reported by La República, this means that Volozh will lose control of the company in Russia, but it would maintain a minority stake in it with the possibility of continuing with the projects of driverless vehicles, cloud computing, educational technology and data labeling, which are originally from Yandex, but will be able to continue to run them abroad.
For its part, control of the company that remains in Russia would be held by five percent former minister Kudrin, and other large companies in the country can be integrated. Among them, there is talk of the participation of Vladimir Potanin, one of the richest men in Russia.
SANTIAGO PINZON GIRALDO
INTERNATIONAL WRITING
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