Russian company Yandex has announced plans to separate its cloud computing and other tech businesses from Russia, moving them out of the Eastern Europe country. Yandex’s ties with Russia have caused economic problems for it since the war in Ukraine. Earlier in the summer, Yandex sold off its media unit to VK, a Russian state-controlled social media company. According to Yandex, a special committee has been created to explore the best moves for the businesses.
The chairman of Yandex Board of Directors, John Boynton, said: “These are exceptionally challenging times. Please be assured that as we analyze different strategic options, we will do everything possible to protect value for our public shareholders and preserve opportunities for the 20,000 employees who have made Yandex one of Europe’s most successful technology companies.”
Earlier in June, the co-founder and CEO of Yandex resigned after he was indicted and sanctioned for supporting Russia materially or financially. The company was later delisted from the NY Stock Exchange.
