A password will be e-mailed to you.

Russia’s ongoing invasion of Ukraine is pushing out one of Russia’s biggest tech giants

According to recent reports, Russia is in a position to lose one of its biggest tech companies, Yandex. This could cause trouble in Putin’s plans to encourage Russian alternatives for Western technology. Read the entire article to learn more about this news piece.

Vladimir Putin at the Collective Security Treaty Organisation summit at the Kremlin in Moscow

Vladimir Putin 
Source: The Business Standard

Statements given by Yandex

Yandex N.V. said on Friday that its board had “commenced a strategic process to review options to restructure the group’s ownership and governance in light of the current geopolitical environment.”These options, Yandex said, included developing some of its international divisions “independently from Russia” and divesting “ownership and control of all other businesses in the Yandex Group.” The company added: “This process is at a preliminary stage.” According to the reports provided by Times, Yandex is planning to take move its new business and promising technologies outside of Russia. This technology would need access to Western markets and experts which is not possible while Russia is invading Ukraine.

The business of Yandex has been struggling since the start of the Russia-Ukraine war. It is often referred to as the Google of Russia. Since the invasion, thousands of employees have left Russia and the price of the company’s New York shares has dropped. Even the president cannot deny that Russia’s IT sector has been facing difficulties. Due to this war, the United States and 37 other countries are restricting Russia’s access to technology.

About Yandex

For people who do not know anything about Yandex, this article is here to give you all the information. Yandex aims to help people figure out the online and offline world with ease. It is one of the most popular search engines in Russia which is why it is often called Russia’s Google.

It is a search engine and it is not a normal search engine. The company realizes that the job of a search engine can’t just be to provide people with ample information but also to help them figure out real-life situations and give them practical suggestions. Usual day-to-day things like finding affordable places to eat or comparing flight tickets, this search engine helps its users do it all. At its core, this company is a search engine but it performs additional functions by being a constant guide to people and helping them figure out day-to-day things with convenience. The company gives its users the utmost priority and wants to make their lives easier and better with the help of its services.

Comments

comments

No more articles
Send this to a friend