'Russia's Google' wants to flee the country with its most promising tech

[Yo_Mama_Been_Loggin]

‘Russia’s Google’ wants to sell its Russian businesses and flee the country with its most promising tech

Moscow-headquartered Yandex, the country's dominant search engine founded by two Russian entrepreneurs, is hoping to transfer its most promising new technologies overseas and ditch most of its Russian business to avoid the effects of Western sanctions imposed after President Vladimir Putin ordered Russia to Ukraine.

Under the plan, which the Financial Times reported on Thursday, Yandex N.V.—Yandex's holding company registered in the Netherlands—would sell most of its Russian businesses, like search, e-commerce and ride-hailing, to a local buyer. The New York Times later reported that Yandex N.V. would then shift its most promising technologies to non-Russian markets.

By cutting ties with Russia, Yandex hopes to protect its newer ventures, such as self-driving cars, cloud computing, and education technology, from being connected to the Russian market. Western partners have canceled tie-ups with Yandex after Russia's war in Ukraine, including food delivery company Grubhub, which ended its robot delivery initiative with Yandex days after Russia's invasion. New export controls also limit the sale of advanced technology components to Russia.

There are hurdles to Yandex’s plan. It would need to find a local buyer willing to purchase its Russian businesses. It would also need Moscow’s permission to transfer technology licenses outside of the country, and Yandex shareholders would need to agree to the plan.

https://www.msn.com/en-us/news/world/russia-s-google-wants-to-sell-its-russian-businesses-and-flee-the-country-with-its-most-promising-tech/ar-AA14xk5z

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

Russia stands to lose its biggest tech company, which would throw a wrench in President Putin's plans to foster Russian-grown alternatives for Western technology.

Yandex, often referred to as Russia's Google, is the country's largest internet business best known for its search browser and ride-hailing apps. But its Dutch-based parent company, Yandex N.V., wants out of Russia because of the potential negative impact the Ukrainian invasion could have on its business, according to a report by The New York Times.

The exit of Russia's biggest tech company would deliver a blow to Putin, who has made a concerted effort to produce Russian technology and goods as sanctions cut access to Western suppliers.

Yandex N.V. said 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."

https://www.msn.com/en-us/news/other/russia-s-ongoing-invasion-of-ukraine-is-pushing-out-one-of-russia-s-biggest-tech-giants/ar-AA14wD9V

Heckuva job Pooty Poot

[Igel]

1. I like Yandex.

Haven't used it recently to avoid tossing even a kopejka towards the government there.