The anticipated restructuring of Yandex, a Nasdaq-listed Russian technology company often dubbed “Russia’s Google,” is likely to be delayed until early 2024, Reuters reported.
Yandex, a standout among Russian corporations with its potential for global expansion, faced significant challenges following Russia’s military action in Ukraine in February 2022.
For over a year, Yandex has been in talks with the Kremlin to separate its Russian operations from its Dutch parent company, Yandex NV. This move is part of an effort to allow some segments of its business to maintain access to Western markets amidst sanctions imposed on Moscow due to the Ukraine conflict.
The restructuring process, managed by the Dutch holding company Yandex NV, has been underway for several months. Initially, a resolution was expected by December.
However, while Reuters notes that the company has made considerable progress and submitted all necessary documents to legal teams, it remains uncertain whether the restructuring will be finalized within the current month.
The completion of the deal not only requires the approval of shareholders but also the sanction of the Russian government.
