Nasdaq Delists Russian Search Engine Giant Yandex
Several Russian tech companies have now finally been excluded from share trading on the New York Stock Exchange Nasdaq. Among others, the search engine operator Yandex and the e-commerce company Ozon are affected.
Nasdaq suspended trading in the securities of the companies in question a year ago after the Moscow regime launched its all-out war against Ukraine. However, since then this measure has officially had a temporary character. With the decision that has now been made, companies can no longer hope that the situation will return to normal for them in the foreseeable future.
According to a report by the Reuters news agency Yandex and Ozon said they would appeal the decision. Because neither of the two companies is affected by Western government sanctions, some members of Yandex’s top management ended up personally on the embargo lists. However, Nasdaq is formally an independent company and can to a certain extent decide for itself whose shares it admits to its own marketplace.
Yandex is fighting
“Nasdaq’s decision has no impact on the company’s operations, services, financial condition or ability to meet all financial obligations to partners and other contractors,” Yandex said in a statement to its shareholders. However, the company has been struggling for some time to reconcile the interests of shareholders, some of whom come from abroad, with the Kremlin’s requirements. Some parts of the company have already been sold to the competitor VK in order to reduce the pressure a little.
In addition to the two groups mentioned, which are also internationally known, the recruitment agency Headhunter and the payment service provider Qiwi were also excluded from the New York Stock Exchange.
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