Yandex NV wants to avoid sanctions
Completion of the Yandex restructuring is expected to be delayed until early 2024, as reported to Reuters by three sources familiar with the progress of the negotiations.
Yandex was one of the few Russian companies that had the potential to become a global business, but after the start of the SVO, everything changed. For more than a year, Yandex and the Kremlin have been negotiating an attempt to separate Yandex's Russian business from its Dutch parent company Yandex NV.
Dutch holding company Yandex NV has been working on a restructuring for months, trying to ensure that some of its businesses retain access to Western markets despite sanctions against Moscow over the conflict in Ukraine.
It was initially assumed that the deal would be concluded in December. Any transaction ultimately requires the approval of shareholders and the Russian government.
One source said the company has made «great progress» and has handed over all the documents to lawyers, but it is unclear whether the work will be completed this month. Another source said the goal now is to complete the deal in the first quarter, and a third source said everyone plans to complete «early 2024».
Yandex refused to comment on the restructuring process.