Description from the Russian technology company Yandex!
Dozens of global companies and brands, including technology giants, have decided to stop their activities in Russia due to Russia's military action against Ukraine.
On the technology front, eyes have been turned to Russian tech companies, with companies such as Apple, Intel, Adobe and Microsoft suspending their sales in the country and Russia blocking access to Facebook and Twitter.The first company that comes to mind in this area is Yandex, which is also well known and widely used in Turkey.
Yandex, which is listed on the Moscow Exchange in Russia as well as the New York Stock Exchange in the United States, has published a statement on the impact of the latest geopolitical developments experienced as part of the military operation launched in Ukraine on the company.
According to Necdet Çalışkan of Habertürk, in a statement posted on Yandex's investor relations website, Yandex N.V.it was noted that none of its subsidiaries, Board members or main shareholders is the target of any sanctions decisions taken by the Western world against Russia.
"OUR CURRENT TECHNOLOGIES ARE ENOUGH FOR 12-18 MONTHS"
In a statement referring to companies based in the USA, UK and Europe that have suspended supplies and services to customers in Russia, the following statements were used in a nutshell:
“We believe that our existing data center capacity and other technologies critical for operations will allow us to continue operating in its usual course for at least the next 12 to 18 months.”
“In the event of a prolonged suspension of hardware, software or other technologies used in our business or services, if we are unable to secure alternative resources, our operations may be materially adversely affected over time.”
“We understand that many suppliers have announced their intention to suspend the sale of consumer goods to Russia, and several large transport companies have stopped shipping to Russia. Such actions, if extended, are prohibited by Yandex.It will lead to a decrease in the number and choice of products that we can offer through the market."
Currently, some financial institutions in Russia do not expect that blocking from the SWIFT system will affect Yandex's daily operations, the statement said, adding that Yandex had a cash balance of about $ 615 million (about $ 370 million of which is located outside Russia) and about 47 billion rubles in cash and cash equivalents as of February 28, 2022.
“WE DON'T HAVE ENOUGH RESOURCES”
It is recalled that on February 28, it was decided to stop trading securities of a number of companies with material operations in Russia, including Yandex on NASDAQ and the New York Stock Exchange, the statement said:
“In accordance with the terms of our bonds due in 2025, if the trading of our Group A shares on NASDAQ is suspended for more than 5 trading days, the holders of these bonds will have the right to request us to redeem their paper (the current principal amount of these papers is $ 1.25 billion). In the event that the right to such a refund is triggered, the Yandex group as a whole does not currently have enough resources to be able to pay the bondholders. If we are prevented from distributing october funds from our Russian subsidiaries to our Dutch parent company, Yandex will not have enough resources to use most of the bonds. We are currently conducting contingency planning to determine what steps we will take in this regard and what other sources of funding will be made available to us should this right of repayment be triggered.”
HE CAME TO TURKEY IN 2011
Founded in 1997, in Russia, Leo Tolstoy Street in central Moscow in the internet company, Yandex maps and navigation, including search engine, e-mail, translation, such as cloud storage services. Yandex, which ranks dec sundays Google, which has a 46 percent share and a 52 percent share in the search engine market throughout the Russian Federation, also started its operations in Turkey in 2011.
IT CLOSED ITS OFFICE IN ISTANBUL IN 2020
Yandex dec which operates in the fields of e-commerce, navigation, mobile application and advertising as well as the search engine in Turkey, had decided to close its office located in Istanbul in Turkey in September 2020. The company has been operating in Turkey since October 2020, based in Russia.
