The Nasdaq and the New York Stock Exchange (NYSE), the two most important equity markets in the United States, have just announced the delisting of five companies russian. Among them is Yandex, considered the Russian Google.
Yandex very affected by the war
Since the start of Russia’s invasion of Ukraine in February 2022, the Russian tech sector has been particularly hard hit. Almost all Western players have in fact ceased their investments in the country of Vladimir Putin, which has notably affected Yandex.
In order to ensure its survival, the company announced, last November, its intention to restructure to get away from Russia. It said it wanted to leverage its international presence in areas such as autonomous vehicles and cloud computing. Despite his efforts, the New York Stock Exchange wants to delist the company, which has been listed on Nasdaq since 2011 through a parent company based in the Netherlands.
While Yandex performed well throughout its listing, hitting an all-time high in November 2021 with a market capitalization of $31 billion, its shares crashed when war broke out.
Who are the other companies affected?
The Nasdaq has just informed the Russian giant that its shares will be withdrawn, a decision which also concerns other companies from the country, namely the online recruitment platform HeadHunter, the e-commerce company Ozon, as well as Qiwi , a firm specializing in fintech. Since the start of the war, transactions in their securities had already been suspended. The New York Stock Exchange will delist Russian real estate database company Cian, reports TechCrunch.
” Nasdaq Notice of Determination Does Not Affect Businessthe services, the financial situation or the ability of the company to fulfill all its financial obligations towards its partners and other counterparties “, reassured Yandex in a press release. However, the company said it would appeal the decision. With this in mind, it should be heard by an advisory committee appointed by the Nasdaq board of directors.
The announcement of the New York stock exchange comes as Vladimir Putin placed, last December, one of his relatives at the head of Yandex.