Amid sanctions due to the situation in Ukraine, Yandex suspended investments domestically and abroad, and also withdrew its forecast for 2022. Earlier, Yandex predicted revenue of 490-500 billion rubles for 2022.
We have reduced or suspended many of our planned investments in our business both domestically and internationally. Any prolonged economic downturn in Russia as a result of sanctions, depreciation of the ruble or negative consumer sentiment could have a material adverse effect on our financial position and results of operations. Our previous forecast for 2022 should no longer be relied upon and we are unable to provide any forward-looking commentary at this stage.
Yandex
Yandex said that sanctions against Russia could negatively affect the company’s business. Yandex expects a reduction in user costs, and a reduction in the number and range of goods is also possible. In addition, due to the suspension of trading on Nasdaq, holders of $1.25 billion of convertible bonds maturing in 2025 currently have the right to demand that the company redeem the bonds at par.
As we have already announced, we do not currently have the funds to fully redeem the banknotes. We are in active discussions with the bondholders’ committee to agree on a restructuring of these liabilities, although we cannot make any guarantees as to the likely success or timing of these discussions.
Yandex
Source: ixbt
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