The stock price dropped by 75.6%..."Google in Russia." What happened to Yandex?

Yandex, an Internet company called "Google of Russia," is reeling. This is due to the spread of the aftermath of economic sanctions in Western countries. Stock prices plunged, and companies that had joined hands with Yandex to develop technologies declared an end to the partnership.

According to the Financial Times (FT) on the 5th, Jandex's $30 million investment plan to build cloud services in Germany has stopped. In September last year, Jandex announced that it would expand its cloud service scope limited to Russia to Europe. Germany was the first target country.

As the Ukrainian war began, business uncertainty grew. A senior Jandex official said in an interview with FT, "We are not directly sanctioned by Western countries, but it will be difficult to operate the company properly over time," adding, "There may be a time when we cannot obtain the technology necessary for growth." Jandex shares listed on the U.S. NASDAQ have plunged 75.6% over the past six months. Stock trading was also suspended on the 28th of last month due to extreme volatility.

$YNDX