Yandex announced they reduced and suspended many of the planned investments in Russia and abroad due to sanctions. The company’s experts clarified that they were talking about “some investments in the new and experimental services”. Key areas of the company’s business in Russia (search, transport, e-commerce) will continue to be financed. Moreover, Yandex retract its financial forecast for 2022.

The company expects that the exit of multinational advertisers from the market and reduction of advertising budgets of Russian companies will affect the advertising business of Yandex. At the same time, the company’s taxi service “remains stable”. The experts of Yandex predict a decrease in consumer spending in the e-commerce segment, and say that the amount and range of goods can be reduced.

Original (in Russian)