Last Updated on 08/03/2022 by Nidhi Khandelwal
The attack on Ukraine has no wonder brought a tension into this world and not only Ukraine alone stands as a victim but also the innocent Russians who emerged as the victims of the sanctions imposed on Russia.
One of the major sufferers is Russia’s leading search engine, Yandex is a multinational firm that provides 70 Internet-related products and services, mostly for Russian and Russian-language customers, including transportation, search and information services, e-commerce, navigation, and social media.
After the long stretched war, the market remained closed for trading and the co-founder of Yandex, Arkady Volozh has lost his position as a billionaire.
The sanctions on Russia made it more difficult for Yandex to pay its debt. In the West, The banks have freezed Russian assets, trading to and from Russia has ceased, ban on import of oil in EU countries. These factors along with the war tension has dumped the Yandex stocks to a level from which recovery is next to impossible.
Yandex, which had a market value of over $17.4 billion at the start of February, recorded revenues of 356 billion rubles in 2021, which are now worth just over $3 billion due to the Russian currency’s depreciation.
This is just one of the many Russian companies that lost its stock value amid the war situation. If the war continues to be in motion, not only Ukraine and Russia will be in its grasp but the whole world will suffer from its drastic impacts.