Russian search and tech giant Yandex has announced steps to move some of its intellectual property out of Russia and transfer the rest to local interests.announcementsaid the board “has embarked on a strategyprocessto review options for restructuring group ownership and governance in light of the current geopolitical environmentto ensure the long-term sustainable development and success of the Group’s diversified business portfolio.“

Yandex is a sprawling conglomerate often dubbed the “Google of Russia”; it started out as a search engine and has since branched out into advertising, maps, e-commerce, cloud computing and self-driving car software. Like its Silicon Valley counterparts, Yandex has sought a relatively more favorable jurisdiction for its headquarters – the Netherlands; for more than a decade, the Netherlands has been home to its parent company, Yandex NV.

A special committee of the board is considering the following:

• An international sector that develops certain services independently of Russia (including autonomous driving technology, cloud computing, data labeling, and educational technology).
• divestiture of Yandex NV’s ownership and control of all other Yandex Group businesses (including search and advertising, mobile, e-commerce, food delivery, delivery, entertainment services, and other businesses in Russian and international markets), including the transfer of certain elements of governance to management.

Russian state news agency TASS described Yandex’s decision as “leaving Russia”.According to the plan, Yandex will putThe Russian division, which includes the search engine, food delivery and taxi services, and the Yandex name are for sale.Involving self-driving cars, cloud services, online educational software and real-time data collectionThe other four divisions will continue to operate outside Russia under new names.

Foreign media said that if the board of directors chooses this path, Yandex NV will retain part of the company’s offshore business, and the rest will be transferred to other owners-possibly Yandex management in Russia. “It is expected that Yandex NV will change its name in due course and the divested business will retain the exclusive right to use the Yandex brand,” the announcement stated.This means that Yandex NV will abandon the Yandex brand while trying to develop self-driving technology, cloud, education technology and data outside RussialabelActivity.

This process is currently at a preliminary stage. There can be no assurance that the Board will successfully identify and implement a path to execute these steps, including finding a buyer for the equity interest in the business to be divested; these steps will be subject to ongoing analysis and eventual shareholder approval. The official stated that the latest developments will be disclosed to the market in a timely manner.

In addition to obtaining shareholder approval, Yandex alsoTechnology registered in Russia must first be approved by the Kremlin before being transferred abroad.But it is worth mentioning that Alexei Kudrin, former Russian Finance Minister, is working on This Yandex program helps, Unofficially seeking support from Russian President Vladimir Putin. U.K”Financial Times” reported that,Kudrin Willat this Thursday’s meetingMeeting with Putin to discuss.If Putin finally Yandex’s planExpressing approval, Kudrin is expected to step down from his current role as head of the government accountability agency’s audit office and take on a leadership role at Yandex.