War in Ukraine: Uber wants to get rid of its shares in Yandex.Taxi

The American company owns 29% of the transportation services of Yandex, the largest Russian technological company.
Although the bulk of Western nations is taking extreme economic measures to penalize Russia for its aggression in Ukraine, Uber Taxi  is looking to accelerate the selling of shares of Yandex. The taxi is Yandex’s app for transport, the biggest Russian technology company.

A collaboration in 2017 that was forged between Uber and Yandex

Uber has been operating in Russia since 2014. Russian market since the year 2014. In 2014, the American firm entered a market where Yandex already controlled food and transport services delivery. Taxi. In 2017 both companies agreed on a $ 3.7 billion deal that allowed Uber to own 37 percent of the shares of its Russian competitor. Since then, Russian users have used Yandex or Uber apps to get an Uber taxi.
In the past year, Uber spun off its stakes in Yandex’s self-driving and delivery services and sold a portion of its holding in Yandex.Taxi. The American company has also signed a deal to let Yandex buy the remaining 29 percent stake in Yandex. Taxi VTC The report comes from The New York Times.
Russia’s incursion into Ukraine that started in February has forced Uber to accelerate the pace at which it operates. “In light of recent events, we are actively seeking opportunities to accelerate the sale of our remaining interests. In the meantime, we will be removing our executives from the joint venture’s board of directors,” Uber said in an announcement. In the end, three Uber executives are within Yandex. In addition, the taxi’s board of directors has been removed, while a person in charge of the divestment is set to replace them.

Economic sanctions and their consequences for industries

This choice on the part of Uber isn’t surprising. Companies, as well as governments, are taking measures to stop Russia out of the global economy. As Google is now preventing Russian media from making money on their platform, Meta intensifies efforts to counter the false information spread by Russians on social media. In addition, all Russian banks are on a blacklist, and Russia has been exiled from being a part of the SWIFT system.

In addition to economic sanctions, the war in Ukraine will have repercussions on several technological and scientific fields and could even slow down many advances. For example, the space sector has already been turned upside down by this crisis, particularly the postponement of the dispatch of the ExoMars mission, a joint mission between the European Space Agency and Roscosmos, the Russian space agency.

In addition, the conflict could lead to a shortage of neon, a noble gas essential for the manufacture of semiconductors… A sector that is also hit by a global drought.