Nasdaq to delist Russian Yandex and other tech companies

Nasdaq has told Russian tech giant Yandex and four other major internet companies that their shares will be delisted this month unless they appeal the stock market’s decision.

The Nasdaq and New York Stock Exchange halted all listings of Russian companies in the days after Russian troops invaded Ukraine on February 24, 2022.

Nasdaq said it notified Yandex, e-commerce platform Ozon, payment service provider QIWI, job search site HeadHunter and real estate database Cian of plans to delist their securities on May 24. March.

“The securities will remain halted and unavailable for trading until any appeals are resolved and the securities are removed from Nasdaq,” the company said Wednesday.

Yandex, Russia’s biggest search engine that also offers popular services such as taxi and food delivery apps, and Ozon have vowed to appeal Nasdaq’s decision.

Both companies said the early Nasdaq delisting would not affect their operations or financial condition.

Russian companies escaped Western sanctions following the invasion of Ukraine, with Yandex’s senior management resigning after facing personal sanctions.

The Moscow Stock Exchange said it would continue to trade shares of Russian companies as usual “provided they continue to disclose information”.

Yandex, Ozon, QIWI, HeadHunter and Cian shares fell as much as 3% when trading opened on Thursday.