Uber said Monday that it was trying to “accelerate” its divestment from the Russian internet company Yandex, which operates a ride-hailing …
Uber said Monday that it was trying to “accelerate” its divestment from the Russian internet company Yandex, which operates a ride-hailing service in Russia, in light of the Russian invasion of Ukraine.
The company also said the three Uber executives serving on the board of Yandex.Taxi, Uber’s ride-sharing partnership with Yandex, would resign immediately and be replaced by a representative who would oversee the divestment.
“In light of recent events, we are actively looking for opportunities to accelerate the sale of our remaining holdings and, in the meantime, will remove our executives from the board of the joint venture,” Uber said in a statement.
Yandex officials could not be immediately reached for comment on Monday. Earlier in the day, the New York Stock Exchange halted trading of Yandex shares.
Uber struck a partnership with Yandex in 2017, aiming to end a costly battle between the competing businesses, and took a stake in its ride-sharing service. Last year, the company divested itself of its holdings in Yandex’s delivery and autonomous vehicle units, sold part of its stake in Yandex.Taxi, and agreed to allow Yandex to buy its remaining Yandex.Taxi stake, which is 29 percent.
On Monday, the company said it would aim to sell those remaining shares, most recently valued at $800 million, more quickly.
Uber’s effort to distance itself from the Russian search giant comes as companies and governments around the world are working to cut Russia off from the international economy, through sanctions and other means.
