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Yandex is suspending part of its investments inside and outside of Russia, but will continue to invest in the development of key business areas in Russia, including search technologies, transport and streaming services, and cloud technologies. According to RIA Novosti with reference to the data of the company’s annual report, it will also continue to fulfil all obligations to partners and maintain the announced support programs.
Any prolonged economic downturn in Russia…could have a material adverse effect on our financial position and results of operations, — the company’s report explained.
Earlier, the Kommersant newspaper wrote that Yandex.Drive could lose 35% of its fleet. According to the publication, the company’s leasing contracts expire, which forces the operator to return the cars to the owners.