Uber removes executives from Russian Yandex Taxi joint venture
The San Francisco-based rideshare company is the latest to cut ties with Russian businesses
Hermitage Capital Management CEO discusses if Russia is about to plunge into a financial crisis.
Uber has removed three executives from the board of Yandex, a Russian internet search engine, as more major western corporations distance themselves amid Moscow's invasion of Ukraine.
The ride-share company will remove the executives from the board of Yandex.Taxi, taxi joint-venture, a company spokesperson said in a statement Monday.
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"In August 2021, we divested a significant portion of our stake in our joint venture with Yandex and agreed to a process to divest the rest," the statement said. "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."
A yellow 'Yandex Taxi' on the street in the city of Moscow, Russia on March 03, 2020.
A man walks past a HSBC bank branch in the City of London, Britain November 12, 2014.
Person pouring vodka in the Asian restaurant.
Uber doesn't hold any shares of Yandex, but has a 29% stake that was valued at $800 million at the end of last year, the company said. In 2018, Uber closed a deal valued at $3.8 billion when it merged its operations in Russia and nearby countries with Yandex.
The three executives will be replaced by a single representative who will oversee the remaining divestiture, the San Francisco-based company said.
In August, Yandex bought out Uber's remaining interest in several ventures.
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As the assault on Ukraine got underway, Uber paused operation in the nine cities where it operates in the country.
As a result of the invasion and the subsequent sanctions, several states have halted the sale and purchase of Russian-made vodka. Oil giant BP announced it would drop its stake in Russian energy company Rosneft and HSBC ordered its staff to halt relations with several Russian banks.