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March 30, 2022 06:05 pm

Russia Internet Giant Risks Running Out of Vital Tech in a Year

Russia's omnipresent tech company, which created products ranging from the country's dominant search engine to its biggest ride-hail service, is facing a looming shortage of hardware as U.S. sanctions punish President Vladimir Putin for invading Ukraine. From a report: Yandex NV may run short of the semiconductors needed for the servers it uses to power its business within a year to 18 months because of import restrictions, two people with direct knowledge of the issue said, asking not to be identified in order to speak candidly. Sanctions on dual-use technology, which have both military and commercial uses, have hit its self-driving vehicle unit particularly hard, they said. Yandex has plunged into crisis since Putin began the war Feb. 24, caught between the Kremlin's increasingly harsh internet censorship and a backlash in its key foreign markets. The company's international partnerships are crumbling, two board members resigned, and its number two executive, Tigran Khudaverdyan, was forced to step down after being sanctioned by the European Union. The company's market value has slumped from a record $31 billion in November to $6.8 billion after the invasion began.

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