Yandex announced the risk of default in company

Yandex, which has been operating in the Russian market for many years, announced that it would possibly be unable to pay off the bonds.  The debt on them is 1.25 billion. In a situation where the company is not allowed to redistribute funds between subsidiaries, it will not be able to fulfill its obligations.

Neither Yandex itself, nor the members of the board of directors, nor the shareholders were sanctioned, but there may still be negative financial consequences.

We are talking about trading on the Moscow Exchange, which were suspended until March 4 inclusive. In addition, Nasdaq and the New York Stock Exchange suspended trading in securities for a number of companies with a significant number of operations in Russia. This list includes Yandex.

Describing the situation, the representatives of the company indicated that, according to the rules, in case of suspension of trading on the stock exchange for more than 5 days, bondholders have the right to demand payment of the cost of securities and interest to them. At the same time, Yandex does not currently have sufficient funds to implement such an operation. The company explains that even if all the share repurchase obligations are met, this will lead to financial problems and may affect the ability to meet other financial obligations.