YANDEX COMPANY LIQUIDATES INVESTMENT SERVICE

Yandex" made a decision to liquidate the Internet service "Yandex.Investments" created for financial management.  The reason is the fact that VTB Bank, a former partner in dealing with securities, fell under strict foreign sanctions.  The inability to trade assets of foreign companies led to an inevitable outcome.

According to Interfax, platform users will be allowed to buy shares and other securities and replenish their accounts until April 11. After that, the service will be terminated.

Clients of the service will be able to withdraw finances and sell shares until April 15, 2022.

It is emphasized that "Yandex" guarantee not only the phased elimination of the project. Even after its complete closure, users will still be able to access their funds through the company's website or through the bank's application. Users will be allowed to transfer assets to another broker.

The information service worked in Russia for about two years. The company created it in 2020 by entering into a contractual relationship with the Capital Investments platform of VTB Bank. The project involved the prompt conclusion of an agreement with a credit institution on brokerage and depositary services.

We should remind our readers that in February the United States and the European Union imposed sanctions on a group of Russian banks, including VTB. In particular, the sale and purchase of securities through these banks for Russian residents was blocked. This affected all the assets issued after April 12, 2022.