Ukraine: Yandex, the Russian Google, could default

 Russian tech giant Yandex has sounded the alarm that it could default after it was suspended from trading on the New York digital exchange.

The Nasdaq and the New York Stock Exchange this week suspended all listings of Russian companies until they explain how they will be affected by the sanctions imposed by the United States and its allies in the wake of Moscow's invasion of Ukraine.

In a press release, Yandex, which is headquartered in the Netherlands but has its main offices in Russia, said it was not targeted by sanctions.

"There are currently no regulatory restrictions on the ability of US, UK or EU people to acquire and trade Yandex stock," she added.

However, the company, often referred to as "the Russian Google" for its size and breadth of services, said that if it is suspended for more than five trading days, owners of certain bonds will be able to legally redeem their debt with interest.

"The Yandex group as a whole currently does not have sufficient resources to redeem the banknotes in full," the company said.

Even if the company were able to obtain financing to pay for it in full, Yandex said such a large expense "would have a real negative effect on short-term financial position and liquidity and could affect our ability to meet our other obligations."

The company's search engine, launched in 1997, is the largest of its kind in Russia, accounting for more than 60 percent of the country's internet searches in the last quarter of 2021, according to the company.

The group has diversified its products in recent years and now also offers a food transport and delivery service.