Uber distances itself from Yandex.Taxi, the Russian ride-sharing service.
Uber said on Monday it was trying to “accelerate” its divestiture from Russian internet company Yandex, which operates a ride-hailing service in Russia, in light of the Russian invasion of Ukraine.
The company also said that three Uber executives serving on the board of Yandex. Taxi, Uber’s ride-sharing partnership with Yandex, will resign immediately and be replaced by a representative who will oversee the divestment.
“In light of recent events, we are actively exploring opportunities to accelerate the sale of our remaining holdings and, in the meantime, will remove our executives from the board of the joint venture,” Uber said in a statement.
Yandex officials could not immediately be reached for comment on Monday. Earlier in the day, the New York Stock Exchange stopped trading of shares of Yandex.
Uber struck a partnership with Yandex in 2017, aimed at ending a costly battle between competing businesses, and took a stake in its ride-sharing service. Last year, the company divested its stake in Yandex’s delivery and autonomous vehicle units, sold part of its stake in Yandex.Taxi, and agreed to allow Yandex to buy its remaining Yandex.taxi stake, which That’s 29 percent.
On Monday, the company said it would aim to sell the remaining shares, which were recently valued at $800 million, more quickly.
Uber’s effort to distance itself from the Russian search giant comes as companies and governments around the world are working to cut Russia off the international economy through sanctions and other means.
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