Yandex to sell Russian businesses, flee country with its best tech

After Moscow invaded Ukraine, ‘Russia’s Google’ has decided it cannot stay in Russia. Moscow-headquartered Yandex, the country’s dominant search engine founded by two Russian entrepreneurs, is hoping to transfer its most promising new technologies overseas and ditch most of its Russian business to avoid the effects of Western sanctions imposed after President Vladimir Putin ordered … Read more

Russian Billionaire Oleg Deripaska Charged With Violating US Sanctions

The Southern District of New York charged Russian billionaire Oleg Deripaska on Thursday for violating US sanctions, according to ABC News. A new indictment accused the aluminum tycoon of paying two women, Olga Shriki and Natalia Mikhaylovna Bardakova, for personal services in the US between 2018 and 2020. Deripaska has faced sanctions since 2018 for … Read more

Russian tourists descend on Belarus to shop at Zara, H&M, and open bank accounts

In the past six months, Western brands from Nike to IKEA have ditched the Russian market to protest Russia’s Feb. 24 invasion of Ukraine. The global corporate exodus from Russia has led to shortages and surging prices for consumer goods, like iPhones, other electronics, and home appliances. It has also created a thriving ‘parallel import’ … Read more

Putin could soon nationalize the dozens of foreign firms that remain in Russia, experts say

In the six months since Russia invaded Ukraine, around 300 global companies have exited the Russian market, and another 700 have halted new investments and projects, or curbed operations in the country. Western firms from the US and Europe dominate the long list, which includes banks Citi and Goldman Sachs, apparel brands like Burberry and … Read more

Russia’s economy is devastated by sanctions and corporate exodus, report says

Over the last six months, Russia has fortified its economic defenses after western countries pummeled it with sanctions over its invasion of Ukraine. Despite the crackdown, the Kremlin continues to rake in billions in oil and gas revenues, which helped the ruble rally to become the world’s best-performing currency this year. But all is not … Read more

The myth of Putin as world energy czar is running out of gas

The myth of Putin as world energy czar is running out of gas Fortune You need to enable JavaScript to view this site.