Support The Moscow Times!

Russian Tech Giant Yandex Sees 2022 Revenues Jump Despite Sanctions

Mikhail Metzel / TASS

Russian tech giant Yandex announced on Wednesday that its revenues climbed 46% last year following a corporate restructuring amid unprecedented Western sanctions over Moscow's offensive in Ukraine.

Often dubbed "Russia's Google", Yandex is the country's top internet company and most popular search engine. The firm also provides taxi and food delivery services.

Yandex said its revenues for 2022 stood at 521.7 billion rubles ($7 billion), while its net profit reached 10.8 billion rubles, a 34% increase on the previous year. 

The company reported the jump in revenues despite multiple rounds of unprecedented sanctions against Russia.

"Current geopolitical tensions and their impact on the Russian and global economy have created an exceptionally challenging environment for our business, team and shareholders," Yandex said.               

Yandex's e-commerce sector, which includes food delivery services, performed particularly well, the company said.

According to Yandex, the number of subscribers to its "Yandex Plus" services, such as movie and music subscriptions, reached 19.3 million by the end of last year, compared to 11.6 million at the end of the previous year.

The Russian government is cementing its control over Yandex after months of instability at the internet company, with employees fleeing because of the military offensive in Ukraine.

Last year, the company launched a corporate restructuring after one of the group's co-founders, Arkady Volozh, was among the Russian executives hit with EU sanctions.

In December, Kremlin ally Alexei Kudrin said he was joining Yandex as a corporate development adviser to oversee operations at the restructured company, while Volozh announced he would be developing a number of Yandex businesses outside Russia.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more