Uber looks to speed up sale of its stake in Russian ride-hailing app Yandex

The New York Times reported that the ride-sharing company wants to speed up the sale of its remaining holdings. At the end of 2021, the stake in the service was equivalent to about 800 million dollars. While speeding up the sale is directly in response to Russia's invasion of Ukraine, it has been looking to exit the Russian market for a while. The Russian internet company Yandex will get $1 billion from the sale of the food delivery and self-drive divisions of the ride-sharing company. In the wake of Monday's decision, three executives resigned from the board of Yandex.Taxi.

In light of recent events, we are looking for opportunities to accelerate the sale of our remaining holdings and will remove our executives from the board of the joint venture.

The decision to cut ties with Russia is in line with similar moves made by private US companies. It will be the end of a very rocky ride for the company in Russia, since it first launched in the country. Yandex.Taxi, which is partly owned by Russia's largest tech company, was the leader in the food delivery market. In the year of 2017, both companies entered a $3.7 billion dollar deal. Customers in Russia can hail a ride using either of the two apps.

The transport and economy minister ofLithuania asked Apple and Google to remove the app from their app stores because of national security concerns. The head ofLithuania's cybersecurity center warned locals not to use the platform because it requests access to your camera, microphone and local data network. The app complies with EU data regulations.