Yandex published a message to shareholders about the consequences of the restrictions imposed after the entry of Russian troops into Ukraine. The company said that if the holders of some of their bonds on March 4 exercise the right to claim, then Yandex will not be able to fulfill its obligations on debts. We are talking about bonds at 0.25% with maturity in 2025 in the amount of $1.25 billion. A Yandex representative clarified to Kommersant that the company warned about “theoretically possible risks, as it is obliged to do” in its message.

Trading in securities of Yandex, as well as a number of other Russian companies, on NASDAQ and the New York Stock Exchange was suspended on February 28. Yandex clarifies that if trading in class A shares on NASDAQ is suspended for more than five trading days, shareholders have the right to demand that the bonds be cashed out.

"The Yandex Group as a whole does not have the resources necessary to fully redeem the notes," the company said in a press release. If Yandex shareholders exercise their right to buy a significant amount of shares, then without additional financing this will have a "significant negative effect on our short-term financial condition and may affect our ability to meet other obligations."

The group also warned that it would not be able to redeem most of the bonds if restrictions were placed on the transfer of funds from Yandex's Russian divisions to its parent company, Yandex N.V., registered in the Netherlands. "Yandex" on the eve paid coupon income on the mentioned bonds, Bloomberg reported with reference to investors. The amount of payments amounted to $4.7 million. This is the first coupon payment by a Russian company since the introduction of restrictions due to the military operation in Ukraine.