NASDAQ to delist Russian tech majors Yandex, CIAN, Ozon, Qiwi and HeadHunter

NASDAQ to delist Russian tech majors Yandex, CIAN, Ozon, Qiwi and HeadHunter
Yandex's press service said the company will file an appeal against NASDAQ's decision. / Yandex
By bne IntelliNews March 16, 2023

The NASDAQ Stock Exchange has announced that it will delist Russian internet major Yandex, classifieds portal Cian, top three e-commerce major Ozon Holdings, e-payment operator Qiwi and online recruitment platform HeadHunter (HHR).

The shares will be delisted from March 24 unless the companies appeal against the decision. Trading in all the names has been suspended since February 28, 2022 following Russia's full-scale military invasion of Ukraine, which triggered default clauses on the exchange bonds issued by Yandex and Ozon.

Yandex's press service has already said that the company will file an appeal in the near future, while Ozon also said that the company is "studying the appeal process”, RBC business portal reported.

Moscow Exchange commented that trading in securities of Russian companies will continue as usual. "In accordance with the Central Bank of Russia regulations, issuers of foreign securities listed on the Moscow Exchange will retain their current listing level, provided they continue to disclose information," MOEX commented, as cited by RBC.

As followed by bne IntelliNews, in April the government passed a bill banning Russian corporate issuers from listing shares or depository receipts abroad, while also cancelling any dividends or voting rights on foreign shares. An exemption from the ban could be specifically granted by a government commission.