Khudaverdyan steps down as Executive Director and Deputy CEO at Yandex

Yandex, the leading search and ride-hailing provider in Russia, today announces that Tigran Khudaverdyan has stepped down with immediate effect from his positions as Executive Director and Deputy Chief Executive Officer of Yandex N.V. and at its Dutch subsidiaries.

Yandex has a strong and deep management team in place and the Board will consider the appropriate management structure going forward. Elena Bunina will continue to serve as General Director of our principal operating subsidiary, Yandex LLC, until April 15.

"We were shocked and surprised to learn that Tigran was designated under EU sanctions, and we are extremely sorry to see him step down from his Executive Director and Deputy CEO roles," said John Boynton, Chairman of the Yandex N.V. Board. "Over the past 15 years Tigran has worked tirelessly to help to transform Yandex into a world-class information technology business while serving the interests of the company's stakeholders."

Tigran Khudaverdyan was sanctioned in the EU as an individual. Neither Yandex N.V. nor any of its subsidiaries have been sanctioned in the US, EU or UK.