Russian Google competitor Yandex crashes 59% after Putin launches invasion of Ukraine
- Google competitor
Yandexcrashed as much as 59% on Thursday after Russia invaded Ukraine.
- The decline in Yandex's stock price led to a $7 billion wipeout in market value on Thursday.
- Russia faces a slew of economic sanctions from Western countries that could shock its economy.
The Russian-based Google-search competitor wiped out more than $7 billion in market value on Thursday, with the company now worth just over $5 billion. At its record high in November, Yandex was valued at $31 billion, representing a swift three-month decline of about 82%.
Yandex isn't the only Russian stock in freefall. Russia's MOEX
The decline in Yandex and other Russian stocks comes as Western countries weigh more sanctions against Russia that are designed to cripple its economy and put pressure on Vladimir Putin and his decision to attack Ukraine.
"This morning, I met with my G7 counterparts to discuss President Putin's unjustified attack on Ukraine and we agreed to move forward on devastating packages of sanctions and other economic measures to hold Russia to account," President Joe Biden said.
Yandex is listed on the Nasdaq exchange and went public in 2011, raising just over $1 billion when it priced its IPO at $25 per share. On Thursday, Yandex traded around $16 per share.
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