Nasdaq plans to delist Russian tech giants

The step comes a year after trading in Yandex’s securities was suspended

Nasdaq plans to delist the securities of Russia’s largest IT company Yandex and e-commerce firm Ozon, the American exchange announced on Wednesday.

The bourse cited “the continued geopolitical circumstances affecting Russia and their potential impact” as the reason for the delistings. Neither company is under Western sanctions.

The exchange notified Yandex N.V. (Nasdaq: YNDX) and Ozon Holdings PLC (Nasdaq: OZON) that their securities would be delisted from the Nasdaq Stock Market LLC on March 24 unless the companies appeal to a Listing Qualifications Hearings Panel.

The Russian companies said the step would not affect their operations and that they intend to appeal.

Nasdaq also notified recruiter Headhunter and payment service provider Qiwi of their anticipated delisting from the exchange.

READ MORE: Co-founder of Russia's largest IT company says goodbye

Nasdaq, the second-largest stock exchange in the world, has suspended trading in the securities of a number of Russian companies since the start of Russia’s military operation in Ukraine last year.

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