Yandex (Form 20-F for FY 2022)

Date issued: Apr. 20 2024

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TURBOFAC Commentary (374 words)

Notes:

Yandex is an "FAQ # 1055" entity subject to the Russia-related new investment prohibition (see LICENSE No. RUSSIA-EO14024-2022-983909-4). Russia-related GL 45, while valid, authorized "all transactions prohibited by [the Russia-related new investment prohibition of EO 14071] that are ordinarily incident and necessary to the wind down of financial contracts or other agreements that were entered into on or before June 6, 2022 and involve, or are linked to, debt or equity issued by an entity in the Russian Federation".

Here, Yandex reports having (in 2020) "issued and sold $1.25 billion in aggregate principal amount of 0.75% convertible senior notes due 2025," where the notes were "convertible into cash, [Yandex] Class A shares or a combination of cash and [Yandex] Class A shares, at [Yandex’s'] election". Yandex reports having entered into a "repurchase purchase...