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Uber is looking for opportunities to accelerate the sale of its stake in a taxi joint-venture with Russian internet search company Yandex. The ride-hailing giant merged its operations in Russia and other neighbouring countries with Yandex in exchange for a 29% stake in a joint-venture that was valued at $3.8 billion at the close in February 2018.
The company will also remove its executives from the board of the joint-venture. According to Bloomberg, in August, Yandex bought out Uber's interest in several joint ventures including Yandex.Eats, Yandex.Lavka and Yandex.Delivery. This restructuring also whittled down Uber's shares in MLU, the companies' mobility-focused venture.
More western companies are going to distance themselves from anything related to Russia. According to FactSet, among the S&P 500 companies, only 1% of revenues stem from Russia and Ukraine. This means the adverse economic effects that will be felt in both Russia and Ukraine won't necessarily translate into losses in S&P 500 businesses.
