The completion of Yandex’s restructuring, a Russian tech company often dubbed “Russia’s Google,” faces a delay until early 2024, according to sources familiar with the negotiations. Yandex and the Kremlin have spent over a year in talks to separate Yandex’s Russian operations from its Dutch parent company, Yandex NV.

The Dutch holding company aims to navigate the restructuring to maintain access to Western markets amid sanctions related to the Ukraine conflict. Initially expected in December, the deal’s completion is now targeted for the first quarter of 2024.

Yandex plans to recover shareholder funds by selling its main Russian businesses, including search and ride-hailing, and expanding internationally with four other business lines.

While progress has been made, uncertainties persist about completing the process this month. The restructuring hinges on approvals from shareholders and the Russian government. Yandex, choosing not to comment on the ongoing process, faces challenges in navigating geopolitical and corporate landscapes. Additionally, Russia’s central bank has registered the issuance of shares for a new entity, MKAO Yandex, essential to the restructuring in Kaliningrad.

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