Ride-hailing and food-delivery apps Uber and Bolt have announced plans to distance themselves from Russian companies with which they’re associated.
Neither company has a significant presence in Russia anymore, having tried their luck there unsuccessfully in the past. Uber in 2018 merged its operations in Russia and neighboring countries with those of Russian company Yandex. Its ownership stake in the joint venture, however, was diluted throughout the years and was down to 29 percent at the end of 2021. Bolt had also launched in Russian cities like St. Petersburg, but later pulled out.
Uber said in an emailed statement Monday night that it would look “for opportunities to accelerate the sale” of its stake in the joint venture with Yandex — citing “recent events” as the root cause of its decision. Three of the company’s executives would resign from the board of the joint venture, which is established in the Netherlands, in the meantime.
Yandex itself might be an obvious buyer of Uber’s remaining stake. The Russian company in August already bought a 4.5 percent stake in the joint venture that had been owned by Uber. In the same operation, Yandex was granted an option to acquire all of Uber’s remaining shares.
Estonian Bolt focused its response on Belarus. The company today announced in an emailed statement that it would suspend its operations in Belarus, around the time the Ukrainian parliament confirmed earlier reports of Belarusian troops on Ukrainian soil.
“All products produced in Russia or associated with Russian companies” would also be removed from Bolt’s recently launched grocery delivery service, Bolt Market.
Last week, Uber “paused” its operations in Ukrainian cities with confirmed attacks — it has been present in nine Ukrainian locations since 2016. Bolt vowed to keep its services running “to assist with movement in these difficult times.”
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https://ift.tt/KAVxdj5 March 01, 2022 at 05:38PM
Pieter Haeck