Yandex Loses Tens of Millions of Dollars through Foreign Exchange
Since the Russian ruble is the functional currency of Yandex’s (YNDX) domestic operations, its foreign earnings and liabilities denominated in other currencies are affected by fluctuations in the ruble’s value. Outside Russia, Yandex operates in countries such as Armenia, Kazakhstan, Belarus, Azerbaijan, and Georgia. Unfavorable currency movements can cause Yandex to lose tens of millions of dollars in a quarter.