Yandex's Board of Directors approves ₽50 billion buyback

Yandex's Board of Directors has approved a share buyback of up to ₽50 billion. Purpose of the buyback is to implement a long-term employee motivation program. Company will continue to issue additional shares for the motivation program as needed. However, the buyback of shares from the market will reduce the increase in the number of free-float shares and increase earnings per share.