Google’s Russian subsidiary submits bankruptcy declaration

Google’s Russian subsidiary submits bankruptcy declaration - Ifax

Stock Markets Jun 17, 2022 07:00PM ET

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Google’s Russian subsidiary submits bankruptcy declaration - Ifax

(Reuters) -The Russian subsidiary of Alphabet’s Google (NASDAQ:GOOGL) has submitted a declaration of bankruptcy, Interfax reported on Friday, citing court filings online.

The subsidiary announced plans to file for bankruptcy in May after authorities seized its bank account, making it impossible to pay staff and vendors.

"The Russian authorities’ seizure of Google Russia’s bank account has made it untenable for our Russia office to function ... Therefore, Google Russia has filed for bankruptcy," a company spokesperson said.

"People in Russia rely on our services... and we’ll continue to keep free services such as Search, YouTube, Gmail, Maps, Android and Play available."

Russia has restricted access to Twitter (NYSE:TWTR) and Meta Platforms Inc's flagship social networks, Facebook (NASDAQ:META) and Instagram.

Google and its YouTube video hosting service, though under pressure, remain available for now. Moscow in particular objects to YouTube's treatment of Russian media, which it has blocked.

But Anton Gorelkin, deputy head of the State Duma committee on information policy, said the U.S. company was not yet at risk of being blocked.

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