Against the backdrop of sanctions due to the situation in Ukraine, Yandex has suspended investments at home and abroad and withdrew its forecast for 2022. Previously, Yandex had forecast revenue of 490-500 billion rubles for 2022.
We have reduced or suspended many of our planned investments in our business both domestically and internationally. Any sustained economic downturn in Russia as a result of sanctions, a depreciation of the ruble or negative consumer sentiment could have a material adverse effect on our financial condition and results of operations. Our previous forecast for 2022 should no longer be relied upon, and we cannot provide any forward-looking commentary at this time.
Yandex said that sanctions against Russia could have a negative impact on the company’s business. Yandex expects to reduce user spending, it is also possible to reduce the number and range of products. In addition, due to the suspension of trading on Nasdaq, holders of $1.25 billion in convertible bonds maturing in 2025 now have the right to demand that the company redeem the bonds at par.
As we have announced, we do not currently have the funds to pay off the bills in full. We are in active discussions with a committee of bondholders to agree to restructure these obligations, although we can give no assurance as to the likely success or timing of these discussions.