Yandex, Russia's biggest tech giant, often referred to as "Russia's Google" wants to cut ties with the country due to concerns about the impact of the Ukrainian war on its businesses, according to a report by The New York Times.

The company's dutch-based parent company Yandex N.V. said on Friday that its board had "commenced a strategic process to review options to restructure the group's ownership and governance in light of the current geopolitical environment."

Yandex N.V. wants out of Russia because of the potential negative impact the Ukrainian invasion could have on its business, a move that could deliver a blow to President Putin as he focuses efforts on homegrown tech and goods.

Russia's invasion of Ukraine has seen thousands of employees leave the country, with the company losing some of the 18,000 people it had in employment due to the development.

The tech giant which was worth more than $31 billion – lost more than $20 billion in value almost immediately after the war began – before Nasdaq suspended trading in its shares. Meanwhile, Yandex's Moscow-listed shares dropped 62% in the past year.

The report however stated that plans by the company to move out of Russia may be challenging, as the company would need the Kremlin's approval to transfer Russian-registered tech licenses outside the country. Also, Yandex's shareholders would have to approve the broader restructuring plan.