The completion of the restructuring process for Nasdaq-listed Russian tech company Yandex (NASDAQ:YNDX) is likely to be delayed into the first quarter of next year, according to two sources familiar with the negotiations.

Yandex NV, the Dutch holding company, has been working on the restructuring for several months, aiming to secure access to Western markets for some of its businesses amid sanctions related to the conflict in Ukraine.

The deal, initially expected to be finalized in December, requires approval from shareholders and the Russian government. Yandex plans to sell its main revenue-generating Russian businesses and develop four other business lines internationally. While the company has made significant progress, the completion of the deal may extend into early 2024.