Google Goes Bankrupt. Russia to open bankruptcy proceedings against it

🇷🇺❌🇺🇸 The total amount of monetary liabilities of the Russian division of Google Corporation to its creditors at the end of August exceeded 20.1 billion rubles ($211,579,032), according to the materials on the results of the first meeting of creditors.

The creditors decided to apply to the Moscow Arbitration Court to recognize Russia’s Google office as bankrupt and to open bankruptcy proceedings against it.

In May 2022, the Russian subsidiary of the company declared its intention to file for bankruptcy, stating that it could not meet its financial obligations. In November 2022, the Arbitration Court of Appeal initiated the first bankruptcy proceedings, supervision, against Google LLC.

Since then, more than 1,000 Russian companies, including VK, 1C-Bitrix, Diasoft, and others, have filed claims against Google. Most of the claims are related to the failure to provide advertising services, which Google suspended after filing for bankruptcy.

Google's revenues for 2022 fell 82% from the previous year, from 134.3 billion rubles ($1,413,684,776) to 24.2 billion rubles ($254,736,944). The company's net loss for 2022 decreased by 61% year-on-year to 10.2 billion rubles ($107,368,464). The Federal Bailiff Service has already withdrawn all the money from Russian Google's bank accounts as an interim measure for legal proceedings.

TASS