LLC “Google” reported that from March 22, 2022, “it foresees its own bankruptcy and the impossibility of fulfilling monetary obligations” and therefore will file an application with the arbitration court with an application for recognition of itself as insolvent (bankrupt).
Thus, the Russian “daughter” of Google was not able to fulfill financial obligations, including paying salaries to employees and mandatory payments to the budget. The bankruptcy proceedings have already begun.
Recall that earlier Roskomnadzor fined the company in the amount of 7.2 billion Russian rubles (about $104 million). She was supposed to pay this money back in March. However, Google LLC did not do this – and they decided to collect the fine forcibly.
Google LLC is a subsidiary of Google that aggregates advertising payments. At the end of 2021, the company’s revenue amounted to 134.3 billion Russian rubles (about $1.9 billion), and the net loss was 26.4 billion Russian rubles (about $380 million). It was not the only source of Google payments from Russian customers and users. The company also received money through foreign legal entities.
Based on the size of the turnover fine, which was imposed on Google by a Russian court at the end of last year, in 2020 the company’s total revenue in Russia could reach 144 billion Russian rubles (about $ 2 billion), while Google LLC earned 85 billion Russian rubles in that year. rubles (about $1.2 billion).
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