UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549Ammendment No. 1 toFORM 20-F(Mark One) ☐REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934OR☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2017OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from to OR☐SHELL COMPANY PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Date of event requiring this shell company report Commission file number: 001-35173YANDEX N.V.(Exact name of Registrant as specified in its charter)N/A(Translation of Registrant’s name in English)The Netherlands(Jurisdiction of incorporation or organization)Schiphol Boulevard 165Schiphol P7 1118 BG, The Netherlands(Address of principal executive offices)Arkady Volozh, Chief Executive OfficerSchiphol Boulevard 165Schiphol 1118 BG, The NetherlandsTelephone: +31 20-206-6970Facsimile: +31 20-446-6372Email: askIR@yandex-team.ru(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)Securities registered or to be registered pursuant to Section 12(b) of the Act.Title of each class Name of each exchange on which registeredClass A Ordinary Shares NASDAQ Global Select MarketSecurities registered or to be registered pursuant to Section 12(g) of the Act. NoneSecurities for which there is a reporting obligation pursuant to Section 15(d) of the Act. Class A Ordinary SharesIndicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the Annual Report.(1)Title of each class Number of shares outstandingClass A 285,612,556Class B 40,692,286 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒Note—checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) duringthe preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” inRule 12b-2 of the Exchange Act.Large accelerated filer ☒Accelerated filer Non-accelerated filer Emerging growth company If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accountingstandards† provided pursuant to Section 13(a) of the Exchange Act. ☐ † The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.Indicate by check mark which basis of accounting the registrant has used to prepared the financial statements included in this filing:U.S. GAAP ☒International Financial Reporting Standards ☐as issued by the International AccountingStandards BoardOther ☐If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒(APPLICABLE ONLY TO ISSUERS INVOLVED INBANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☐(1) In addition, we had 3,751,911 Class A shares held in treasury and 4,166,448 Class C shares issued and fully paid as of December 31, 2017. Our Class C shares are issued from time to time solely for technical purposes, to facilitate the conversion of our ClassB shares into Class A shares. They are held by a Conversion Foundation managed by members of our Board of Directors. For the limited period of time during which any Class C shares are outstanding, they will be voted in the same proportion as votes cast by holders of our Class A and Class B shares, so as not to influence the outcome of any vote. EXPLANATORY NOTE The registrant filed with the Securities and Exchange Commission ("SEC") the Annual Report on Form 20-F for the fiscal year ended December 31, 2017 onMarch 27, 2018 (the "Original Report"). This amendment No. 1 (this "Amendment No. 1") to Yandex N.V.s (the “Company”) annual report on Form 20-F issolely for the purposes of amending (i) the membership of the Nominating and Corporate Governance Committee (the “Committee”) in Item 6, which due to atypographical error in the Original Report incorrectly listed Mr. Volozh as a member of the Committee, rather than correctly listing Mr. Voloshin; and (ii) thedescription (but not the amount) of G. Greg Abovsky’s, the Company’s Chief Financial Officer and Chief Operating Officer, beneficial ownership in theCompany in footnote 9 in Item 7. Pursuant to the requirements of Form 20-F, the Company is refiling Items 6 and 7 (with the above corrections) in theirentirety. The Company is also resubmitting certifications of the Company’s Principal Executive Officer pursuant to Section 302 of the Sarbannes-Oxley Actof 2002 on exhibit 12.1, the Principal Financial Officer pursuant to Section 302 of the Sarbannes-Oxley Act of 2002 on exhibit 12.2, and the PrincipalExecutive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbannes-Oxley Act of 2002 on exhibit 13.1. Other than as stated above,this Amendment No. 1 is not intended to update other information disclosed in the Original Report. This Amendment No. 1 on Form 20-F/A does not reflect events occurring after the filing of the Original Report and does not modify or update the disclosuretherein in any way other than as required to reflect the amendments discussed above. Item 6. Directors, Senior Management and Employees.The following table sets forth certain information with respect to each of our executive officers and directors and their respective age and position as of thedate of this Annual Report:Name Age Date of Expiration of Current Term of Office Director or Executive Officer Since TitleArkady Volozh 54 2020 2000 Executive Director and Chief Executive OfficerJohn Boynton 52 2018 2000 Chairman and Non-Executive DirectorEsther Dyson 66 2018 2006 Non-Executive DirectorRogier Rijnja 55 2019 2013 Non-Executive DirectorCharles Ryan 50 2019 2011 Non-Executive DirectorAlexander Voloshin 62 2019 2010 Non-Executive DirectorHerman Gref 54 2020 2014 Non-Executive DirectorG. Gregory Abovsky 41 N/A 2014 Chief Financial Officer, Chief Operating OfficerMr. Volozh is the principal founder of Yandex and has been our Chief Executive Officer and a director since 2000. A serial entrepreneur with a background incomputer science, Mr. Volozh co founded several successful IT enterprises, including InfiNet Wireless, a Russian provider of wireless networking technology,and CompTek International, one of the largest distributors of network and telecom equipment in Russia. In 2000, Mr. Volozh left his position as CEO ofCompTek International to become the CEO of Yandex. Mr. Volozh started working on search in 1989, which led to him establishing Arkadia Company in1990, a company developing search software. His early achievements in this field include the development of electronic search for use in patents, Russianclassical literature and the Bible. Mr. Volozh holds a degree in applied mathematics from the Gubkin Institute of Oil and Gas.Mr. Boynton has been a non executive director since 2000 and has served as Chairman since 2016. Mr. Boynton is the president of Firehouse Capital Inc., aprivately held investment company with investments in a variety of early stage companies. He also serves on the boards of several non profit organizations.Mr. Boynton served as a founder and managing director of Wilson Alan LLC from 2001 through 2006, as vice president of corporate strategy anddevelopment at Forrester Research from 1997 to 2001, as a strategy consultant with Mercer Management Consulting from 1995 to 1997, and as co founderand president of CompTek International from 1990 to 1995. Mr. Boynton graduated from Harvard College.Ms. Dyson has been a non‑executive director since 2006. Ms. Dyson is the executive founder of Way to Wellville, a US non‑profit dedicated to theproduction of health and the demonstration of its financial feasibility through a five‑community project. Ms. Dyson is an active investor and board memberin a variety of IT, health care and aerospace start‑ups, and also sits on the board of Luxoft, another IT company of Russian origin. She started her career as afact‑checker for Forbes Magazine, and then spent five years as a securities analyst on Wall Street. At New Court Securities, Ms. Dyson comprised the sell‑sideresearch department, and worked on the initial public offering of Federal Express, among others. At Oppenheimer & Co., she followed the nascent softwareand personal computer markets. From 1982 to 2004, as the owner of EDventure Holdings, she edited its newsletter Release 1.0 and ran its annual PC Forumconference. She sold EDventure to CNET in 2004, and reclaimed the name when she left CNET at the beginning of 2007. In addition to Yandex and Luxoft,her Russian interests have included advisory board seats with both IBS Group and SUP/LiveJournal, and investments in the technology companies Epam,Ostrovok, Medesk, Fairwaves, TerraLink, UCMS and Zingaya. In the U.S., she sits on the boards of 23andMe, Wellpass and others. She was an early investorin Flickr and del.icio.us (sold to Yahoo!), Medstory and Powerset (sold to Microsoft), Brightmail (sold to Symantec), Postini (sold to Google), Square Tradeand Apiary, among others. She is the author of “Release 2.0: A design for living in the digital age” (1997), which has been translated into 18 languages. Sheearned a B.A. in economics from Harvard University, and speaks Russian.Mr. Rijnja has been a non‑executive director since May 2013. He is an independent consultant, and served as Senior Vice President of Human Resources anda member of the executive committee at D.E Master Blenders, a Dutch public company listed on the Amsterdam Stock Exchange, from 2011 to February2014. Prior to joining D.E Master Blenders, Mr. Rijnja served as head of the human resources departments at several international companies, includingMaxeda (2008 to 2011), Numico N.V. (2004 to 2008) and Amazon.com (2002 to 2004). He was previously the director of global management development at Reckitt Benckiser PLC from 1998 to 2002, and a human resources manager for Nike Europefrom 1996 to 1998. Mr. Rijnja held several positions at Apple between 1989 and 1996 in the Netherlands and the United States. Mr. Rijnja has a degree inlaw studies from Leiden University in the Netherlands.Mr. Ryan has been a non‑executive director since May 2011. A finance professional with 29 years of experience in both the Russian and internationalmarkets, Mr. Ryan co‑founded United Financial Group (UFG) and became its Chairman and CEO in 1994. In 1998, Mr. Ryan initiated the New TechnologyGroup within UFG Asset Management, which sponsored an early stage technology investment in ru‑Net Holdings whose investments include Yandex. In2006, Deutsche Bank acquired 100% of UFG’s investment banking business, and Mr. Ryan was appointed chief country officer and CEO of Deutsche BankGroup in Russia and remained in that position until the end of 2008, when he became chairman of UFG Asset Management. From 2008 through the end of2010, Mr. Ryan was a consultant for Deutsche Bank. Prior to founding UFG, Mr. Ryan worked as a financial analyst with CS First Boston from 1989 to 1991and as an associate and principal banker with the European Bank for Reconstruction and Development in London from 1991 to 1994. Mr. Ryan has a degreein Government from Harvard University.Mr. Voloshin has been a non-executive director of Yandex since August 2010 after serving as an advisor to the company for two years. Mr. Voloshin serves asthe Chairman of the Board of Directors of Joint Stock Company "Freight One". Mr. Voloshin also served as Chairman of the Board of Directors of Uralkalifrom 2010 to 2014, as Chairman of the Board of Directors of the MMC Norilsk Nickel from 2008 to 2010 and as Chairman of the Board of Directors of RAO“UES of Russia” from 1999 to 2008. From 1999 to 2003, Mr. Voloshin held the post of Chief of Staff of the Russian President, moving up from Deputy Chiefof Staff in 1998-1999 and Assistant to the Chief of Staff in 1997-1998. He graduated from the Moscow Institute of Transport Engineers in 1978 and holds adegree in economics from the All Russia Foreign Trade Academy.Mr. Gref has been a non‑executive director since May 2014. Mr. Gref has served since 2007 as the Chief Executive Officer and Chairman of the ExecutiveBoard of Sberbank of Russia, one of the largest commercial banks in Russia. From 2000 to 2007, Mr. Gref served as the Minister for Economic Developmentof the Russian Federation and has previously served in a number of government positions at the federal and regional levels in Russia. Mr. Gref holds a degreein law from Omsk State University, a Ph.D. in law from St Petersburg State University and a Ph.D. in economics from The Russian Presidential Academy ofNational Economy and Public Administration. Mr. Gref holds a Citation and Certificate of Honor from the President of the Russian Federation, the Order forDistinguished Service of Grade IV and the Stolypin Medal.Mr. Abovsky was appointed Chief Operating Officer of Yandex in 2017 in addition to his role of Chief Financial Officer that he has been performing since2014. Mr. Abovsky joined Yandex as Vice President of Investor Relations in January 2013, taking on the additional role of Vice President of CorporateDevelopment in October 2013. Mr. Abovsky began his career in the investment banking division of Morgan Stanley, and has over 16 years of experience in avariety of finance and investment management roles in the media and technology sectors. Mr. Abovsky holds a B.A. in Business Economics and RussianLiterature from Brown University and an M.B.A. with High Distinction from Harvard Business School.To our knowledge, there are no family relationships among any of the members of our board or senior management.Compensation and Share Ownership of Executive Officers and Directors.The aggregate cash compensation paid or accrued in 2017 for members of our management team (a total of 14 persons), as a group, was RUB 378 million($6.6 million).In May 2011, we granted each of our non‑executive directors an option to acquire 28,000 Class A shares at the initial public offering price of $25.00 pershare, effective on the closing of our initial public offering. Such options vested over a four‑year period. In May 2013, we granted to a new non‑executivedirector an option to acquire 28,000 Class A shares at a price of $27.74 per share. In May 2014, we granted a new non‑executive director an option to acquire28,000 Class A shares at a price of $33.09 per share.In May 2015, our Compensation Committee and Board approved grants of further equity awards to the members of our Board. Each member was granted14,000 restricted shares units (below – “RSUs”). In addition, the chairman was granted an additional 14,000 RSUs; each member of the audit committee andcompensation committee (other than the committee chairmen) was granted an additional 2,000 RSUs; and each chairmen of such committees was granted an additional 5,000 RSUs. Such awards vest over four years, with 25% vesting in May 2016 and the remainder vesting quarterly overthe following three years.In May 2016, we made an offer to our non‑executive directors to exchange up to an aggregate of 196,000 of their outstanding options for RSUs based on anexchange ratio of 2:1. As a result of exchange, a total of seven non‑executive directors exchanged an aggregate of 196,000 options for an aggregate of 98,000RSUs. The replacement RSUs are subject to an additional 12 months vesting period beyond the original vesting schedule of the exchanged options. Inaddition, no exercise of the replacement RSUs are permitted for a 12 month period starting from the date of the exchange which occurred in May 2016.In November 2016, our Compensation Committee and Board approved grants of additional 14,000 RSUs to the new chairman of the Board of Directors. Theaward vests over four years, with 25% vesting in June 2017 and the remainder vesting quarterly over the following three years.In November 2016, our Compensation Committee and Board approved grants of 600,000 RSUs to our executive director. The award vests over four years,with 25% vesting in December 2018 and the remainder vesting quarterly over the following three years.In May 2017, our Compensation Committee and Board approved grants of 125,000 RSUs to our non-executive directors. The awards vest over four years,with 25% vesting in April 2018 and the remainder vesting quarterly over the following three years.For information on share ownership and options held by our directors and senior management, please see “Major Shareholders and Related PartyTransactions”.Corporate GovernanceWe have an audit committee, a compensation committee and a nominating and corporate governance committee. We have adopted a charter for each of thesecommittees.Audit CommitteeOur audit committee consists of Messrs. Ryan (chairperson), Boynton and Ms. Dyson. Each member satisfies the “independence” requirements of theNASDAQ listing standards, and Mr. Ryan qualifies as an “audit committee financial expert,” as defined in Item 16A of Form 20‑F and as determined by ourboard of directors. The audit committee oversees our accounting and financial reporting processes and the audits of our consolidated financial statements.The audit committee is responsible for, among other things: · making recommendations to our board of directors regarding the appointment by the shareholders of our independent auditors; · overseeing the work of the independent auditors, including resolving disagreements between management and the independent auditors relating tofinancial reporting; · pre‑approving all audit and non‑audit services permitted to be performed by the independent auditors; · reviewing the independence and quality control procedures of the independent auditors; · discussing material off‑balance sheet transactions, arrangements and obligations with management and the independent auditors; · reviewing and approving all proposed related‑party transactions; · discussing the annual audited consolidated and statutory financial statements with management; · annually reviewing and reassessing the adequacy of our audit committee charter; · meeting separately with the independent auditors to discuss critical accounting policies, observations on internal controls, the auditor’s engagement letterand independence letter and other material written communications between the independent auditors and the management; and · attending to such other matters as are specifically delegated to our audit committee by our board of directors from time to time.Compensation CommitteeOur compensation committee consists of Messrs. Rijnja (chairperson), Boynton and Ms. Dyson. Each member satisfies the “independence” requirements ofthe NASDAQ listing standards. The compensation committee assists the board of directors in reviewing and approving or recommending our compensationstructure, including all forms of compensation relating to our directors and management. Members of our management may not be present at any committeemeeting while the compensation of our chief executive officer is deliberated. Subject to the terms of the remuneration policy approved by our generalmeeting of shareholders from time to time, as required by Dutch law, the compensation committee is responsible for, among other things: · reviewing and making recommendations to the board of directors with respect to compensation of our executive and non‑executive directors; · reviewing and approving the compensation, including equity compensation, change‑of‑control benefits and severance arrangements, of our chief financialofficer and such other members of our management as it deems appropriate; · overseeing the evaluation of our management; · reviewing periodically and making recommendations to our board of directors with respect to any incentive compensation and equity plans, programs orsimilar arrangements; · exercising the rights of our board of directors under any equity plans, except for the right to amend any such plans unless otherwise expressly authorizedto do so; and · attending to such other matters as are specifically delegated to our compensation committee by our board of directors from time to time.Nominating and Corporate Governance CommitteeOur nominating and corporate governance committee consists of Messrs. Boynton (chairperson), Rijnja and Voloshin. Each member satisfies the“independence” requirements of the NASDAQ listing standards. The nominating and corporate governance committee assists the board of directors inselecting individuals qualified to become our directors and in determining the composition of the board of directors and its committees. The nominating andcorporate governance committee is responsible for, among other things: · recommending to the board of directors persons to be nominated for election or re‑election as directors at any meeting of the shareholders; · overseeing the board of directors’ annual review of its own performance and the performance of its committees; and · considering, preparing and recommending to the board of directors a set of corporate governance guidelines applicable to the company.Employment AgreementsSubstantially all of our employees are employed by our operating subsidiaries. Our employment agreements generally contain the minimum statutory noticeperiods required under Russian law. The employment agreements between our subsidiaries and certain senior managers and other employees containnon‑competition and non‑solicitation provisions, although we understand that such provisions are generally unenforceable under Russian law.EmployeesThe following table indicates the composition of our workforce as of December 31 each year indicated: 2015 2016 2017 Russia 4,970 5,877 7,166 Other 493 394 279 Total 5,463 6,271 7,445 2015 2016 2017 Product development 3,286 3,709 4,290 Sales, general and administration 1,759 2,095 2,716 Cost of sales 418 467 439 Total 5,463 6,271 7,445 We also typically employ several hundred contract workers on a part‑time basis which are not reflected in the table above, and the numbers of such contractworkers generally vary in line with the numbers of full‑time staff.Our employees are not represented by any collective bargaining agreements and we have never experienced a work stoppage. We believe our employeerelations are good.Employee PlansWe grant equity awards in the form of share options, share appreciation rights, restricted shares and restricted share units (or so called “deferred shares”) underour Fourth Amended and Restated 2007 Equity Incentive Plan (the “2007 Plan”) and our 2016 Equity Incentive Plan (the “2016 Plan” and together with the2007 Plan, the “Plans”) (“Company Awards”). Our 2016 Plan was approved at our 2016 annual general meeting of shareholders on May 27, 2016 andreplaced our 2007 Plan. However, there remain unexercised grants under our 2007 Plan. The total number of shares available for issuance under the Plans isequal to 15% of the aggregate number of Class A and Class B shares outstanding from time to time.Additionally, the 2016 Plan provides employees at certain of our business units, including Taxi, Classifieds and Market (the “Participating Subsidiaries”),the opportunity to receive equity awards in respect of such Participating Subsidiary (the “Business Unit Equity Awards”). Business Unit Equity Awards andany awards granted to management of the Participating Subsidiaries outside of the 2016 Plan are to not exceed 20% of such Participating Subsidiary’s sharesissued and outstanding from time to time. In the future, additional of our business units may become Participating Subsidiaries.Plan administration. Our board of directors or its compensation committee administers our Plans. Although our Plans sets forth certain terms and conditionsof our equity awards, our board of directors or its compensation committee determines the provisions and terms and conditions of each grant. These include,among other things, the vesting schedule, repurchase provisions, forfeiture provisions, and form of payment upon exercise.Eligibility. We may grant Company Awards to employees and directors of and consultants to our company and its subsidiaries. With respect to Business UnitEquity Awards, we may grant awards in the equity of a Participating Subsidiary to employees, officers, members of the board of directors, advisors and consultants of such Participating Subsidiary.Exercise price and term of equity awards. With respect to the Company Awards, the exercise price of options or measurement price of share appreciationrights awards is the average closing price per Class A share on the NASDAQ Global Select Market on the 20 trading days immediately following the grantdate. With respect to Business Unit Equity Awards, the exercise price of options or measurement price of share appreciation rights shall be determined fromtime to time by the Board (following consultation with an independent valuation expert). Restricted share unit awards have no exercise or measurement price.Equity awards are generally exercisable up until the tenth anniversary of the grant date so long as the grantee’s relationship with us has not terminated.Vesting schedule. The notice of grant specifies the vesting schedule. Awards generally vest over a four‑year period, with 4/16ths vesting on the firstanniversary of grant and an additional 1/16th vesting each quarter thereafter. When a grantee’s employment or service is terminated, the grantee maygenerally exercise his or her options that have vested as of the termination date within ninety days of termination or as determined by our plan administrator.Class A and Class B Shares. Outstanding options granted prior to October 2008 may be exercised, pursuant to their terms and the terms of the 2007 Plan, asfollows: · In the event that an optionee intends to exercise an option and immediately sell the shares acquired, we will issue Class A shares upon such exercise. · In the event that an optionee intends to exercise an option and hold the shares acquired for some period of time, we will issue Class B shares upon suchexercise. Such Class B shares will be subject to the transfer and conversion provisions applicable to all Class B shares.Equity awards granted since October 2008 are in respect of Class A shares only, in accordance with their terms and the terms of the Plans.Amendment and Termination. Our board of directors may at any time amend, suspend or terminate our 2016 Plan. Prior to any such amendment, suspensionor termination, our board of directors must first make a determination that share options already granted will not be adversely affected. Unless terminatedearlier, our 2016 Plan will continue in effect until May 2026.Equity Award Exchanges. In April 2015, we offered certain of our employees the opportunity to exchange outstanding share appreciation rights awards fornew restricted share unit awards. As a result of recent economic and market conditions, the value of our Class A shares has fluctuated significantly in recentperiods and we believed that restricted share unit awards would provide a better incentive for our employees in these conditions. Each eligible employee wastherefore given the opportunity to exchange outstanding share appreciation rights awards for restricted share unit awards on a two‑for‑one basis (two shareappreciation rights for one restricted share unit), subject to longer vesting and exercisability terms. In particular, such replacement awards vest over afive‑year period, compared with the four‑year vesting term of the original share appreciation rights awards. A total of 14 employees, including our ChiefOperating Officer and Chief Financial Officer, participated in the offer, exchanging a total of 1,663,750 share appreciation rights for a total of 831,875restricted share units.In July and September 2015, we completed additional exchanges of outstanding share appreciation rights awards for new restricted share unit awards basedon an exchange ratio of 2:1. In all but one instance, the exchanges were effected for non‑senior employees and the replacement restricted share units aresubject to the same vesting schedule as was in place for the replaced share appreciation rights awards. An exchange was also offered to and accepted by onesenior employee; in this case the replacement restricted share units were granted on the condition that vesting be reset to begin as of January 1, 2016.As a result of the exchanges, a total of 42 employees exchanged an aggregate of 256,850 share appreciation rights for an aggregate of 128,426 restricted shareunits during the third quarter of 2015.In May 2016, we made an offer to our non‑executive directors to exchange up to an aggregate of 196,000 of their outstanding options for RSUs based on anexchange ratio of 2:1. As a result of exchange, a total of seven nonexecutive directors exchanged an aggregate of 196,000 options for an aggregate of 98,000RSUs. The replacement RSUs are subject to an additional 12 months vesting period beyond the original vesting schedule of the exchanged options. In addition, noexercise of the replacement RSUs is permitted for a 12 month period starting the date of exchange. Item 7. Major Shareholders and Related Party Transactions.The following table contains information concerning each of our directors and members of our senior management and each shareholder known by us tobeneficially own more than five percent of each class of our outstanding ordinary shares. Beneficial ownership is determined in accordance with the rules ofthe Securities and Exchange Commission and includes voting or investment power with respect to our shares.The number of shares outstanding used in calculating the percentage for each listed shareholder includes the shares underlying options held by suchshareholder that are exercisable within 60 days of February 15, 2018. The percentage of beneficial ownership is based on 287,942,319 Class A shares and39,254,658 Class B shares outstanding as of February 15, 2018. All holders of our ordinary shares, including those shareholders listed below, have the samevoting rights with respect to such shares. Class A shares have one vote per share, and Class B shares have 10 votes per share. Shares Beneficially Owned as of February 15, 2018 Class A Shares Class B Shares Total Percentage Number of Number of By Voting By Number of Name of Beneficial Owner Shares % Shares % Power(1) Shares Directors and Senior Management: Arkady Volozh(2) 397,088 * 33,459,684 85.24% 49.23% 10.35%John Boynton(3) 102,816 * 0 — * * Esther Dyson(4) 172,936 * 0 — * * Rogier Rijnja(5) 11,664 * 0 — * * Charles Ryan(6) 347,099 * 0 — * * Alexander Voloshin(7) 65,022 * 0 — * * Herman Gref(8) 9,660 * 0 — * * G. Gregory Abovsky(9) 39,459 * 0 — * * All current directors and senior management as a group (8 persons)(10) 1,145,744 0.40% 33,459,684 85.24% 49.34% 10.57%Principal Shareholders: Vladimir Ivanov 9,228,291 3.20% 3,318,884 8.45% 6.23% 3.83%WCM Investment Management (11) 16,745,927 5.82% 0 — 2.46% 5.12% Total shares held by directors, management and 5% holders 27,119,962 9.42% 36,778,568 93.69% 58.03% 19.53%*Represents beneficial ownership of less than one percent of such class. (1) Percentage of total voting power represents voting power with respect to all of our Class A and Class B shares, voting together as a single class. Eachholder of Class B shares is entitled to ten votes per Class B share and each holder of Class A shares is entitled to one vote per Class A share on all matterssubmitted to our shareholders for a vote. The Class A shares and Class B shares vote together as a single class on all matters submitted to a vote of ourshareholders, except as may otherwise be required by Dutch law or our articles of association. Each Class B share is convertible at any time by the holderinto one Class A share and one Class C share. (2) Includes (a) 205,000 Class A shares and (b) options to purchase 187,500 Class A shares and 4,588 vested restricted share units in respect of Class Ashares. Excludes 416,875 options to purchase and restricted share units in respect of Class A shares that are not vested or exercisable within 60 days afterFebruary 15, 2018. (3) Includes (a) 60,000 Class A shares held by trusts, the beneficiaries of which include Mr. Boynton or members of his family, (b) 25,000 Class A shares heldby the John W. Boynton Trust of 2006, and (c) 17,816 vested restricted share units in respect of Class A shares. Other than in respect of the shares held bythe John W. Boynton Trust of 2006, Mr. Boynton disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein.Excludes 59,438 restricted share units in respect of Class A shares that are not vested or exercisable within 60 days after February 15, 2018. (4) Includes 12,936 vested restricted share units in respect of Class A shares. Excludes 25,000 restricted share units in respect of Class A shares that are notvested or exercisable within 60 days after February 15, 2018. (5) Includes 11,664 vested restricted share units in respect of Class A shares. Excludes 25,700 restricted share units in respect of Class A shares that are notvested or exercisable within 60 days after February 15, 2018. (6) Includes (a) 329,892 Class A shares held by trusts, the beneficiaries of which include Mr. Ryan or members of his family and by Mr. Ryan directly and (b)17,207 vested restricted share units in respect of Class A shares. Excludes 25,938 restricted share units in respect of Class A shares that are not vested orexercisable within 60 days after February 15, 2018. (7) Includes (a) 15,022 vested restricted share units in respect of Class A shares, and (b) options to purchase 50,000 Class A shares that are exercisable within60 days after February 15, 2018. Excludes 14,375 restricted share units in respect of Class A shares that are not vested or exercisable within 60 days afterFebruary 15, 2018. (8) Includes 9,660 vested restricted share units in respect of Class A shares. Excludes 17,875 restricted share units in respect of Class A shares that are notvested or exercisable within 60 days after February 15, 2018. (9) Consists of 39,459 vested restricted share units that are exercisable within 60 days after February 15, 2018. Excludes 511,750 restricted share units, aswell as 830,000 options with a strike price of $40.00 to purchase Class A shares, which were granted at a strike price above fair market value on the dateof the grant in connection with Mr. Abovsky’s additional responsibilities as Chief Operating Officer, which are not vested or exercisable within 60 daysafter February 15, 2018. (10) Includes options to purchase 237,500 Class A shares and 128,352 vested restricted share units that are exercisable within 60 days after February 15,2018. Excludes 1,096,951 options to purchase Class A shares and restricted share units that are not vested or exercisable within 60 days after February15, 2018. (11) The number of shares reported is based solely on the Schedule 13G/A filed by WCM Investment Management on February 14, 2018.Holdings by U.S. ShareholdersAs of February 15, 2018, there was one holder of record of Class A shares (Cede & Co., as nominee for DTC) located in the United States, which heldapproximately 99.49% of our outstanding Class A shares by number, which represented approximately 42.10% of our outstanding shares by voting power.Related Party TransactionsShareholders’ AgreementShareholders holding an aggregate of approximately 49 million Class A and Class B shares, representing approximately 56% of the voting power of ouroutstanding shares, are parties to a shareholders agreement, the principal terms of which are as follows: Board composition. The parties have agreed to vote all of our shares held by them in favor of electing or re‑electing those persons nominated by our board ofdirectors for election or re‑election as a director at any general meeting of our shareholders.Compliance with foreign ownership laws. The parties have agreed to comply with any applicable laws from time to time in effect that regulate the owners ofYandex by non‑Russian parties.Amendments to articles of association. The parties have agreed that they will vote against any proposal to amend the articles of association in such a way asto eliminate: · our multiple class share structure, with differential voting rights; · the staggered three‑year terms of our directors; · the provision that our directors may only be removed by a two‑thirds majority of votes cast representing at least 50% of our outstanding share capital; · the authorized preference shares; · requirements that certain matters, including an amendment of our articles of association, may only be brought to our shareholders for a vote upon aproposal by our board of directors; · the supermajority requirements for shareholder approval of certain significant corporate actions, including a legal merger or demerger of our company orthe amendment of our articles of association; · the right of our board of directors to approve the accumulation by a party, group of related parties or parties acting in concert of the legal or beneficialownership of 25% or more, in number or by voting power, of our outstanding Class A and Class B shares (taken together); or · the rights of the holder of the priority share.Term and Amendment. The shareholders agreement will remain in effect so long as any Class B shares remain outstanding. The agreement may be terminatedand amended, and any provision thereof waived, with the prior written consent of parties to the agreement holding shares representing more than 662/3% ofthe voting power of the outstanding share capital held by parties to the agreement. The agreement will terminate with respect to any particular shareholderupon its affirmative election if it no longer holds any Class B Shares, as a result of the transfer of all Class B shares held by it, or the voluntary or mandatoryconversion of all Class B Shares held by it into Class A Shares.Registration Rights AgreementWe are party to a registration rights agreement with our major shareholders that allows them to require us to register Class A shares held by them under theU.S. Securities Act of 1933, as amended (the “Securities Act”), under certain circumstances.Demand registration rights. Shareholders party to the agreement together holding approximately 34 million Class A and Class B shares have the right torequire that we register their securities for sale. Certain other shareholders have the right to join in a demand registration. We have the right not to effect ademand registration (a) if we have already effected one demand registration, (b) if the aggregate price, net of underwriters’ discounts or commissions, of allregistrable securities included in such registration is less than $7,500,000, (c) if the initiating shareholders propose to register securities that may beimmediately registered on Form F‑3, or (d) in a jurisdiction where we would be required to qualify to do business or execute a general consent to service ofprocess in effecting such a registration. We have the right to defer filing of a registration statement for up to 120 days if our board of directors determines in good faith that filing of a registration statement would be detrimental to us, but we cannot exercise such deferral rightmore than once in any 12‑month period.Piggyback registration rights. If we propose to file a registration statement for a public offering of our securities other than relating to an employee shareoption, share purchase or similar plan or pursuant to a merger, exchange offer, or similar transaction, then we must offer holders of registrable securitiesan opportunity to include in this registration all or any part of their registrable securities. We must use our best effort to cause the underwriters in anyunderwritten offering to permit the shareholders who so requested to include their shares on the same terms and conditions as our securities to beregistered.Form F‑3 registration rights. When we are eligible to use Form F‑3, one or more shareholders party to the agreement holding shares with an aggregatemarket value of at least $50,000,000 have the right to request that we file a registration statement on Form F‑3. We are not obligated to file a registrationstatement on Form F‑3 if (a) we have already effected two registrations on Form F‑3 for holders of registrable securities during the 12‑month periodpreceding a registration request, (b) the aggregate price, net of underwriters’ commissions or discounts, of registrable securities included in suchregistration is less than $10 million, or (c) in a jurisdiction where we would be required to qualify to do business or execute a general consent to service ofprocess in effecting such a registration. We have the right to defer filing of a registration statement for up to 120 days if our board of directors determinesin good faith that filing of a registration statement would be detrimental to us, but we cannot exercise such deferral right more than once in any 12‑monthperiod.Expenses of registration. We will pay all expenses relating to any demand, piggyback or F‑3 registration, other than underwriting commissions anddiscounts.Relationship with SberbankSberbank is a major financial institution and the largest savings bank in the Russian Federation. Approximately 51% of its voting shares are held by theCentral Bank of the Russian Federation. Herman Gref, the Chief Executive Officer and Chairman of the Executive Board of Sberbank, is a member of ourBoard of Directors.Priority ShareIn September 2009, we issued our priority share to Sberbank for its nominal value of €1.00. As the holder of our priority share, Sberbank has the right toapprove the accumulation by a party, group of related parties or parties acting in concert, of the legal or beneficial ownership of shares representing 25%or more, in number or by voting power, of our outstanding Class A and Class B shares (taken together), if our board of directors has otherwise approvedsuch accumulation of shares. In addition, any decision by our board of directors to sell, transfer or otherwise dispose of, directly and indirectly, all orsubstantially all of our assets to one or more third parties in any transaction or series of related transactions, including the sale of our principal Russianoperating subsidiary, is subject to the prior approval of the holder of our priority share. The priority share does not carry any rights to control themanagement or operations of our company, and its economic rights are limited to its pro rata entitlement to dividends and other distributions. Our articlesof association provide that the priority share may only be held by a party that is specifically nominated by our board of directors for this purpose. Therights of the priority share would terminate if any law is adopted or amended in Russia that restricts the ownership by non‑Russian parties of internetbusinesses in Russia.Our board of directors and shareholders approved the priority share mechanism with the objective of strengthening control over our company’s ownershipstructure and providing transparency into changes in share ownership. We believe that this structure allows us to avoid the dominance of any single groupof investors. In addition, we believe that this mechanism allows us to attract appropriate levels of both Russian and non‑Russian investment.In nominating Sberbank as the party to which the priority share would be issued, our board of directors considered three principal criteria: the holder hadto be controlled by the Russian government, the holder had to be public, and the holder could not have interests in the internet or media sectors that wouldconflict with the interests of our business. Our board also considered Sberbank to be an appropriate holder of the priority share in light of what our boardbelieves to be its respected and professional management team. Because our board views the holder of the priority share as playing a valuable role incontributing to the stability of our business and the transparency of our shareholder base, and because the priority share carries only an immaterialeconomic interest in our company, we issued the priority share for only nominal consideration. Yandex.Money Joint VentureIn July 2013, we sold a 75 percent (less 1 ruble) interest in our Yandex.Money business to Sberbank for $60 million in cash and entered into a joint venturearrangement with Sberbank in respect of the future operation of this business, which continues under the Yandex.Money brand. Our joint venture agreementwith Sberbank provides for standard minority protections and addresses corporate governance matters such as veto rights, deadlock mechanisms and rightsof first refusal and co‑sale.Following the sale of the controlling interest and deconsolidation of Yandex.Money in July 2013, we retained a noncontrolling interest and significantinfluence over Yandex.Money’s business. We continue to use Yandex.Money for payment processing and sublease to Yandex.Money part of our premises. Theamount of revenues from subleasing and other services was RUB 106 million and RUB 86 million ($1.5 million) for the years ended December 31, 2016 and2017, respectively. The amount of fees for online payment commissions was RUB 173 million and RUB 439 million ($7.6 million) for the years endedDecember 31, 2016 and 2017 respectively. As of December 31, 2016 and 2017, the amount of receivables related to payment processing was RUB 47 millionand RUB 158 million ($2.7 million), respectively. We believe that the terms of the agreements with Yandex.Money are comparable to the terms obtained inarm’s‑length transactions with unrelated similarly situated customers and suppliers.Advisory Fees; Lending ArrangementsIn December 2015, we engaged Sberbank CIB, an affiliate of Sberbank, as our financial advisor in connection with our proposed acquisition of a legalentity that will hold title to the office complex in central Moscow in which our Russian headquarters are located. Pursuant to this engagement, we havepaid Sberbank CIB advisory fees of $0.2 million. On February 19, 2016, we entered into a framework agreement with Krasnaya Roza 1875 Limited, aCypriot company, or KR 1875, for the acquisition of certain buildings in the Krasnaya Roza office complex in central Moscow, in which the Russianheadquarters of the Yandex group are located (the “Framework Agreement”). On September 7, 2016, we opted to terminate the Framework Agreementbecause of changing market conditions. Yandex plans to remain at the Red Rose through the end of the lease term in 2021 but may consider other optionsfor when the lease term expiresInternet-acquiring agreement with SberbankIn October 2017 the Company entered into new internet-acquiring agreement with Sberbank. The amount of fees was RUB 45 ($0.8) for the year endedDecember 31, 2017.Loans granted to related partiesIn 2017, we had loans outstanding in the aggregate principal amount of RUB 173 million ($3.0 million) to the CEOs of our business units, principally inconnection with their purchase of equity interests in those subsidiaries, and to certain senior employees. The interest rate on the loans is up to 8% perannum and they mature in 2019-2022. Item 19. Exhibits.ExhibitNumber Description of Document12.1†Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes‑Oxley Act of 200212.2†Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes‑Oxley Act of 200213.1†Certification by Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002 † Filed herewith SIGNATURESThe registrant hereby certifies that it meets all of the requirements for filing on Form 20‑F and that it has duly caused and authorized the undersigned to signthis Annual Report on its behalf. YANDEX N.V. By:/s/ ARKADY VOLOZH Name:Arkady Volozh Title:Chief Executive Officer Date: May 4, 2018 Exhibit 12.1Certification by the Chief Executive OfficerPursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Arkady Volozh, certify that: 1. I have reviewed this annual report on Form 20-F of Yandex N.V. (the “Company”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in ExchangeAct Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Companyand have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure thatmaterial information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularlyduring the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, toprovide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles; (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness ofthe disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annualreport that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and 5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theCompany’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely toadversely affect the Company’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control overfinancial reporting. Date: May 4, 2018 By:/S/ ARKADY VOLOZH Name:Arkady Volozh Title:Chief Executive Officer Exhibit 12.2 Certification by the Chief Financial OfficerPursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Greg Abovsky, certify that: 1. I have reviewed this annual report on Form 20-F of Yandex N.V. (the “Company”); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make thestatements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; 4. The Company’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in ExchangeAct Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Companyand have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure thatmaterial information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularlyduring the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, toprovide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles; (c) Evaluated the effectiveness of the Company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness ofthe disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and (d) Disclosed in this report any change in the Company’s internal control over financial reporting that occurred during the period covered by the annualreport that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and 5. The Company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to theCompany’s auditors and the audit committee of the Company’s board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely toadversely affect the Company’s ability to record, process, summarize and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company’s internal control overfinancial reporting. Date: May 4, 2018 By:/S/ GREG ABOVSKY Name:Greg Abovsky Title:Chief Operating Officer / Chief Financial Officer Exhibit 13.1 Certification by the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002 In connection with the Annual Report on Form 20-F of Yandex N.V. (the “Company”) for the year ended December 31, 2017, as filed with the U.S. Securitiesand Exchange Commission on the date hereof (the “Report”), the undersigned Arkady Volozh, as Chief Executive Officer of the Company, and GregAbovsky, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002, that to the best of his knowledge: (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. Date: May 4, 2018 By:/s/ Arkady Volozh Name:Arkady Volozh Title:Chief Executive Officer By:/s/ Greg Abovsky Name:Greg Abovsky Title: Chief Operating Officer / Chief Financial Officer
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