Shares of Russian search site Yandex (YNDX) - Get Yandex NV Class A Report were lower by 1% to $28.64 on Tuesday morning, after Ukraine imposed sanctions on some of Russia's largest Internet groups. Yandex said that it does not see the sanctions as having a material negative impact on its consolidated results.

Ukraine is a small part of Yandex's business, the company told Reuters, noting that it regretted Ukraine's decision to deny the 11 million users in the country access to the website.

Ukraine says the sanctions are a way to protect against cyber attacks.

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