Uber and Yandex, the 'Google of Russia', have agreed to combine their Russian ride-sharing businesses. The move further heralds the slowdown of Uber's global expansion, while it bolsters Yandex's position in its field: the company has invested $100 million into the venture compared to Uber's $225 million, but will own 59.3 percent. Yandex.Taxi chief executive Tigran Khudaverdyan will become the CEO of the combined business.

Both companies will work together to provide ride-hailing and food delivery services in Russia, Armenia, Azerbaijan, Belarus, Georgia and Kazakhstan. Customers can complete their transactions using either the Uber or Yandex app, while driver apps are set to be integrated once the merger is complete at the end of the year.