Russian tech giant Yandex is still planning an initial public offering for its ride-hailing business, and it's not been deterred by Lyft's struggling stock, according to a top exec. Speaking with CNBC on Friday in Moscow, Yandex CFO Greg Abovsky declined to specify a timeline for the IPO of Yandex.Taxi — even whether it would come this year — but said the offering remains part of the company's plans. "As far as timing is concerned, that is something that we haven't nailed down, but we are trying to get ourselves ready, so that we are ready to push the button whenever the timing is right," he told CNBC's Geoff Cutmore. "We are talking to a number of investment banks: getting advice from them, getting insights from them from the Lyft IPO, from the pending Uber IPO, to make a more informed decision."

American ride-hailing service Lyft held its initial public offering last month. Although shares initially sold at a price of $72 on that day, they're now changing hands at about $56. Although Yandex.Taxi and Lyft offer similar services, Abovsky said his company was not overly concerned by the performance of the U.S. outfit. "I think there are definitely lessons to be learned from Lyft, and I think the situation Yandex.Taxi is in is a very different one," he said. "First and foremost, we are the clear leader, we have very strong market position here," he added. "Number two is the business is profitable."

Cars of the Yandex.Drive car sharing service seen by St Isaac's Cathedral in Saint Petersburg, Russia. Peter Kovalev | TASS | Getty Images