Major hotel chain quitting Russia
The multinational hotel chain Marriott is suspending all operations in Russia due to Ukraine-related sanctions, the company said in a press-release published on its website on Friday.
“We have come to the view that newly announced US, UK, and EU restrictions will make it impossible for Marriott to continue to operate or franchise hotels in the Russian market. We have therefore made the decision to suspend all Marriott International operations in Russia,” the press-release stated.
The company says it expects the process to be complex, as Marriott has been working in Russia for 25 years, and operates 28 hotels in the country.
Marriott says it will continue to support Russia-based associates, “including securing employment with Marriott outside of countries directly affected by the conflict.”
Marriott first announced in mid-March that it would be closing corporate offices in Moscow and would put new openings, future development activity, and investment in Russia on hold.
A similar announcement was made by Hilton, while many other international companies have suspended operations in Russia or quit entirely under sanctions pressure. These include McDonalds, Starbucks, major clothing brands such as Zara and H&M, various banks, and tech and energy companies.
For more stories on economy & finance visit RT's business section
