Russia initiated aggression against Ukraine in 2014. On February 24, 2022, it started a full-scale military invasion to the Ukrainian territory. This brutal war and military crimes of Russian troops caused a humanitarian crisis in Ukraine with thousands civilians killed and millions becoming refuges. As a reaction to this act of aggression, many international companies decided to leave the Russian market, while some others continue doing business there as usual. We track such decisions of companies and urge them to stop funding the war.
Hold off investments: company postponing future planned investment/development/marketing while continuing substantive business
Pausing InvestmentsReducing Activities: company scaling back some business operations while continuing others
Scaling BackPause operations: company temporarily curtailing operations while keeping return options open
SuspensionClean Break: the company completely halting Russian engagements or exiting Russia
WithdrawalExit Completed: company sold its business/assets or its part of the business to a local partner and leaved the market
Exit CompletedReceived revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Received revenues in Russia in 2021, there is no any official announcement
Iida Group Holdings Co., a major housing company, also intends to continue its operations in Russia, saying, “Our management policy has not changed.”
Century 21 (USA) is a real estate agency franchise company with offices throughout Russia. Century 21 is a subsidiary of Anywhere Realty, Century 21 is probably the most popular Western real estate agency in Russia.
Did not respond to Architect's Journal request about status of Russian projects.
No official statement
Promised to suspend all operations (9 hotels operated in Russia) but still operating in Russia.
Stopped investment, all our Radisson Hotel Group properties in Russia are owned by third parties and we continue to operate in some capacity as we play a key role in supporting employees and local communities,
According to press, the company suspends new investments/development in Russia. The chief executive of Accor, the French owner of the Orient Express and Novotel hotels, has claimed pulling out of Russia is “not an option” unless he is forced to by more stringent sanctions.
Suspended development activities and closed corporate offices in Russia while continuing to operate hotels
Sotheby's International is a subsidiary of Anywhere that still has offices in Russia.
Semrén & Månsson Arkitekter cut all collaboration with the Russian branch early March 2022 (but website https://semren-mansson.ru/ still exist). The board of Semrén & Månsson has since June 2022 decided to divest the Russian branch, aiming to minimize the impact on the employees and ensure an orderly and responsible process in accordance with regulatory and legal obligations. Furthermore, Semrén & Månsson donated 100,000SEK to support the UNHCR’s humanitarian efforts in Ukraine and will, of course, always follow the political directives set by the Swedish government.
Canadian Four Seasons has suspended direct management of hotels in Russia. Since the spring of 2022, Hyatt, InterContinental, Marriott, CPI Hotels, Belmond, Sokos, Four Seasons, BWH and Wyndham have left the Russian market.
Block bookings and block accepting guests in Russia. A Russian court has fined American company Airbnb 6 million rubles ($65,400) for repeatedly failing to localize data in accordance with Russian law.
Suspended future investments, development activity, and new hotel openings. Ceased operations in Russia except some franchise agreements. Since the spring of 2022, Hyatt, InterContinental, Marriott, CPI Hotels, Belmond, Sokos, Four Seasons, BWH and Wyndham have left the Russian market.
Since the spring of 2022, Hyatt, InterContinental, Marriott, CPI Hotels, Belmond, Sokos, Four Seasons, BWH and Wyndham have left the Russian market.
Continue facilities management and other services with contracted multinational clients in Russia. Exiting Moscow office and terminating some affiliate relationships. (Russian operations contribute <1% of CBRE revenue)
Since the spring of 2022, Hyatt, InterContinental, Marriott, CPI Hotels, Belmond, Sokos, Four Seasons, BWH and Wyndham have left the Russian market.
Suspend substantive operations in Russia
Partial exit, 3 out of 4 local entities changed owners. Planned to sale of all Russian assets to local management at nominal price. The largest and other warehouses were formally sold, but to offshore buyers - Arabs, there are doubts that this is a real deal.
Planning to divest Russian operations. Public statement condemning Russian invasion of Ukraine (estimated $10 million revenue for Russian operations in 2022). Continue operating in Russia with 4 locations in Moscow, increased revenue in 2022 vs 2021. The American coworking network WeWork has agreed to sell its business in Russia. Both companies went bankrupt several years ago. The deal with O1 Properties will include four sites in Moscow with a total area of about 18 thousand square meters. m. for 3 thousand jobs. The sale is being considered by a government commission.
Close office in Russia; transfer to local partner
Removed Russian properties from the website
Mirland Development, founded by the Israeli Fishman Group, can transfer part of its last Russian assets with a total value of 5–6 billion rubles. third party company. The Federal Antimonopoly Service (FAS) reported that it had received applications for the acquisition of LLC "Autoprioritet", LLC "Kreativkom" and LLC "Petra-8", without naming the applicant.
GC Rieber Shipping exiting its business in Russia
We are now in the process of ceasing all operations in Russia consistent with evolving UK, US and EU sanction regimes and the ongoing and increasing challenges of operating there.
Operations in Russia closed down.
Logicor, which manages warehouse complexes in Europe, sold the Valecorp complex in St. Petersburg with an area of more than 40,000 square meters. sq. m of the Central Properties company. The complex was the only Logicor object in Russia.
One of the founders of the Russian coworking market, the Belgian Regus is closing its first site in the Russian Federation near the Foreign Ministry building, which it has been developing for over 20 years.
Suspended a franchise agreement in Russia (no ownership or shareholdings in Russia), end partnerships in Russia.
Oriental Regent Ltd, a subsidiary of Hong Kong-listed Summit Ascent Holdings Ltd, is set to sell its gaming and hotel operations in Russia. The wholly-owned subsidiary, G1 Entertainment LLC, is being sold to Russian entity Dalnevostochniy Aktiv LLC for a price consideration of $116 million.
Business as usual. The Chinese Vanke Group, which received the rights to the restoration of the Imperial Educational House and the complex of the former buildings of the Academy of Missile Forces near the Kremlin, began to look for co-investors due to the increase in the project budget. The Chinese Vanke Group has decided to finally get rid of its only project in Russia - the restoration of the former Imperial Orphanage near Zaryadye Park in the center of Moscow. The group agreed to sell the asset, estimated at 30 billion rubles, to the Kyiv Ploshchad Group of Companies, founded by God Nisanov and Zarakh Iliev. Market participants explain the Chinese group's withdrawal from the project by the decline in its attractiveness over two years of geopolitical crisis. In addition, Vanke had difficulties in its home market.
Eastnine to Sell its Stake in Russian Fashion Retailer Melon Fashion Group to Sistema for EUR193 Mln. AFK Sistema refused to buy Melon Fashion Group. Eastnine Signs Nearly RUB17 Billion Deal to Exit Russian Fashion Retailer Melon. Eastnine to sell a 36% stake in Zarina and Love Republic to a Russian company. Swedish Eastnine AB has signed an agreement on the sale of about 36% of the fashion retailer Melon Fashion Group (MFG; manages clothing stores Sela, Zarina, Love Republic) to Russia's GEM Invest LLC. According to a press release on the Eastnine website, the purchase price of the stake is approximately RUB 15.6 billion. The transaction is expected to be completed within two weeks. Swedish Eastnine sold a stake in Russian MFG for 15.6 billion rubles.
There is no statement on the company's website about the termination of cooperation with the Russian Federation. In March 2022, the company announced that it was ready to accept Ukrainian refugees. 09.2023: Vladimir Sergeevich Lisin becomes the new founder of the organization. The entry about the founder of PRIVATE COMPANY LIMITED BY SHARES FLETCHER GROUP HOLDINGS LIMITED was deleted.
Since the spring of 2022, Hyatt, InterContinental, Marriott, CPI Hotels, Belmond, Sokos, Four Seasons, BWH and Wyndham have left the Russian market. "We have come to the conclusion that the recently announced US, UK and EU restrictions will make it impossible for Marriott or hotel franchising to operate in the Russian market. Therefore, we decided to suspend all Marriott International operations in Russia. The process of suspending operations in the market, where Marriott has been operating for 25 years, is complex."
29.06.2022: The full name was changed from "SOKOTEL" LIMITED LIABILITY COMPANY to "VAN HOTELS" LIMITED LIABILITY COMPANY. 11.07.2022: Petra Yukhany Schaaf is no longer the general director of the organization, Kadina Nataliya Aleksandrovna becomes the new general director of the organization
The transaction for the sale of "Jones Lang LaSalle" to the Russian management is closed.
Sistema PJSFC (“Sistema” or the “Corporation”), a diversified publicly traded Russian investment company, announces that Cosmos North-West LLC, a wholly-owned subsidiary of the Corporation’s subsidiary Cosmos Hotel Group, has completed acquisition of a 100% stake in a number of Russian companies – owners of ten hotels in four Russian cities – from Norway’s Wenaas Hotel Russia AS, for EUR 200 million. As a result of the transaction, Cosmos Hotel Group added the following hotels to its portfolio: six hotels in St Petersburg (Park Inn by Radisson Pribaltiyskaya, Park Inn by Radisson Pulkovskaya, Park Inn by Radisson Nevsky, Radisson Blu Royal Hotel, Park Inn by Radisson Pulkovo, Olympia Garden Hotel), two in Moscow (Park Inn by Radisson Sheremetyevo, Radisson Blu Sheremetyevo Airport), one in Murmansk (Park Inn by Radisson Murmansk) and one in Yekaterinburg (Park Inn by Radisson Yekaterinburg). Altogether, the hotels have 4,078 rooms and a total floor space of 264.1 thousand square metres. In 2021, the hotels’ revenue totalled RUB 4.3 billion; in 2019, prior to the pandemic, it was RUB 6.2 billion. The total net debt of the acquired companies is negative.
Real Estate Investor EPH Completes Exit from Russian Portfolio. Deal involved the transfer of €426.1m debt to local management.
Suspending new investments in Russia anf continued holdings and relationships with Russian investors, partners, tenants. For the past few months, Hines has been selling assets and beginning the process of dismantling one of the largest international real estate businesses active in Russia. Global real estate investment giant Hines is exiting its Russian real estate business. Local entity "HINES DEVELOPMENT RUS" LLC was liquidated before the war but still some real estate assets remained.
Selling off all businesses in Russia. S Group sells St. Petersburg hotels to two Russian investors and IT entrepreneurs, Aleksandr Yermakov and Yuri Shumakov.