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Marriott hotels pull out of Russia, citing Western sanctions

·1 min read

Marriott hotels will pull out of Russia following the latest wave of Western sanctions against Russian President Vladimir Putin's regime, the company announced Friday.

The hotel chain had already moved to close its corporate office in Moscow and pause expansion in the country. New sanctions have made operation impossible, however, the company says. Marriott has operated in Russia for 25 years.

"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," the statement read. "We have therefore made the decision to suspend all Marriott International operations in Russia."

"The process to suspend operations in a market where Marriott has operated for 25 years is complex," the company added.

RUSSIA MAY HAVE AVOIDED HISTORIC DEBT DEFAULT FOR NOW

Nearly 1,000 companies have cut off or otherwise limited operations in Russia since the country began its invasion of Ukraine in February, according to an analysis from Yale University.

Pressure has mounted on international companies to cut ties with Russia wherever possible, beyond simply complying with sanctions.

The barrage of sanctions has left only Russia's oil and gas industry largely unscathed, although that is coming under threat as well.

Marriott's move came one day after the U.S. Treasury Department announced new sanctions targeting yachts and jets owned by Russian oligarchs, including Putin's personal money manager.

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"Russia’s elites, up to and including President Putin, rely on complex support networks to hide, move, and maintain their wealth and luxury assets," Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian Nelson said in a statement. "Today’s action demonstrates that Treasury can and will go after those responsible for shielding and maintaining these ill-gotten interests."