Marriott hotel chain suspends all operations in Russia
Marriott International announced on Friday that it would suspend all operations in Russia in light of restrictions imposed on the Russian economy following the country’s invasion of Ukraine.
Marriott, which has operated in Russia for 25 years, said in a statement that “recently announced” restrictions the United States, European Union and United Kingdom have imposed on the Russian market make continued operations “impossible.” .
Marriott joins a group of hundreds of companies that suspended operations in Russia after the conflict began, including Disney, FedEx and Ikea, according to a list from Yale University’s Chief Executive Leadership Institute.
Marriott’s statement did not specify what restrictions or penalties led to its decision.
The West has imposed a wide range of sanctions on the Russian economy, including those that would limit new financial investment in the country. The United States has sanctioned Russian banks, Kremlin-linked oligarchs, and even Russian President Vladimir Putin himself.
In March, President Biden announced a ban on Russian oil imports into the United States.
And more recently, the White House announced new steps by the US Treasury to sanction more Russian government officials, business leaders, and asset management and luxury services companies “essential to Russian attempts to evade punishment”.
The European Union (EU) has announced that it has officially adopted a set of sanctions that would ban oil imports from Russia. The sanctions package is the sixth imposed by the EU to date and will phase out imports of Russian crude oil over the next six months. The EU will phase out imports of refined oil over eight months.
Marriott announced in March that it would close its Moscow headquarters and suspend new hotel openings in Russia.
“As we take steps to suspend hotel operations in Russia, we remain focused on supporting our Russia-based associates,” Marriott’s statement said.
Marriott said the company has worked to support its associates in Russia, Ukraine and across the region throughout the conflict, moving employees to Marriott locations in other countries. Marriott also provided more than $1 million in food stamps, transportation assistance, and medical and legal assistance to its local employees and their families to help them relocate, the statement said.
The chain said it had also taken steps to support Ukrainian refugees, providing accommodation in 85 of its hotels in neighboring countries and donating $2.7 million to aid organizations in the region. Marriott has hired more than 250 refugees at more than 40 of its hotels so far, according to the statement.
“We continue to join our associates and millions of people around the world in wishing for an end to the current violence and the beginning of a path to peace,” Marriott said.