Cushman & Wakefield has reached an agreement to transfer its business in Russia to a local operator.
The global real estate services firm said that the move would allow the new owners to support Russian employees, while maintaining continuity of services to clients. It added that the transaction was not material to the firm’s financial statements or future operations.
Cushman & Wakefield is the latest Western company to distance itself from Russia. Earlier this month CBRE said it was discontinuing most of its business in Russia and the global hotel brands have also stopped development in Russia but hotels with their names on have continued to operate, drawing criticism.