In Russia, Airbnb and Booking Holdings have ceased operations

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Airbnb Inc., a home rental company, and Booking Holdings Inc., an online travel agency, have become the latest prominent global corporations to halt operations in Russia as Western sanctions mount against Moscow for invading Ukraine.

The suspension, which includes Russian ally Belarus, was announced by Airbnb Chief Executive Officer Brian Chesky on Thursday. It links his company with other large Western names such as GM, Boeing (BA.N), and Google (Alphabet Inc.).

. “People are booking Airbnbs in Ukraine that they don’t intend to stay in just to help Hosts,” Chesky explained, pointing to a method that some outsiders have discovered for sending cash aid to Ukrainians.

Airbnb, which is recovering from a pandemic-induced slump, expects high demand in the United States and lengthier stays from guests in the first quarter.

A request for more information about the suspensions in Russia and Belarus was not immediately returned by the firm. After North America, Europe, the Middle East, and Africa (EMEA) is Airbnb’s second-largest market.

“As the urgency of this horrific war in Ukraine grows with each passing day, so do the complexities of conducting business in the region,” Booking CEO Glenn Fogel wrote on LinkedIn on Friday.

According to him, Booking has also halted travel services in Belarus.

In afternoon trade, both businesses’ stock prices were down more than 6%.

Airbnb’s non-profit arm announced on Monday that it would provide free, temporary shelter to up to 100,000 refugees leaving Ukraine.

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