Airbnb joins Western corporate shutdowns in Russia

Home rental company Airbnb Inc on Thursday became the latest big global firm to shutdown operations in Russia as Western sanctions build against Moscow for invading Ukraine.

Chief Executive Officer Brian Chesky tweeted the shutdown, which also includes Russian ally Belarus. It aligns his company with other major Western names including General Motors Co (GM.N), Boeing Co (BA.N) and Alphabet Inc’s (GOOGL.O) Google.

“People are booking Airbnbs in Ukraine they don’t intend to stay in just to help Hosts,” Chesky added, noting a way some outsiders have found to send financial support to Ukrainians.

Airbnb, which is recovering from a pandemic-induced lull, has forecast bumper first-quarter results on strong demand in the United States and longer stays by guests.

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It did not immediately respond to a request for additional details on the shutdown in Russia and Belarus. Europe, the Middle East and Africa is Airbnb’s second-biggest market after North America.

Shares of the short-term home rental company were down 1.4% before the bell.

Airbnb said on Monday its non-profit arm would offer free, temporary housing for up to 100,000 refugees fleeing Ukraine.