WeWork says it will close its Moscow offices, a week after its CEO said there were no plans to leave the Russian market

WeWork says it is leaving Russia, just a week after its CEO said it had no plans to close its offices in the country.

WeWork has four offices in Moscow that bring in around $10 million in revenue a year, according to the CEO.

In a statement released on Monday, WeWork said it was suspending its expansion plans in Russia and was planning to sell its operations there.

The company condemned the unprovoked and unjust war that is bringing devastation to the people of Ukraine.

Companies have been trying to cut ties with Russia since it invaded Ukraine. Russian offices, stores, and online services have been closed by some. TikTok, which is owned by Beijing company ByteDance, is limiting its operations in Russia.

WeWork didn't plan on leaving the Russian market, but the announcement represents a U-turn.

When asked if WeWork would leave the Russian market, Mathrani said he didn't think so.

We hope for a resolution of the conflict and hopefully we can continue to do business in Moscow. He said that WeWork did well in Russia but that it was a small part of its business. WeWork had more than 750 locations as of late September.

The director of The Foreign Policy Centre told Insider that he expected more brands to leave Russia. It will be difficult for overseas firms to operate in Russia because of the sanctions.

It isn't worth people's time to be involved in the Russian market right now and they will have trouble getting paid for stuff.