LVMH shut down in Russia when the war started. But it kept a storied hotel that serves sanctioned clients [Yahoo! Finance Canada]
LVMH-MOET H/L/V UNSP/ADR (LVMUY)
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Source: Yahoo! Finance Canada
The conglomerate – controlled by French billionaire Bernard Arnault – also sold its Sephora stores at a loss, even though their mass-market products were not subject to sanctions. And LVMH donated 5 million euros to the victims of what it called the “tragic situation” in Ukraine. One of its businesses in Russia, however, has kept operating: The Grand Hotel Europe in St. Petersburg, owned through LVMH's Belmond chain of luxury hotels ?and trains. The storied hotel itself isn't subject to sanctions and is operating legally. However, it has continued to receive payments for providing services to corporate clients that have been sanctioned by Europe and the UK, including major Russian transport, energy and media companies as well as banks and military contractors, Reuters has found. Signs of the ?hotel's ownership have been scrubbed from public view, including images from social media showing an empty space at the entrance where a placard with Belmond's logo was once affixed. The h
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