High-profile agents cut ties with Russian partners

Some of the world’s largest property consultancies have cut ties with their Russian partners following the unprovoked invasion of Ukraine.

Savills and Knight Frank have both severed ties with Russia – at least temporarily – along with Avison Young, CBRE and Colliers.

Savills does not own nor have a shareholding in a business in Russia. But the company does have a long-standing relationship with a Savills associate – a franchisee. However, that agreement has now been suspended.

A Savills spokesperson told the press: “Savills is appalled by the scenes of humanitarian tragedy which are unfolding across Ukraine, has already made significant donations to humanitarian relief agencies working in the Ukraine and neighbouring countries to help alleviate this suffering and is supporting those of its people who are personally affected.

“Savills has a long standing zero tolerance for dealing with sanctioned parties and does not engage in business with designated sanctioned entities or persons.”

Knight Frank has also to cut links to its Russian partner.

“With immediate effect, and with their agreement, we have suspended the commercial arrangements with our independent licensee in Russia,” said a Knight Frank spokesperson.

 

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One Comment

  1. Whaley

    Just so we’re clear, what was the red line?

    Money laundering with violence, everyone is appalled and ties cut.

    Money laundering without violence, as you were…..

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