IHG, also owner of the Crowne Plaza, Regent and Hualuxe hotel chains, had already stopped new investments and development activities in Russia and closed its corporate office in Moscow.

It was also in talks with the owners of its IHG-branded hotels in Russia regarding the "complex, long-term management and franchise contracts under which these hotels operate."

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Shinjini Ganguli)