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A company co-owned by Conservative co-chairman Ben Elliot has closed its Russia office and Russian language website, amid the conflict in Ukraine.
It comes after Labour accused Mr Elliot of being "at the heart" of "growing concern" about links between the Conservatives and Russian money.
Mr Elliot's Quintessentially company provides luxury services to clients, including Russians based in London.
A company spokesman told the BBC it is now "in effect out of Russia".
The BBC was also told that Quintessentially had revoked the licence of its franchise in Crimea in response to the invasion of Ukraine.
The company has insisted its operations in other countries will abide by sanctions, with membership being revoked for anyone who is sanctioned.
However, it is understood that no members have been sanctioned so far.
In addition to heading Quintessentially, Mr Elliot also acts as a fundraiser for the Conservative Party.
Labour claims the Conservatives have raised almost £2m from people with links to Russia since Boris Johnson appointed Mr Elliot as co-chairman in July 2019.
And the Labour leader has urged the Conservatives to sack Mr Elliot with Sir Keir Starmer telling reporters: "There's growing concern about the links between the Conservative Party and Russian money - Ben Elliot is at the heart of that."
The Conservatives say all donors are properly registered.