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American fast food giant McDonald’s will exit the Russian market and sell its business there, the company said on Monday.
Many Western businesses have been drawn to Russia since its invasion of Ukraine in February. Earlier Monday, French carmaker Renault announced it had handed over its Russian assets to the government in Moscow, marking the first major nationalization of the economic collapse. McDonald’s closed its 850 restaurants in Russia with about 62,000 employees.
“After more than 30 years, McDonald’s Corporation announced that it would leave the Russian market and has started a process to sell its business. “The humanitarian crisis caused by the war in Ukraine and the unpredictable operating environment have led McDonald’s to conclude that continued business ownership in Russia is no longer sustainable, nor is it in line with McDonald’s values.” said in a company statement.
The company added that after the sale, restaurants will no longer be able to use McDonald’s name, logo, brand or menu.
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