
Audio By Carbonatix
McDonald's has said it will permanently leave Russia after 30 years and has started to sell its restaurants there.
The fast-food giant said it made the decision because of the "humanitarian crisis" and "unpredictable operating environment" caused by the Ukraine war.
The chain opened in Moscow in 1990 as the Soviet Union was opening its economy to Western brands and its exit carries similar symbolic weight.
In March McDonald's temporarily closed its 850 restaurants in the country.
The company said it was now pursuing the sale of all its restaurants in Russia to a local buyer and intended to start the process of "de-arching" the sites so they no longer use the McDonald's name, branding and menu.
However, it said it would continue to keep its trademarks in Russia.
McDonald's said owning a business in Russia was "no longer tenable" or consistent with its values.
The chain said its priorities included seeking to ensure its 62,000 employees in Russia continued to be paid until any sale was completed and that they had "future employment with any potential buyer" .
McDonald's president and chief executive, Chris Kempczinski, said the announcement was "extremely difficult" but it wanted to stick to its values.
"Our commitment to our values means that we can no longer keep the Arches shining there."
The move comes after Renault announced it was selling its business in the country. The French firm said its 68% stake in carmaker Avtovaz would be sold to a Russian science institute, while its shares in Renault Russia will go to the city of Moscow.
Moscow said Renault's Russian assets had now become state property - marking the first nationalisation of a major foreign business since the invasion of Ukraine.
McDonald's initially faced criticism for being slow to halt its business in Russia, with some calling for a boycott of the company before it suspended business in March.
Hundreds of international brands including Starbucks, Coca-Cola, Levi's and Apple have left Russia or suspended sales there since the country invaded Ukraine in February.
Other firms, including Burger King and Marks and Spencer, say they are unable to close stores due to complex franchise deals.
Latest Stories
-
NPP revises internal election guidelines to strengthen transparency and inclusiveness
29 minutes -
NACOC set to issue licences to qualified applicants for cannabis cultivation – Deputy Director-General
37 minutes -
Easter Outreach: Victory Bible Church offers free healthcare, NHIS support to hundreds
40 minutes -
NPP cannot pressure Mahama to sign a bill not yet received—Solomon Owusu
49 minutes -
MPs, institutions deepen support for Ghana Sports Fund with fresh contributions
56 minutes -
Four people die trying to board boat in Channel crossing attempt
1 hour -
Abirem MP announces GH₵500,000 education fund to support needy students
1 hour -
African stakeholders call for stronger ‘One Health’ action on climate and health crises
1 hour -
DVLA to commission 5 new service centres in Greater Accra
1 hour -
Agenda 111 and the right to health: A broken social contract
1 hour -
Bawa-Rock Ltd funds GH¢400,000 free surgeries for 102 vulnerable patients
1 hour -
Lambussie MP awards over GH¢200,000 in scholarships to students
1 hour -
Vice President expresses gratitude after double enstoolment in Volta Region
1 hour -
Beyond the Noise: Rebuilding trust in journalism in a digital age
1 hour -
I have to follow the law – CAF president tells Senegal regarding AFCON saga
1 hour