McDonald's selling all business in Russia and exiting market

McDonald's selling all business in Russia 

McDonald's has said it'll exit the Russian market and has started a process to sell its business in the country after 30 years of operating its restaurants there, Qazet.az reports.

In March, the fast-food chain said it was temporarily closing around 850 restaurants in Russia in response to the country's invasion of Ukraine.

"The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald's to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald's values," the company said in a statement.

As part of McDonald's decision to leave, the company is "pursuing the sale of its entire portfolio of McDonald's restaurants" in Russia to a local buyer, it said.

McDonald's restaurants in Ukraine remain closed while the company continues to pay full salaries for its employees in the country.