Following Moscow’s invasion of Ukraine, McDonald’s Corp (MCD.N) announced on Monday that it has begun the process of selling its business in Russia after 30 years of operations.
McDonald’s shuttered all of its outlets in Russia, including the famous Pushkin Square site, in March.
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The company intends to take a non-cash charge of $1.2 billion to $1.4 billion as part of the pullout.
“McDonald’s has concluded that ongoing ownership of the business in Russia is no longer tenable due to the humanitarian situation precipitated by the war in Ukraine, as well as the extremely uncertain operational climate,” McDonald’s said.
