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McDonald's to exit Russia, sell business in country

American fast-food giant McDonald's will exit the Russian market and sell its business in the...

👤 H K Badal16 May 2022 5:34 PM GMT
McDonalds to exit Russia, sell business in country
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American fast-food giant McDonald's will exit the Russian market and sell its business in the increasingly isolated country, the company said on May 16.

Many Western businesses have pulled out of Russia since its invasion of Ukraine in February.

And earlier on Monday, French automaker Renault announced it had handed over its Russian assets to the government in Moscow, marking the first major nationalisation of the economic disentanglement.

McDonald's in March closed all of its 850 restaurants in the country, where it says it employs 62,000 people.

But on Monday (May 16) it went a step further, saying in a statement: "After more than 30 years of operations in the country, McDonald's Corporation announced it will exit the Russian market and has initiated a process to sell its Russian business.