McDonald's said Monday that it would sell its business in Russia, a little more than two months after it paused operations in the country due to its invasion of Ukraine.
The humanitarian crisis caused by the war in Ukraine and the unpredictable operating environment have led McDonald's to conclude that the business in Russia is no longer tenable. Russian forces have been accused of war crimes during their assault on Ukraine.
McDonald's has more than 62,000 employees in Russia. It said it was looking for a local buyer.
McDonald's exit from Russia is a bitter end to an era. The company opened its first restaurant in Russia over 30 years ago when the Soviet regime was falling apart and the Iron Curtain was being built.
McDonald kept silent about the attack on Ukraine. McDonald's, Starbucks, and Coca-Cola stopped their business in Russia after public pressure.
McDonald's said on Monday that it would start the process of de-Arching its restaurants in Russia, meaning it would no longer have its name or logo on them. The company said it will retain its trademark in Russia.
The company said it would try to make sure its employees in the country are paid until a deal is done, and that it would try to help them hold on to their jobs under the new owners.
McDonald's restaurants in Ukraine have been closed since late February because of an attack by Moscow. The company said it is still paying full salaries to its employees in that country.
About 2% of McDonald's systemwide sales were accounted for by Russia and Ukraine.
McDonald's said it expects to record a primarily non-cash charge of about $1.2 billion to $1.4 billion related to its decision to leave the Russian market. The company said in March that it would have to shut down for about $50 million a month.
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