McDonald’s to sell its business in Russia after 30 years | McDonald’s

McDonald’s has initiated a process to sell its business in Russia after 30 years of operating its restaurants in the country, after Moscow’s invasion of Ukraine.

In March, McDonald’s closed all its restaurants in Russia including its site in Pushkin Square in the capital, which was the first in the country.

As part of the exit, the company expects to record a non-cash charge of about $1.2bn (£980m) to $1.4bn.

“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,” McDonald’s said.

More to follow …