Slew of Western companies exiting Russia, including McDonald's
Updated: 2022-05-17 05:01:43 KST
After more than 3 decades in Russia, McDonald's decided to start the process of selling all its restaurants to exit the country.
This follows the fast food giant's announcement in March to temporarily close its 847 restaurants in Russia.
McDonald's will look to sell them to a local buyer while keeping its trademark.
The fast food chain was one of the first Western brands to set up a shop in Moscow, just before the fall of the Soviet Union.
Other Western companies have also agreed to pull out.
French automaker Renault will sell its Russian business to Moscow and its stake of nearly 68 percent in Avtovaz to a state-owned industry research center.