McDonald's to exit Russia after more than 30 years in the country
The chain temporarily closed restaurants on 8 March.
McDonald’s has announced that after more than 30 years, it will be selling its business in Russia, citing the Ukraine invasion as the reason.
Revealing the news on Monday, May 16, the fast-food giant said that its “continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald’s values.”
Chris Kempczinski, McDonald’s president and chief executive officer, said via press release:
“We’re exceptionally proud of the 62,000 employees who work in our restaurants, along with the hundreds of Russian suppliers who support our business, and our local franchisees.
"Their dedication and loyalty to McDonald’s make today’s announcement extremely difficult.
“However, we have a commitment to our global community and must remain steadfast in our values. And our commitment to our values means that we can no longer keep the Arches shining there.”
McDonald's generated about 9%, or $2 billion, of its revenue from Russia and Ukraine last year.