McDonald's has said it will permanently leave Russia after 30 years and has started to sell its restaurants there.
The fast-food giant said it made the decision because of the "humanitarian crisis" and "unpredictable operating environment" caused by the Ukraine war.
The chain opened in Moscow in 1990 as the Soviet Union was opening its economy to Western brands and its exit carries similar symbolic weight.
In March McDonald's temporarily closed its 850 restaurants in the country.
The company said it was now pursuing the sale of all its restaurants in Russia to a local buyer and intended to start the process of "de-arching" the sites so they no longer use the McDonald's name, branding and menu.
However, it said it would continue to keep its trademarks in Russia.
McDonald's said owning a business in Russia was "no longer tenable" or consistent with its values.
The chain said its priorities included seeking to ensure its 62,000 employees in Russia continued to be paid until any sale was completed and that they had "future employment with any potential buyer" .
McDonald's president and chief executive, Chris Kempczinski, said the announcement was "extremely difficult" but it wanted to stick to its values.
"Our commitment to our values means that we can no longer keep the Arches shining there."
The move comes after Renault announced it was selling its business in the country. The French firm said its 68% stake in carmaker Avtovaz would be sold to a Russian science institute, while its shares in Renault Russia will go to the city of Moscow.
Moscow said Renault's Russian assets had now become state property - marking the first nationalisation of a major foreign business since the invasion of Ukraine.
McDonald's initially faced criticism for being slow to halt its business in Russia, with some calling for a boycott of the company before it suspended business in March.
Hundreds of international brands including Starbucks, Coca-Cola, Levi's and Apple have left Russia or suspended sales there since the country invaded Ukraine in February.
Other firms, including Burger King and Marks and Spencer, say they are unable to close stores due to complex franchise deals.
Latest Stories
-
Netflix debuts Grain Media’s explosive film
1 min -
‘Expired’ rice scandal: FDA is complicit; top officials must be fired – Ablakwa
36 mins -
#TheManifestoDebate: We’ll provide potable water, expand water distribution network – NDC
54 mins -
IPR Ghana@50: Pupils educated to keep the environment clean
60 mins -
PenTrust CEO named ‘Best Pensions CEO’, company wins ‘Scheme Administrator Award’ at Ghana Accountancy & Finance Awards 2024
1 hour -
Alan Kyerematen’s ‘Brighter Future for Health Professionals’ in Ghana Revealed in Bono
1 hour -
#TheManifestoDebate: NPP will ensure a safer, cleaner and greener environment – Dr Kokofu
2 hours -
2024 Election: Police to deal with individuals who will cause trouble – IGP
2 hours -
Seychelles President’s visit rekindles historical and diplomatic ties with Ghana
2 hours -
Election 2024: EC destroys defective ballot papers for Ahafo and Volta regions
2 hours -
2024 Election: I am sad EC disqualified me, but I endorse CPP’s candidate – PNP’s Nabla
2 hours -
I want to build a modern, inclusive country anchored by systems and data – Bawumia to CSOs
2 hours -
Miss Health Ghana 2024: Kujori Esther Cachana crowned new Health Ambassador
2 hours -
Playback: The manifesto debate on WASH and climate change
3 hours -
Alan Kyerematen saddened by NDC and NPP’s neglect of Krofrom Market in the Ashanti Region
3 hours