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
-
PUWU hoists red flags nationwide over gov’t plan to privatize ECG and NEDCo
4 hours -
Kwame Yesu’s latest project blends raw emotion with rap precision
5 hours -
Court remands Mobile Money robbery suspect into police custody
6 hours -
BIDEC and Ghana Dance Association engages Ghana Tourism Authority on dance tourism
6 hours -
Ghana pushes forward with National AI policy through multi-stakeholder engagement
6 hours -
Mahama pays tribute to late Pope Francis
7 hours -
W/R police clamp down on crime: Suspects arrested for vehicle theft, gold robbery, galamsey
7 hours -
This Saturday on Newsfile: Chief Justice suspension and galamsey take centre stage
7 hours -
GIMPA GRASAG inaugurates study rooms, business centre to support academic work
7 hours -
Be circumspect with selection of new investors for Damang Mine – ACEP to government
7 hours -
Chieftaincy Institution in Ghana at a Crossroads – A Perspective by Andrews Kofi Anokye (KOANS)
8 hours -
Offinso highway robbery: Police mount hunt for killers of bus conductor
8 hours -
‘We will fish him out’ – DCOP Teye-Cudjoe vows to arrest soldier behind Nyinahin shooting
9 hours -
Traditional leaders laud AngloGold Ashanti’s youth dev’t initiatives in Obuasi
9 hours -
Cyra Pamela Koranteng resigns as Judicial Secretary, deputy elevated
9 hours