In this file photo taken on March 16, 2022, people walk next to a closed McDonald’s restaurant at a shopping mall in Moscow. AFPPIX: American fast-food giant McDonald's will exit the Russian market and sell its business in the increasingly isolated country, the company said Monday.And earlier on Monday, French automaker Renault announced it had handed over its Russian assets to the government in Moscow, marking the first major nationalisation of the economic disentanglement.
“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, nor is it consistent with McDonald’s values.” Russia, where McDonald's directly manages more than 80 percent of the restaurants bearing its name, accounts for 9 percent of the company's revenue and 3 percent of its operating profit.
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