"As part of McDonald's decision to exit, the Company is pursuing the sale of its entire portfolio of McDonald's restaurants in Russia to a local buyer. The Company intends to initiate the process of “de-Arching” those restaurants, which entails no longer using the McDonald’s name, logo, branding, and menu, though the Company will continue to retain its trademarks in Russia," it added.

Global fast-food giant McDonald’s and French carmaker Renault have become the latest major corporations to announce their exit from Russia, joining dozens of others in an exodus over Moscow’s unprovoked invasion of Ukraine, Radio Liberty reports.

U.S.-based McDonald’s said in a statement from its corporate headquarters in Chicago on May 16 that after more than 30 years of operations in Russia, it will exit the Russian market and has initiated a process to sell its Russian business.

Dozens of major international companies from a broad range of sectors have exited Russia since it launched its invasion of Ukraine on February 24.

“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,” the statement says.

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