NextGen Day

After more than 30 years in Russia, American fast-food giant McDonald’s announced on Monday that it has begun selling its business.

The corporation announced its permanent exit after suspending activities in Russia on March 8 owing to the Ukraine conflict.

“McDonald’s has concluded that continued ownership of the business in Russia is neither tenable nor consistent with McDonald’s values,” according to a press release.

The business announced that it will sell its whole McDonald’s restaurant portfolio to a Russian bidder.

McDonald’s has 62,000 employees in Russia, and the business says it wants to make sure they’re “paid until the closure of any deal and that employees have future employment with any potential buyer.”

Since declaring war on Ukraine on February 24, Russia has been hit with a slew of sanctions from key world powers, including the United States, the United Kingdom, and the European Union.

Hundreds of corporations have left Russia as a result of the conflict, with some, including energy giant Shell, carmaker Renault, and private lender Societe Generale, selling their operations there.

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