McDonald's to exit Russia after more than 30 years, will sell restaurants

Company was once a symbol of flourishing American capitalism in the dying embers of the Soviet Union.

McDonald's Corp said on Monday it has started a process to sell all its restaurants in Russia, exiting the country after more than 30 years following its invasion of Ukraine.

The world's largest fast food chain had in March decided to close its 847 restaurants in Russia, taking a hit of $50 million per month. It now expects to record a non-cash charge of about $1.2 billion to $1.4 billion following the sale. The decision to sell its Russia assets, including the iconic Pushkin Square location in central Moscow, marks a major retreat by an iconic Western brand.

Once a symbol of