McDonald's announces its total withdrawal from Russia, after more than 30 years

The McDonald's company announced Monday that it has begun the process of selling its business in Russia, which includes 850 restaurants employing 62,000 people, making it the last major Western company to leave Russia since it invaded Ukraine in February.

The fast-food giant pointed to the humanitarian crisis caused by the war and said that keeping its business in Russia

The Chicago-based company announced in early March that it was temporarily closing its stores in Russia but would continue to pay employees.

On Monday he said he would try to get a Russian buyer to hire those workers and pay them until the sale closed.

He did not identify the potential buyer.

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Chief Executive Officer Chris Kempczinski said the "dedication and loyalty to McDonald's" of employees and the hundreds of Russian suppliers made the decision to leave difficult.

"However, we have a commitment to our global community and we must remain steadfast in our values," Kempczinski added in a statement, "and our commitment to our values ​​means we can no longer keep the arches shining there."

As it tries to sell its restaurants, McDonald's said it plans to start removing the golden arches and other symbols and signs bearing the company's name, saying it will keep its trademarks in Russia.

Russia's first McDonald's opened in central Moscow more than three decades ago, shortly after the fall of the Berlin Wall.

It was a powerful symbol of the easing of Cold War tensions between the United States and the Soviet Union.

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McDonald's was the first American fast-food restaurant to open in the Soviet Union, which collapsed in 1991. The company's decision to leave the country comes at the same time as other American food and beverage giants such as Coca-Cola. Cola, Pepsi and Starbucks have all halted or closed their operations in Russia due to Western sanctions.

McDonald's said it expects to lose between $1.2 billion and $1.4 billion by leaving Russia.

Its restaurants in Ukraine are closed, but the company said it continues to pay the full salaries of its employees there.

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The fast-food giant has more than 39,000 locations in more than 100 countries.

Most are owned by franchises, and only 5% are owned by the company.

The company assured that the exit from Russia will not change its forecast to add 1,300 net restaurants this year, which will contribute 1.5% to the growth of sales of the entire company.

Last month, McDonald's reported that it had earned $1.1 billion in the first quarter, up from more than $1.5 billion a year earlier.

Revenue was nearly $5.7 billion.