Chris Kempinski, the general manager of American fast food chain McDonald’s, announced the withdrawal of the company (which closed its stores in Russia in early March) from the country and the sale of all its activities in response to Russia’s invasion of Ukraine. .

“We are committed to our community in the world and we must maintain our values,” he said in a statement, noting that “respect for our values ​​means we can no longer maintain our brand” in Russia.

McDonald’s has been operating in Russia for over 30 years, owning 850 restaurants and employing 62,000 people.

On March 8, the company announced the temporary closure of all its restaurants and the suspension of all operations in the country, following the example of many multinational companies that have decided to distance themselves from Moscow.

“The humanitarian crisis caused by the war in Ukraine, and the unpredictable economic situation that caused it, led McDonald’s to believe that it was no longer possible and incompatible with our values ​​to continue our activities in Russia,” the American fast food giant said. .

The group believed it would “fix a hopeless burden of between $1.2 billion and $1.4 billion due to its withdrawal from the country”.

Russia, where McDonald’s directly operates 80 percent of the restaurants bearing his name, accounts for 9 percent of the US group’s revenue and 3 percent of its operating income.

The Group is seeking to resell its entire Russian portfolio to a local investor. Until the transaction is completed, the Group undertakes to pay its employees and ensure their continued employment by the future buyer.