McDonald's to Exit From Russia After Three Decades
McDonald’s shares slipped $1, or 0.4%, to $244.04 after the company said it would quit Russia and sell its business there, ending more than three decades in the country over its invasion of Ukraine. In deciding to sell up, the fast-food giant joins a raft of Western companies, from auto makers to brewers, in exiting Russia having initially opted to pause its operations in the country. McDonald's had in March said it would temporarily close its 847 restaurants in Russia while continuing to pay the 62,000 people it employs there. Since then, pressure has mounted on Western companies -- particularly from the Ukrainian government -- to pull the plug on their Russian operations. Moscow has also pressured companies, threatening legislation to nationalize assets and compel executives to resist Western sanctions.