McDonald's announced Monday that it would exit the Russian market completely after providing services for over 30 years. The American fast-food giant upon its exit would sell its business in the country to a local buyer, AFP reported.
Along with McDonald's and Starbucks, Coca-Cola has also announced that it is exiting the Russian market.
"The humanitarian crisis caused by the war in Ukraine, and the precipitating unpredictable operating environment, have led McDonald's to conclude that continued ownership of the business in Russia is no longer tenable, nor is it consistent with McDonald's values," the company said in a statement.
The fast-food chain added that it was looking to sell "its entire portfolio of McDonald's restaurants in Russia to a local buyer".
The company further said that after the sale, the restaurants would no longer be able to use the McDonald's name, logo, branding or menu.
The burger giant is the oldest US fast-food chain in Russia. It opened its first restaurant in central Moscow in January 1990 after the fall of the Berlin Wall.
Meanwhile, German multinational Siemens announced Thursday that it will exit the Russian market, joining hundreds of companies pulling out of the country due to the Kremlin's war on Ukraine.
"The company has started proceedings to wind down its industrial operations and all industrial business activities," Siemens said in a statement.
Following Russia's invasion of Ukraine, dozens of the world's biggest brands, consisting of autos, aviation, e-commerce, telecom, fashion, retail, entertainment, fast food, and many more, have stopped their operations in Russia since the war began in February this year.
(with agency inputs)