McDonald's will sell its business in Russia after more than three decades in the country, an exit the US fast food giant said was driven by the war in Ukraine.
The Chicago-based company said it would look to find a buyer in Russia. The outlets will then undergo a "de-arching," meaning the McDonald's name, menu and branding - including the iconic golden arches in the shape of an "m" - can no longer be used.
"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," a company statement said.
McDonald's said making sure its 62,000 employees in Russia continue to be paid until a deal finalized is its priority.
The company will book special costs of $1.2 to $1.4 billion dollars for the exit, including write-downs and foreign currency losses.
The complete withdrawal follows McDonald's announcement on March 8 that it had temporarily closed restaurants and paused operations in Russia.