French carmaker Renault said Monday that it would sell its majority stake in Russian car company Avtovaz and a factory in Moscow to the state — the first major nationalization of a foreign business since the war began.Maxim Sytch, a professor of management and organizations at the University of Michigan's Ross School of Business, said McDonald's and others also face pressure from customers, employees and investors over their Russian operations.
Now, the company's exit is proving symbolic of a new era, analysts say. Sytch, who lived in Russia when McDonald's entered the market and remembers the excitement surrounding the opening, said the closing signifies a reversal to the Soviet era of isolation.“It’s really painful to see the many years of gains on the democratic front being wiped out with this atrocious war in Ukraine," he said.
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McDonald's to sell its Russian business, try to keep workersMcDonald's said Monday that it has started the process of selling its Russian business, which includes 850 restaurants that employ 62,000 people, making it the latest major Western corporation to exit Russia since it invaded Ukraine in February. The fast food giant pointed to the humanitarian crisis caused by the war, saying holding on to its business in Russia “is no longer tenable, nor is it consistent with McDonald’s values. ”
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