NEW YORK: American fast-food giant McDonald's will exit the Russian market and sell its business in the increasingly isolated country, the company said on Monday .And earlier on Monday, French automaker Renault announced it had handed over its Russian assets to the government in Moscow, marking the first major nationalisation of the economic disentanglement.
"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." Russia, where McDonald's directly manages more than 80 per cent of the restaurants bearing its name, accounts for 9 per cent of the company's revenue and 3 per cent of its operating profit.