By Dean Seal

 

McDonald's Corp. is exiting the Russian market completely and plans to sell its entire portfolio of restaurants in the country.

The fast food giant had previously paused its operations in Russia in light of the war in Ukraine, and said Monday that continued ownership of its business in Russia is no longer tenable nor "consistent with McDonald's values."

"We have a commitment to our global community and must remain steadfast in our values," Chief Executive Chris Kempczinski said in a statement. "And our commitment to our values means that we can no longer keep the Arches shining there."

The company expects to write off its net investment in the market to the tune of a charge of between $1.2 billion and $1.4 billion and recognize a significant foreign currency translation loss.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

May 16, 2022 06:40 ET (10:40 GMT)

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