Mcdonald’s withdraws from Russia

In another setback for Russian President Vladimir Putin, Mcdonald’s Corp (MCD.N), the world’s largest fast food chain, said on Monday it had decided to completely withdraw from the Russian market, and has started selling its assets across the country.

After more than 30 years of operation in the country, Mcdonald’s Corporation announced its withdrawal from the Russian market and initiated the process of selling its Russian business,” the statement said.

Mcdonald’s has operated in Russia for more than 30 years and has outlets in 850 towns and cities. It employs around 62,000 people in Russia and works with hundreds of local suppliers.