Fast food chain McDonald’s is selling its Russian assets, but plans to continue operating in the country under a new brand, according to Russian business newspaper RBC.
RBK cites a source from the company saying that “All McDonald’s assets are being sold, but all employees are being kept on. There will be a new brand, a new chain of fast-food establishments which will be opened in the same places where McDonald’s used to work. We hope that the first restaurants will be opened in June.”
After an initial exodus from Russia following the invasion of Ukraine, some western companies are now eyeing options for re-entering the Russian market. All are under significant pressure to stay out of Russia, especially from western consumers.
The Russian government has sought to paint sanctions and corporate self-sanctioning as a minor obstacle. Officials have vowed to provide domestic alternatives to all popular western brands leaving the country, and there is a drive to encourage businesses to undertake import substitution and support Russian manufacturers.