Starbucks pulls out of Russia while McDonald’s removes golden arches as exits begin to accelerate | Business Newsletter

Starbucks has confirmed that it has decided to leave Russia, 12 weeks after the coffee chain revealed it was closing all of its stores in the country in response to the backlash over the war in Russia. Ukraine.

The company said on Monday that it will cease operations in the country – ending 15 years of business Russia.

It marks a different approach from other Western brands heading for the door as a series of sanctions descend on Moscow from national governments and the European Union.

McDonald’s revealed last week that it will sell off 847 restaurants because investing in the country is “insolvent” as well as “suitable” for its values.

It was then revealed that a buyer has been found. The internationally renowned golden dome brand was taken down at a closed restaurant in Khimki, a suburb of Moscow, on Monday.

Carmaker Renault said that while selling off most of its stake in Russia’s largest carmaker, it retains the option to buy back shares in the future.

Shell and BP are among a number of British listed companies withdrawing from the Russian market.

Starbucks has 130 stores in Russia operated by a licensee.

The operation employs 2,000 employees.

Starbucks says it will continue to support its employees there, including paying them for six months.

It has not released any information about the financial impact of its decision.