As we’ve been reporting, two major international brands have announced they are pulling out of Russia.
The carmaker Renault is selling its Moscow factory and its stake in the manufacturer of Lada cars, in a deal that amounts to nationalisation of its Russian business.
Meanwhile, fast-food giant McDonalds says it is preparing to sell its Russian restaurants to a local buyer. Both companies are expected to write off investments worth billions of dollars.
Renault had initially resisted calls to leave Russia. But after the company was directly criticised by Ukraine’s President Volodymir Zelensky, along with other French firms, for allegedly “sponsoring the Russian war machine”, it suspended its Russian operations.
Now, it is pulling out altogether, abandoning assets including its Moscow factory and its 68% stake in Avtovaz, the maker of Lada cars.
Meanwhile, McDonalds says it is looking to sell its entire chain of restaurants in Russia – which have been closed since early March.
It says continued ownership of the business is no longer tenable, or consistent with its values. It is removing its branding from its outlets there, a process it describes as “de-arching”.