Yum! Brands announced Tuesday it plans to exit the Russian market after selling its KFC business in the country.
The US-based global fast-food company said it is in the advanced stages of transferring ownership of KFC restaurants, operating system, and master franchise rights, including the network of franchised restaurants, to a local operator.
"This builds on the company's prior actions to suspend operations of all company-owned restaurants, halt all investment and restaurant development efforts, and redirect any profits from Russia operations to humanitarian efforts. Following completion of the KFC transaction, Yum! Brands intends to fully exit from Russia," it said in a statement.
Yum! Brands said it completed last month the transfer of its ownership of all Pizza Hut franchise assets to a local operator in Russia.
The company, which had around 50 Pizza Hut and 1,000 KFC locations in Russia, suspended all investments and operations in March.
Due to the war in Ukraine, major companies from various sectors around the world have announced the suspension of operations and withdrawal from the Russian market since Feb. 24, and western countries have imposed sanctions on hundreds of Russian companies and individuals.