(Reuters) – McDonald’s Corp (NYSE 🙂 announced Monday that it has begun a process for selling its Russian business after operating restaurants there for 30 years. This was in response to Moscow’s invasion in Ukraine.

McDonald’s Russia closed its Russian restaurants, including the iconic Pushkin Square.

In the context of the exit, it expects to report a non-cash loss of $1.2 billion to $1.4 Billion.

McDonald’s stated that the humanitarian crisis caused in Ukraine by war and the unpredictable operational environment have made it clear that McDonald’s cannot continue to own the Russian business.