A woman walks near closed KFC and McDonald’s restaurants that have ceased operations in Russia due to the military invasion of Ukraine April 16, 2022 in Moscow, Russia.
Konstantin Zavrazhin | Getty Images
Yum Brands is on the verge of selling its Russian KFC business as part of its ongoing effort to exit the country’s market, the company announced on Tuesday.
Yum plans to leave Russia entirely once the KFC transaction closes and has said it will divert all profits from its Russian operations to humanitarian efforts.
Yum sold its Russian Pizza Hut franchises, currently being rebranded, in May.
This latest transaction is another step in Yum’s process to halt investment, restaurant development and operations in Russia, the company said.
The restaurant company, which also owns Taco Bell, first announced in March it would suspend operations of KFC and Pizza Hut in Russia when it activated a disaster relief fund and made donations to the Red Cross, UNICEF, the World Food Program and International Rescue Committee.
Yum is the latest Western restaurateur to shut down its Russian operations after Kremlin forces invaded Ukraine without provocation in March. McDonald’s sold its Russian locations to an existing licensee in May.
Of the more than 54,000 chains owned by Yum Brands worldwide, the company had about 50 Pizza Hut stores and 1,000 KFC stores in Russia, most of which operated under franchise agreements.