In March, many global brands announced halting operations in Russia, with fast food giant McDonald's opting to temporarily close the nearly 850 locations in the country. Today, McDonald's Corp. announced that it will be leaving Russia altogether, sharing plans to sell all its restaurants there.

The American fast food icon owns approximately 84% of its nearly 850 restaurants in Russia, and will take a related non-cash charge of up to $1.4 billion following its sale. McDonald's is anticipating the sale to a local buyer and plans to retain its trademark, barring the stores to use the brand's name, logo, imagery and menu.

A source close to McDonald's relayed that restaurants are expected to start reopening with new ownership come June 2022.