Mar 9, 2022 - Economy

KFC parent Yum suspends operations and investment in Russia

Rebecca Falconer

A sign walker outside a KFC fast food restaurant in Moscow, Russia, in 2020. — A KFC restaurant in Moscow. Photo: Mikhail Tereshchenko/TASS via Getty Images

Yum Brands, the parent company of KFC and Pizza Hut, said Tuesday it has suspended operations and investment in Russia in response to the invasion of Ukraine.

By the numbers: "In Russia, the business includes approximately 1,000 KFC restaurants and 50 Pizza Hut locations nearly all of which are operated by independent owners under license or franchise agreements," per a Yum statement.

What they're saying: Yum has "suspended all investment and restaurant development in Russia while we continue to assess additional options," the company said.

It will "redirect all profits from operations in Russia to humanitarian efforts," provide additional support for Ukrainian franchise employees via a disaster relief fund and donate "$1 million to the Red Cross to support those affected by the crisis," Yum added.

The big picture: Companies around the world have paused operations in Russia due to the invasion, including Yum's U.S. fast-food rival McDonald's.

Go deeper: Axios explains Ukraine

Add Axios on Google

KFC parent Yum suspends operations and investment in Russia

What to read next