Many Russians were amazed more than three decades ago to see a symbol of American capitalism go up in Moscow. On Monday, executives at McDonald's announced their Golden Arches across Russia are coming down.

The invasion of Ukraine prompted executives of the fast food chain to temporarily shut down their restaurants across Russia. But they say it's impossible to ignore the humanitarian crisis in Ukraine.

The executives plan to sell all of their 850 restaurants to a local buyer. Those outlets will no longer be able to use the McDonald's name, logo, or branding.

The opening of a franchise in Moscow in 1990 signaled a thawing of Cold War tensions. A year later, the Soviet Union collapsed, making way for more businesses from the West.

Now, the company employs 62 thousand people nationwide. Executives said they'll ensure those workers will be paid until they sell their business.

They said they'll have to write off more than 1.2 billion dollars.