sanctions authority delayed for months KFC’s exit from Russia this year after commenting on an “exit tax” for departing foreign firms when the deal was on the cusp of completion, according to the owner of the master franchise in Russia.
New demands from Moscow originally delayed the departure of KFC restaurants and led the U.S. Office of Foreign Assets Control, or OFAC, to get involved, creating further delays, according to Sergei Levin.
Levin heads the legal department at Unirest, which manages the former assets in Russia of Yum! Brands, KFC’s U.S. parent company. Yum! Brands did not immediately respond to an emailed request for comment.
The delay provides another illustration of how corporate exits have become more complicated as Russia has tightened restrictions. Executives say that navigating the rules is becoming harder
Source:USNEWS
