This means that Burger King can’t pick up his fingers and close the shop.
Scheer said the RBI “demanded” that the joint venture close Burger Kings immediately, but Kolobov “refused to do so.”
Burger King entered Russia about a decade ago, running a joint venture with Kolobov, Investment Capital Ukraine, and VTB Capital, a Russian bank that has come under sanctions.
Scheer explained that a “complex legal process” prevents her from closing the partnership and companies.
“There are no legal provisions that allow us to unilaterally change the contract or allow any of the partners to abandon the entire agreement or cancel the entire agreement,” Scheer said. “No serious investor in any industry in the world would agree to a long-term business relationship with flimsy termination terms.”