Moscow doubles subsidies to attract new local food chains to city By Reuters

© . FILE PHOTO: An aerial view shows the skyline of the capital Moscow in Russia, Oct. 29, 2015. REUTERS/Andrey Kuzmin () – Moscow has doubled available state aid to open a fast food chain in the city to 5 million rubles ($63,000) , a city spokeswoman told , hoping it will help close the gap left by foreign fast food chains that have shut down operations. Western companies from McDonald’s (NYSE:) and Starbucks (NASDAQ:) to Deutsche Bank (DE:) and Shell (LON:) have pulled out of Russia, under pressure from customers and their governments to impose an economic price on Moscow for its actions in Ukraine. Russia calls its actions in Ukraine a “special operation” that it says is not intended to occupy territory, but to destroy the military capabilities of its southern neighbor and imprison what it considers dangerous nationalists. Moscow city authorities have also doubled total funds in the support program to 1 billion rubles, they said on social media, and 17 companies, including Russian pancake chain Teremok, have requested 12.7 million funds for projects in the city. Miratorg, Russia’s largest meat producer that also has its own burger joints, has also applied for funding, hoping it would allow 30 or more new sites to open, in addition to the 15 openings originally planned for this year. a spokeswoman told . † ($1 = 79,2000 rubles)

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