Madrid-based restaurant group AmRest said on Tuesday it had agreed to sell its KFC restaurant business in Russia for at least 100 million euros ($104.48 million) to Russian restaurant and entertainment company Almira.

AmRest follows hundreds of Western companies that have withdrawn, sold or shut down their operations in Russia following the invasion of Ukraine last February.

The company said the sale will not require more losses in value than those recorded in the accounting period ending in June.

Before the war in Ukraine, Russia was one of the main markets for the restaurant group.