As McDonald’s remains largely silent on its continued operations in Russia, pressure for the Chicago-based company to pause business there—or take some other action—continues to mount.

Institutional investors are concerned about the fast-food giant’s exposure in Russia. New York state’s pension fund chief wrote letters to several companies late last week, including McDonald’s, saying as much. On Twitter, calls to boycott the company are becoming louder.

“Hey! @McDonalds When will your restaurants in Russia be closed?” user @OlgaMigelWriter tweeted Sunday. “Stop cooperating with terrorists, otherwise your hamburgers will taste like blood!”

Ukraine's foreign minister, Dmytro Kuleba, also called out McDonald's as well as Atlanta-based Coca-Cola Co. during a March 6 appearance on CNN: "We were upset to hear companies like Coca-Cola and McDonald's remain in Russia and continue providing their products,” Kuleba said. It is "simply against basic principles of morale to continue working in Russia and making money there," he said. "This money is soaked with Ukrainian blood."

Read more: How the marketing industry is responding to Ukraine war

McDonald’s has not discussed plans for its stores in Russia or Ukraine, and has not responded to requests from Crain's for comment. There are 847 McDonald’s stores in Russia, 84% of which are company-operated, and all 108 in Ukraine are company-operated. Business in both countries amounted to about 2% of system-wide sales last year, generating 9% of total corporate revenue. 

Losing 9% of revenue would be a serious blow to the business. Though few expect McDonald’s will go so far as to shutter all its stores in Russia, doing nothing is risky, too. Investors might start to question management’s judgment by staying open in such a volatile environment. And the longer the company stays silent, the further it alienates Western consumers.

A bevy of Chicago companies do business in Russia and Ukraine, from big equipment makers to pharmaceutical giants. Some have altered operations in the region, and others offered aid to Ukraine even while keeping Russian facilities open. 

Oreo maker Mondelez International shut down its Ukraine facilities late last month, for example. Food delivery company Grubhub stopped working with a Russian company that makes food delivery robots it was using on two U.S. college campuses. Kraft Heinz, which has operations in Russia, announced last week that it would donate $1 million to the Red Cross to aid Ukrainians.

Some experts say that it is unlikely McDonald’s will halt Russian operations all together, but could see it donating food or aid to Ukraine. 

Morningstar analyst Sean Dunlop said it’s not implausible that McDonald’s and other companies could shutter Russian operations or "deconsolidate" Russia, removing the stores there from its overall unit count, systemwide sales, operating cash flow and other financials. Remitting royalties could become complicated as the global financial system continues to scorn Russia. 

“For now, so much hinges on what happens with the war, NATO sanctions, military intervention and whether financial markets and Russian assets are completely frozen–and for how long,” Dunlop said.

It’s a tough situation for McDonald’s, said Ron Culp, a former corporate public relations executive who teaches at DePaul University. Exiting Russia could inflict further suffering on the average Russian citizen, many of whom are opposed to President Vladimir Putin’s invasion of Ukraine. Many of the sanctions imposed on Russia are meant to hurt Putin and the country’s oligarchs, not the average person, Culp said. 

If McDonald’s shut down stores there, it could also face a long road to recovering Russian consumers’ trust when the war is over, Culp said.

“It’s not like turning a light back on and saying, ‘We’re open,’” he said. “'You left us in a time of need,’ is what the public is going to be saying … It’s a beloved brand there with the Russian people. Getting that trust back would come at a major cost.”

Culp was in Moscow for work in January 1990, when the Soviet Union’s first McDonald’s opened in Puskinskaya Square. The scene was an unforgettable one. Photos from that day show shoulder-to-shoulder lines stretching through the square. Reports say people stood in line for six hours to try their first Big Macs, and the store served 30,000 people its first day. 

Much of Moscow was drab at the time, particularly on a cold January day, but the golden arches were “literally the bright light in Pushkin Square,” Culp said. And it wasn’t just about trying a Big Mac. Months after the Iron Curtain fell, people were hungry for a taste of the West.

“It was kind of like this love affair with America, and bringing a real American brand into Russia was kind of like, ‘We’ve arrived,’” he said. “Anything that was promising and showing them what Western lifestyle could be like was part of the reason I think the people were so excited … They were very prideful of the fact that an American iconic brand came to the Soviet Union.”

“Consumers judge you by your stands and silence is interpreted as lack of support,” said Erik Gordon, professor at the University of Michigan’s Ross School of Business. “If you’re silent about Ukraine, it is interpreted as you’re OK with Russia invading the country.”

McDonald’s has already suffered reputational damage, and the time to get moral brownie points and “do the right thing” in the eyes of U.S. consumers has passed, Gordon said. Any action now could appear to consumers as if McDonald’s is simply trying to prevent a loss of business from the public outcry.

Still, McDonald’s must do something, Gordon contends. Investors are already questioning McDonald’s decision to stay open in Russia. On top of that, franchisees and investors could question whether the company’s silence will start to hurt its sales back home.

“People living in their basements and dying under a hail of bombs hasn’t moved McDonald’s, so what would?” Gordon said. “I guess something that affects the bottom line is all that is left.” 

Already, McDonald’s share price has dropped about 7.5% percent since Russia invaded Ukraine.

Other companies continuing operations in Russia are coming under scrutiny as well. Pepsi—McDonald’s CEO Chris Kempczinski’s former employer—is an example.