EU imposes fourth round of sanctions on Russia targeting oligarchs and politicians
International companies continue to disengage from Russia following its continued invasion of Ukraine. This includes a number of global consulting firms, including the four largest in the world, which are Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers.
Deloitte announced on March 7 that it would cease operations in Russia and Belarus.
The company said:
While we know this is the right decision, it will affect the [approximately] 3,000 professionals located in Russia and Belarus. Like others, we know that our colleagues in Russia and Belarus have no say in their government’s actions.”
“We will support all colleagues affected during this transition and do everything we can to help them during this extremely difficult time.”
EYotherwise known as Ernst & Young, also said it would remove its Russian practice from its official global network, but allow it to “continue to work with clients as an independent group of auditing and advice”.
“EY in Russia is a team of 4,700 professionals working in 9 cities across the country. The company has been operating in the Russian market for over 30 years,” he said.
Consulting and accounting firm KPMG International said its “Russian and Belarusian businesses will leave the KPMG network.”
“KPMG has more than 4,500 people in Russia and Belarus, and ending our working relationships with them, many of whom have been with KPMG for many decades, is incredibly difficult,” the company said.
“This decision does not concern them – it is a consequence of the actions of the Russian government. We are a purpose-driven, values-driven organization that believes in doing the right thing.
PricewaterhouseCoopers (PwC) also plans to spin off its Russian business.
“Following the invasion of Ukraine by the Russian government, we have decided that under these circumstances PwC should not have a member firm in Russia and therefore PwC Russia will leave the network,” said the consulting firm “Big Four” in a press release.
“Our primary focus at PwC continues to do everything we can to help our Ukrainian colleagues and support humanitarian efforts,” he added.
“We are also committed to working with our colleagues at PwC Russia to undertake an orderly transition for the business, and with a focus on the well-being of our 3,700 colleagues at PwC Russia.”
Another great company, Accenture, is also ending its activities in Russia because it “stands with the Ukrainian people”, he said.
The company announced the move last week in a statement, in which it thanked its “nearly 2,300 colleagues in Russia for their dedication and service to Accenture over the years.”
“We will provide support to our Russian colleagues,” the company added.