The Big 4 accountancy companies have all announced that they will halt their operations in Russia due to its invasion of Ukraine.
Deloitte, EY, KPMG, and PwC have joined companies all over the world in cutting ties with Russia, with some ceasing their online services and sales, as well as closing storefronts and offices.
“As a result of the Russian government’s invasion of Ukraine we have decided that, under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network,” said PwC’s statement.
PwC clients in Russia include the country’s largest bank Sberbank, the Kremlin-ran energy company Gazprom, and the Central Bank of Russia. The firm added that it would be undergoing an “orderly transition” to focus on the wellbeing of its staff in Russia.
KPMG released a statement revealing that its firms in Russia and Belarus, which employ over 4,500 workers, would leave its network.
“We are a purpose-led and values-driven organization that believes in doing the right thing,” said KPMG.
This week, EY said it would be restructuring its Russian member firms to separate it from EY’s international network, while also ceasing services for Russian government clients, state-owned businesses, as well as sanctioned entities and people.
EY added that it would be offering financial support and relocation assistance for 700 colleagues in Ukraine and Eastern Europe.
Following these firm’s announcements, Deloitte revealed that it would also be dividing its practice in Russia and Belarus from its global network and ceasing operations in both countries.
“Deloitte will no longer operate in Russia and Belarus,” the company stated. “While we know this is the right decision, it will have an impact on Deloitte’s ~3,000 professionals located in Russia and Belarus. Like others, we know our colleagues in Russia and Belarus have no voice in the actions of their government. We will support all impacted colleagues during this transition and do all we can to assist them during this extremely difficult time.”
