Two of the ‘Big Four’ accounting firms pulling out of Russia
KPMG International and PricewaterhouseCoopers, two of the “Big Four” accounting firms, have announced they are pulling out of Russia amid its invasion of Ukraine.
Both companies announced on Sunday that they will end their relationship with their Russian-based member firms.
According to The Associated Press, PricewaterhouseCoopers said it has 3,700 employees at its Russian headquarters and will oversee an “orderly transition” out of the business.
“We believe we have a responsibility, along with other global businesses, to respond to the Russian government’s ongoing military attack on Ukraine. As a result, our Russia and Belarus firms will leave the KPMG network,” A KMPG International spokesperson said in a statement.
KPMG said it has some 4,500 people working in Russia and Belarus, and called the decision to end its relationship with them “incredibly difficult.”
“This decision is not about them – it is a consequence of the actions of the Russian Government,” the company said. “We are a purpose-led and values-driven organization that believes in doing the right thing. We will seek to do all we can to ensure we provide transitional support for former colleagues impacted by this decision.”
Russia’s invasion of Ukraine has led to a series of international sanctions being leveled against Moscow, and a rapidly growing list of countries exiting the country.
Major credit card companies Visa, MasterCard and American Express also decided to halt operations in the country over the weekend.
Microsoft, Apple and Dell have all announced that they will be suspending sales in the country as have major fashion companies like LVMH, which owns brands including Louis Vuitton and Fenty Beauty.