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Major accounting firms exit Russia

2 minute read

Major accounting firms have confirmed their withdrawal from Russia over the country’s invasion of Ukraine.

In separate statements over the weekend, KPMG and PricewaterhouseCoopers LLP (PwC) confirmed they would end their working relationship with their respective Russia-based firms over the country’s ongoing military action in Ukraine.

A spokesperson for KPMG International said “our Russia and Belarus firms will leave the KPMG network”.

“KPMG has over 4,500 people in Russia and Belarus, and ending our working relationship with them, many of whom have been a part of KPMG for many decades, is incredibly difficult. This decision is not about them – it is a consequence of the actions of the Russian government.”

Similarly, PwC said that as a result of the Russian government’s invasion of Ukraine “we have decided that PwC should not have a member firm in Russia and consequently PwC Russia will leave the network”.

“Our main focus at PwC continues to be doing all we can to help our Ukrainian colleagues and support the humanitarian efforts to aid the people of Ukraine who have been devastated by this invasion.

“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 wellbeing of our 3,700 colleagues in PwC Russia,” PwC said in a statement.

Sanctions imposed on Russia by the UK, US, the EU and Australia are forcing firms to consider their relationship with Russia.

Just last week, several Australian super funds announced they would be limiting their ties to Moscow.

Maja Garaca Djurdjevic

Maja Garaca Djurdjevic

Maja's career in journalism spans well over a decade across finance, business and politics. Now an experienced editor and reporter across all elements of the financial services sector, prior to joining Momentum Media, Maja reported for several established news outlets in Southeast Europe, scrutinising key processes in post-conflict societies.