Accounting firms KPMG and PwC to exit Russia

Two of the Big Four accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) on Sunday said they will no longer have a member firm in Russia due to the country’s invasion of Ukraine.

The auditing and consultancy giant KPMG said its Russia and Belarus firm will leave the KPMG network, a move that will affect over 4,500 partners and staff in Russia and Belarus.

Separately, PwC agreed PwC Russia will leave its network. The firm has operated in Russia for more than 30 years, and has 3,700 partners and staff there, it said.

“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,” PwC said.

Sanctions imposed by the UK, EU and the US on Russia are forcing firms globally to consider whether they should continue working with Russian clients who are state-owned.

Earlier Sunday, Britain said it will seek to speed up its sanctions process on Monday via new legislation designed to allow ministers to tighten restrictions on Russian businesses and wealthy individuals.