KPMG, one of the world’s Big Four accounting companies, has announced that it would no longer have a member business in Russia as a result of the country’s invasion of Ukraine.
The auditing and consulting company announced that its Russia and Belarus operations would exit the KPMG network, affecting roughly 4,500 partners and personnel in Russia and Belarus.
In a series of tweets on Sunday night, KPMG said it had a responsibility, along with other global businesses, to respond to the Russian government’s ongoing invasion of Ukraine.
“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,” it said.
“This decision is not about them – it is a consequence of the actions of the Russian government. We are a purpose-led and values-driven organisation 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.”
Sanctions placed on Russia by the United Kingdom, the European Union, and the United States are compelling businesses worldwide to reconsider their relationship with state-owned Russian customers.
Earlier on Sunday, Britain said that it would aim to accelerate the process of sanctioning Russia on Monday via new legislation allowing ministers to impose restrictions on Russian firms and rich people.
