TheCable

PricewaterhouseCoopers (PwC) and KPMG International Limited have announced plans to exit Russia after 30 years of doing business in the country amid the invasion of Ukraine.

In separate statements on Sunday, PwC said its Russian business with its 3,700 partners and staff would leave the global network, while KPMG announced similar measures for its business, with its more than 4,500 staff both in Russia and Belarus.

In a series of tweets, KPMG said the move was in response to the Russian government’s ongoing military attack on Ukraine.

“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.” the company said.

“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.

”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.”

Announcing the decision by PwC, Bob Moritz, global chairman of PwC, in a statement noted that the decision is to stand with Ukraine in solidarity.

“We have decided that, under the circumstances, PwC should not have a member firm in Russia, and consequently PwC Russia will leave the network,” he said

“As we implement this, we will maintain our focus on 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 committed to working with our colleagues at PwC Russia to undertake an orderly transition for the business and with a focus on the well being of our 3,700 colleagues in PwC Russia.”

On Thursday, February 24, Putin invaded Ukraine, heightening the tension between the countries. Since then, thousands of people have been killed, and many fled the war zone to neighbouring nations.