Deloitte becomes last of the Big Four to exit Russia
Accountancy and audit heavyweight Deloitte has become the last of the Big Four to pull out of Russia, following its invasion of Ukraine – joining EY earlier today.
PwC and KPMG announced similar moves last night, citing the Russian government’s actions in Ukraine. Deloitte confirmed last week that it was reviewing its “business and presence in Russia”.
However, Global CEO Punit Renjen said today: “We will separate our practice in Russia and Belarus from the global network of member firms. Deloitte will no longer operate in Russia and Belarus.
“While we know this is the right decision, it will have an impact on Deloitte’s 3,000 professionals located in Russia and Belarus. Like others, we know our colleagues in Russia and Belarus have no voice in the actions of their government.
“We will support all impacted colleagues during this transition and do all we can to assist them during this extremely difficult time.”
EY also said in a statement: “In light of the escalating war, the EY global organisation will no longer serve any Russian government clients, state-owned enterprises or sanctioned entities and individuals anywhere in the world.”
The move will impact just 1.5 per cent of EY’s total workforce. Though Russian staff will continue to be employed by member firms under new names.
EY, KPMG and PwC employ more than 12,000 staff and partners in Russia in total.
It comes as legal giants Linklaters and Norton Rose Fulbright also pull out of the country, after the unprovoked attack on neighbouring Ukraine.