McKinsey pulls staff out of Russia and sends them to Kazakhstan
Consultancy giants McKinsey and BCG are pulling their staff out of Russia and sending them to the former Soviet republics of Kazakhstan and Azerbaijan.
Big Three consulting firm McKinsey has already sent its Russian employees to Almaty, the largest city in Kazakhstan, according sources speaking to Financial News.
Meanwhile, Boston Consulting Group (BCG) is planning to pull its staff out of Russia with a view to relocating them in Azerbaijan.
For reference, McKinsey has more than 700 staff in Russia, including more than 400 consultants, having first moved into the Russian market in 1993.
According to McKinsey’s website, the consulting firm serves 21 of Russia’s 30 biggest companies.
The firm has previously worked for major Russian clients including the country’s major energy producers, Rosneft and Gazprom.
Notably, McKinsey’s Almaty office is also heavily focused on the energy sector, while Kazakhstan is now a major producer of oil and gas.
McKinsey’s exit comes after the consultancy said it would not take on any more client work in Russia, as it set out to cut its ties to the country’s government, in response to the Russia’s invasion of Ukraine.
The consultancy’s decision to pull its staff out of Russia comes after the firm faced major pressure to cut its links with the country.
In March, BCG also said it would not take on any more Russian clients, after facing pressure to sever ties to the country in response to the invasion of Ukraine.
However, the firm said its Moscow offices would remain open, as it said it would honour all of its contractual obligations.
BCG first moved into the Russian market in 1990, and opened its Moscow offices in 1994.