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Accounting firms KPMG and PwC to exit Russia -Breaking

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© Reuters. FILE PHOTO – The KPMG logo in Paris, France May 25, 2018, at 5:55 p.m. REUTERS/Charles Platiau

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(Reuters) – 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.

KPMG has announced the exit of its Russia and Belarus office from the KPMG network. The move will have a significant impact on over 4,500 staff and partners in Russia and Belarus.

PwC Russia also agreed to leave its network. According to the company, PwC Russia has 3700 staff and 3,700 partners who have been in Russia since more than 30 year.

PwC announced that Russia would be the Network’s next member company after the Russian invasion.

Companies around the world are being forced to think about whether or not they can continue to work with Russian state-owned clients by U.K., EU, and U.S. sanctions.

Britain announced earlier Sunday that it would accelerate its sanctions procedure on Monday through new legislation. This is to enable ministers to tighten the restrictions on Russian business and rich individuals.

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