Big four consultancy firms withdraw from Russia & Belarus

New Delhi/Moscow, March 8 (SocialNews.XYZ) The big four consulting firms -- Deloitte, KPMG, EY and PwC -- have announced they were ceasing operations in Russia and Belarus over Moscow's invasion of Ukraine.

A spokesperson for KPMG International said that they 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. 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," said the spokesperson.

PwC said in a statement that as a result of the Russian government's invasion of Ukraine, "we have decided that, under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the network".

"We are also committed to working with our colleagues at PwC Russia to undertake an orderly transition for the business, and with a focus on the wellbeing of our 3,700 colleagues in PwC Russia," said the company.

Deloitte employs 3,000 people, while EY has 4,700 employees in Russia.

EY said the decision was heartbreaking.

"In light of the escalating war, the EY global organization will no longer serve any Russian government clients, state-owned enterprises or sanctioned entities and individuals anywhere in the world. EY has commenced a restructuring of its Russian member firm to separate it from the global network," said the company.

"We continue to support our 700 EY colleagues with financial support, relocation, transportation and immigration services," it added.

Earlier, fintech and digital payments giants like MasterCard, Visa and PayPal have announced to exit the region.

Source: IANS