PwC announces separation of Russian firm in first Big Four exit
Pricewaterhousecoopers (PwC) will no longer have a member firm in Russia, with the multinational due to announce its decision tomorrow to separate its Russian company from the rest of its global network in the wake of Putin’s invasion of Ukraine.
The move by the Big Four giant will affect 3,700 partners and staff in Russia, according to Sky News’ Mark Kleinman who reported the news late this evening.
“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,” the firm told Sky News.
PwC’s focus is to “support the humanitarian efforts to aid the people of Ukraine,” it added.
The news comes amid a mass corporate exodus from the country and is expected to ramp up pressure on fellow accountancy giants Deloitte, EY and KMPG to cut ties with Russia.
KPMG chief executive Jon Holt last week said he was “appalled” by the invasion and that the firm’s client work was under “review”, but stopped short of severing ties.
Deloitte similarly said it was reviewing its “business and presence in Russia” in a statement issued last week while EY said it was working with relevant bodies to comply with sanctions.
It comes as American Express, Mastercard and Visa all announced this weekend that they would be suspending their operations in Russia, with cards issued abroad no longer working at Russian ATMs or shops.