KPMG LLP said it’ll cut ties with certain clients subjected to the recent wave of sanctions against Russia over the invasion of Ukraine, while the U.S. firm expressed its support for the beleaguered country.
The accounting giant is reviewing and adapting client work to align with sanctions and comply with all new laws, Jonathan Holt, chief executive officer at KPMG U.K., wrote in a
“The situation is fast-moving and is being kept under close review on a daily basis,” Holt said in the post. “It’s been devastating to watch the tragic events in Ukraine unfold and my thoughts are with all of those affected.”
Meanwhile, in his own
"At KPMG, we stand with and support the people of Ukraine, condemning the violent attacks by the Russian government," he wrote. "This senseless attack on Ukrainian families is heartbreaking. At the same time, the resilience and strength of the Ukrainian people is inspiring."
Sanctions imposed by the U.K., EU and U.S. in response to Russia’s invasion of Ukraine are forcing firms globally to consider whether they should continue working with Russian clients who are state-owned. Several law firms said they are reviewing and, in some cases, planning to cut ties with major Russian clients as pressure mounts to comply with sanctions.
Ernst & Young LLP said in an emailed statement it is working with relevant governments to comply with recently enacted policies and sanctions. The firm didn’t comment on whether that included ending any client relationships.
Spokespeople at PwC and Deloitte didn’t respond to requests for comment.
