Deloitte and EY, two of the world’s largest accounting firms, announced their withdrawal from Russia on Monday, joining the other so-called Big Four firms, KPMG International and PwC, which announced their withdrawal on Sunday following Russia’s invasion of Ukraine.
These groups are structured as partnerships of local firms, so businesses in Russia can continue to operate but will no longer be part of the accounting firms’ umbrella networks, according to the accounting firms.
Deloitte employs 3,000 people in Russia and Belarus. Grant Thornton, a mid-tier accounting and consulting firm, announced on March 1 that its Russian member firm FBK would be leaving its network with immediate effect.
EY stated that it has over 4,700 employees in Russia, which has been a part of its global network for over 30 years. According to EY, it is assisting 700 employees in Ukraine with financial assistance, relocation, transportation, and immigration services.
KPMG announced on Sunday that its Russian and Belarusian subsidiaries would leave the KPMG network, affecting 4,500 partners and employees. Meanwhile, PwC Russia has announced that it will leave the network, affecting 3,700 partners and employees.
American Express, Mastercard, and Visa announced on Sunday that they would suspend operations in Russia, which means that their branded cards issued by Russian banks would no longer work in other countries, and cards issued elsewhere would no longer work in Russia.
Netflix announced on Sunday that it would discontinue its service in Russia, just days after announcing that it would halt all future projects in the country, including acquisitions. The Walt Disney Company and Warner Bros. announced last week that they would suspend movie releases in the country.
Boeing and Ford Motor announced last week that they would cease operations in Russia, while Volvo ceased car sales in the country. BP, Exxon Mobil, and Shell, three major investors in Russia’s most important industry, recently announced plans to sell their operations in the country.
Retail: French luxury conglomerates LVMH and Hermès announced on Friday that they would temporarily close their stores in Russia, following similar moves by Ikea and TJX, the parent company of T.J. Maxx and Marshalls.
Apple and Microsoft announced a halt in product sales in Russia, and Google’s YouTube has blocked advertising from Russian state-owned media. On Monday, IBM announced that it had ceased all operations in Russia.
