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Accounting firm EY joins PwC and KPMG in severing ties with Russia operations – Metro US

Accounting firm EY joins PwC and KPMG in severing ties with Russia operations

An office building with Ernst & Young (EY) logo is
An office building with Ernst & Young (EY) logo is seen in Sydney

LONDON (Reuters) -EY said on Monday it will sever its links with operations in Russia, mirroring moves by KPMG and PwC, two other of the world’s “Big Four” accounting and consulting firms.

The Big Four, which also includes Deloitte, audit the books of vast swathes of blue chip companies, often key to obtaining international investor backing.

“In light of the escalating war, the EY global organisation will no longer serve any Russian government clients, state-owned enterprises or sanctioned entities and individuals anywhere in the world,” EY said in a statement on Monday.

“EY has commenced a restructuring of its Russian member firm to separate it from the global network.”

Deloitte said on March 2 it was reviewing its operations in Russia, and that it did not serve any entities of Russia’s central government.

Deloitte had no comment on Monday on whether it would mirror moves by the other Big Four accountants.

Grant Thornton, among the next tier down of accounting and consulting firms, announced on March 1 that Russian member firm FBK was leaving its network with immediate effect.

EY said it has over 4,700 staff in Russia, part of its global network for over 30 years. EY added that it was helping 700 staff in Ukraine with financial support, relocation, transportation and immigration services.

KPMG said on Sunday its Russia and Belarus firms will leave the KPMG network, affecting 4,500 partners and staff, with PwC also announcing that PwC Russia will leave its network, affecting 3,700 partners and staff there.

(Reporting by Huw Jones; editing by Jason Neely and Frank Jack Daniel)

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