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

An office building with the Ernst & Young (EY) logo can be seen in Sydney
FILE PHOTO: An office building bearing the Ernst & Young (EY) logo is seen amid the easing of coronavirus disease (COVID-19) restrictions in the central business district of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott

March 7, 2022

By Huw Jones

LONDON (Reuters) – EY said on Monday it would sever ties with operations in Russia, mirroring moves by KPMG and PwC, two other of the world’s ‘Big Four’ accounting and advisory firms.

The Big Four, which includes Deloitte, scrutinizes the books of numerous blue-chip companies, which is often key to garnering the support of international investors.

“In light of the escalating war, EY’s global organization will no longer serve Russian government customers, state-owned companies or sanctioned entities and individuals worldwide,” EY said in a statement Monday.

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

Deloitte said on March 2 that it was reviewing its operations in Russia and that it was not servicing Russian central government entities.

Deloitte didn’t comment Monday on whether it would mimic the moves of other Big Four accountants.

Grant Thornton, one of the next lowest accounting and consulting firms, announced on March 1 that Russian member firm FBK is leaving its network effective immediately.

EY says it has over 4,700 employees in Russia who have been part of its global network for over 30 years. EY added that it is helping 700 employees in Ukraine with financial assistance, relocation, transportation and immigration services.

KPMG said on Sunday that its Russian and Belarusian firms will exit the KPMG network, affecting 4,500 partners and employees, and PwC also announced that PwC Russia will exit its network, affecting 3,700 partners and employees there.

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

https://www.oann.com/accounting-firm-ey-joins-pwc-and-kpmg-in-severing-ties-with-russia-operations/?utm_source=rss&utm_medium=rss&utm_campaign=accounting-firm-ey-joins-pwc-and-kpmg-in-severing-ties-with-russia-operations Accounting firm EY joins PwC and KPMG in severing ties with Russia deals

Caroline Bleakley

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