Accounting firms KPMG, PwC to leave Russia

Global accounting firms KPMG and PwC announced suspension of their operations in Russia, joining a number of major companies pulling out of the country following its war on Ukraine.

"We believe we have a responsibility, along with other global businesses, to respond to the Russian government’s ongoing military attack on Ukraine," KPMG said on late Sunday.

Besides Russia, KPMG will also stop its activities in Belarus. The firm has over 4,500 staffers in the two countries.

In its statement, the PwC said: "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."

It added that the firm will continue to help Ukrainian colleagues and support the humanitarian efforts for Ukrainian people.

Russia's war on Ukraine has drawn international condemnation, sparked financial sanctions and spurred an exodus of global companies, ranging from technology to automotive and energy.

Among the many businesses that are temporarily exiting the Russian market include Apple, Microsoft, Netflix, TikTok, Nvidia, Epic Games, Boeing, Airbus, Volkswagen, BMW, Mercedes, Renault, Honda, BP, Shell, Total and ExxonMobil.

Payment networks Visa, Mastercard and American Express have also said they would suspend operations in Russia.

Fashion retailer Inditex, furniture giant IKEA, textile group PVH Corp that owns Tommy Hilfiger and Calvin Klein, and sportswear manufacturers such as Adidas, Nike and Puma are also closing their stores across Russia.