Big Four Announce Russian Exit Strategies

PwC announced their position in a statement on their website March 6:

"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."

"Our main focus at PwC continues to be doing all we can to help our Ukrainian colleagues and support the humanitarian efforts to aid the people of Ukraine who have been devastated by this invasion."

"We are also committed to working with our colleagues at PwC Russia to undertake an orderly transition for the business, and with a focus on the wellbeing of our 3,700 colleagues in PwC Russia."

View the PwC statement here.

This statement by a KPMG spokesperson was posted March 6 on the company website:

"We believe we have a responsibility, along with other global businesses, to respond to the Russian government's ongoing military attack on Ukraine. As a result, our Russia and Belarus firms will leave the KPMG network. KPMG has over 4,500 people in Russia and Belarus, and ending our working relationship with them, many of whom have been a part of KPMG for many decades, is incredibly difficult. This decision is not about them – it is a consequence of the actions of the Russian Government. We are a purpose-led and values-driven organization that believes in doing the right thing. We will seek to do all we can to ensure we provide transitional support for former colleagues impacted by this decision."

View the KPMG statement here.

EY's CEO announced their intentions on the firm's LinkedIn page March 7:

"In light of the escalating war, the EY Global organization will no longer serve any Russian government clients, state-owned enterprises or sanctioned entities or individuals anywhere in the world. EY has commenced a restructuring of its Russian member firms to separate it from the global network. This is not something we take lightly. This is heart-breaking as we have over 4,700 colleagues in Russia, who have been part of our global network for over 30 years and worked side by side with our global, Eastern European and Ukrainian colleagues. As we go through this change, we will work to support those colleagues, as well as our clients in fulfilling our legal obligations and commitments."

View EY's LinkedIn statement here.

Deloitte chief executive, Punit Renjen, outlined the firm's position in a post on the company's website March 7:

"Last week, Deloitte announced it was reviewing its business in Russia. We will separate our practice in Russia and Belarus from the global network of member firms. Deloitte will no longer operate in Russia and Belarus. While we know this is the right decision, it will have an impact on Deloitte's 3,000 professionals located in Russia and Belarus. Like others, we know our colleagues in Russia and Belarus have no voice in the actions of their government. We will support all impacted colleagues during this transition and do all we can to assist them during this extremely difficult time."

"We will continue to prioritize the needs of our people and clients while we bring the full strength of Deloitte's global resources to bear in addressing the mounting humanitarian needs in Ukraine and across Europe. We will honor our commitments and obligations to global financial markets and multiple regulatory bodies."

View Deloitte's statement here.

These positioning announcements are the latest of many as Western companies fall in line to support Ukraine by suspending or selling their operations in Russia, according to The Yale School of Management, which tracks these actions.