EY and Deloitte have joined their main competitors KPMG and PWC in exiting operations in Russia due to its invasion of Ukraine.
EY explained in a series of tweets that it would continue to support its colleagues with financial support and more while ceasing operations.
EY stated:
“In light of the escalating war, the EY global organization will no longer serve any Russian government clients, state-owned enterprises or sanctioned entities and individuals anywhere in the world. EY has commenced a restructuring of its Russian member firm to separate it from its global network. EY has operated in Russia for over 30 years calling the turn of events “heartbreaking” adding that the suffering across Ukraine and Eastern Europe is deeply concerning to everyone at EY.”
Deloitte Global CEO Punit Renjen issued the following statement:
“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.”
The decision by the “Big 4” accounting firms to cease operations in the rogue country is emblematic of the world’s shock and disgust regarding Russia’s unprovoked war with Ukraine. Russia has shut down much access to independent media while populating state news organizations with propaganda causing a portion of the population to be incredibly uninformed.
