KPMG Set to End Some Client Relationships Over Russia Sanctions
(Bloomberg) -- KPMG LLP said it'll cut ties with certain clients subjected to the recent wave of sanctions against Russia over the invasion of Ukraine.
The accounting giant is reviewing and adapting client work to align with sanctions and comply with all new laws, Jonathan Holt, Chief Executive Officer at KPMG U.K., wrote in a Linkedin post on Tuesday. This will mean ending some of client relationships in the country and globally, he said.
Read more: Foreign Companies From Shell to Daimler Abandon Russia
“The situation is fast-moving and is being kept under close review on a daily basis,” Holt said in the post. “It's been devastating to watch the tragic events in Ukraine unfold and my thoughts are with all of those affected.”
Sanctions imposed by the U.K., EU and U.S. in response to Russia's invasion of Ukraine are forcing firms globally to consider whether they should continue working with Russian clients who are state-owned. Several law firms said they are reviewing and, in some cases, planning to cut ties with major Russian clients as pressure mounts to comply with sanctions.
Ernst & Young LLP said in an emailed statement it is working with relevant governments to comply with recently enacted policies and sanctions. The firm didn't comment on whether that included ending any client relationships.
Spokespeople at PwC and Deloitte didn't respond to requests for comment.
©2022 Bloomberg L.P.
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