Ukraine War: KPMG Sacks 4,500 Workers In Russia, Belarus
In light of President Vladimir Putin’s invasion of Ukraine, consulting giant KPMG has declared that its Russia and Belarus offices will quit the KPMG network.
KPMG said on Sunday that parting ways with its 4,500 employees in Russia and Belarus was “very difficult.”
“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 tweeted on Sunday.
The consultant firm described itself as a “values-driven organization that believes in doing the right thing,” promising to support staff in the countries.
KPMG’s exit, as the second of the Big Four to leave Russia, is expected to put pressure on Deloitte and Ernst & Young to follow suit, according to the Financial Times.
The new innovations came as a result of Accenture, a multinational consulting firm, leaving Russia.
It announced on Friday that it was closing its 2,300-person Russian operation.
Other consulting firms, like as the Boston Consulting Group and Bain Company, have halted work for Russian clients in protest of Mr Putin’s war.
Global powers such as the United Kingdom, the European Union, and the United States have imposed broad sanctions in response to the invasion, which began on February 24.
Companies all across the world are reconsidering their economic relationships with Russia as a result of the sanctions.
As a result of the crisis, the shipping line Maersk, the automotive business Toyota, and social media giants like Google and Meta have all ceased operations in Russia.
