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I'd guess the firms are worried about the precedent they are setting. Russia itself is not significant to their business so they would be fine cutting them off, but what if China invades Taiwan? Having to cut the China business would devastate them. But how do you cut Russia but not China if they both take similar actions?
@EY 2, I’m sure your friends represent the whole Chinese population. Hong Kong is a part of China but a small percentage. Taiwan never left (why would they? They still want to join UN), but it was non-negotiable that in order for mainland China to join Taiwan needs to go. No matter what, most countries made their choices. It was very strict if you want a relationship with China, you cannot recognize Taiwan.
https://www.ft.com/content/04643842-4c2b-489f-8c24-f349043308ed
But on Tuesday evening, Grant Thornton became the first large professional services firm to go beyond rhetoric and cut ties with FBK, its 500-person Russian member firm which audits state oil company Gazprom, citing “the conflict in Ukraine”.
The Moscow offices of consultants McKinsey, Boston Consulting Group and Bain & Company employ about 1,000 people in total. All three said they would refuse to work for government entities in Russia but none has shut its operations in the country or stopped working for state-owned companies.
The Big Four accountants — Deloitte, EY, KPMG and PwC — employ more than 13,000 people in Russia, roughly 1.1 per cent of their global total, through alliances with domestic firms. They condemned the war but gave few details on how the conflict would affect which clients they worked with.
Offices in Russia contribute only a small percentage of global revenues for most large professional services groups — Grant Thornton had sales of $21.7mn in the country last year compared with $6.6bn globally — but they are strategically important as they enable advisers to offer a “one-stop shop” service to multinational clients.
Exiting the country would cause problems, leaving “a big gap” in firms’ ability to audit the Russian subsidiaries and assets of multinationals, said a senior UK auditor. Large accounting groups had not generally withdrawn from states during geopolitical crises, he added.
Unlike groups such as BP and Shell, which have moved to divest holdings in Russian oil companies Rosneft and Gazprom, advisers have so far remained committed to their Russian offices.
RSM kicked out the Russians too
KPMG booted russia and Belarus.
Rising Star
Wild
Does this even do anything but hurt Russians that don’t have any influence over what their government is doing?
This will help Russians push against the Russian government even more. This is part of a list of consequences due to the government’s actions.
https://www.reuters.com/business/finance/accounting-firms-kpmg-pwc-exit-russia-2022-03-06/
EY just announced too