KPMG sacks 4,500 workers in Russia, Belarus
Consultancy giant KPMG has announced that its Russia and Belarus firms will leave the KPMG network in light of President Vladimir’s invasion of Ukraine.
On Sunday, KPMG said ending its association with its 4,500 workers in Russia and Belarus was “incredibly 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 consultancy firm said it was a “values-driven organisation that believes in doing the right thing,” adding that it will support employees in the countries.
Being the second of the Big Four to leave Russia, Financial Times observed that KPMG’s exit would likely increase pressure on firms like Deloitte and Ernst & Young to follow suit.
The new developments followed the exit of the global consultancy firm Accenture from Russia.
On Friday, it announced it had shut down its 2,300-person Russian business.
Other firms like the Boston Consulting Group and Bain Company have also stopped work for its Russian clientele, opposing Mr Putin’s war.
The invasion, which began on February 24, has seen the wide-reaching imposition of sanctions by global powers such as the United Kingdom, the European Union, and the United States.
These sanctions have led firms globally to reconsider their business relationship with Russia.
In light of the crisis, the sector-wide exodus from Russia has seen shipping line Maersk, car company Toyota and social media companies like Google and Meta discontinue their services.
Source: Culled From Peoples Gazette.