A growing list: TMF Group closes services to all Russian clients
The TMF Group is to stop services to all Russian clients, it confirmed in a statement.
The professional services group joins a growing list of businesses who have halted their operations in the country following its invasion of neighbouring Ukraine.
The Amsterdam-headquartered firm said that as people and banks are added to sanction lists, from countries such as the UK, US, Japan and the European Union (EU), TMF “immediately suspends” any service to them.
TMF, which has an office in Kyiv of 57 Ukrainian nationals, added that it is assisting them “in every way we can in the most difficult of circumstances”.
“We act as the first line of defence for our clients in ensuring that they meet the standards required of them by regulators,” the group said. “We are also the first line of defence for the jurisdictions we operate in, ensuring that investors, their sources of funding and the structures they use are legitimate.”
TMF will continue to monitor and act on sanctions against Russian individuals and organisations daily, it announced.
However, it explained that so far just 0.15 per cent of its mandates have been affected by the sanctions.
“TMF Group has made a policy decision in solidarity with the Ukrainian people to exit all work for Russian clients around the world,” the group continued. “TMF Group has offices in Russia helping our North American, European and Asian clients operate there and will continue to maintain services to them.”