The Big Four auditors have sought to distance themselves from Russia, after the UK government told City of London companies not to work on behalf of the Putin regime.
In a post on Linkedin, Jon Holt, chief executive of KPMG’s UK division, said KPMG will be “ending” some of its client relationships in order to “align with sanctions and comply with all new laws”.
“I’m appalled by the invasion of a sovereign country, in violation of international law,” Holt said, as he claimed KPMG is currently “reviewing” its client work.
“The situation is fast-moving and is being kept under close review on a daily basis,” Holt said.
PwC came out against the Russian invasion but stopped short of saying it cut its Russian ties.
A PwC spokesperson said: “We deplore the violation of international law and the Russian aggression against Ukraine. We stand with the Ukrainian people.”
EY echoed a similar sentiment, but said it is currently “working with relevant governments to comply with the recently enacted country policies and applicable sanctions.”
KPMG have been approached for comment.