Western companies have cut ties en masse with Russia since Vladimir Putin sent his troops into Ukraine. But even as banks such as Goldman Sachs and energy companies like BP said they were exiting the market, they gave precious little clarity on what that means in practice.
The Big Four accountants joined the corporate exodus but are still grappling with the practicalities, according to multiple people who spoke to the FT. “It’s all rabbit in the headlights stuff,” said one.
Deloitte, EY, KPMG and PwC employ about 15,000 people in offices across Russia and are deeply enmeshed in the country’s economy. Its biggest companies are clients, including those owned by the state: KPMG worked for Gazprombank and Lukoil while EY audits Rosneft, VTB Bank and Evraz. PwC signed the accounts of Sberbank and PhosAgro and even worked for Russia’s central bank. Deloitte audits Polyus, Russia’s largest gold producer.