Published March 11, 2022 – Bloomberg Tax
Bob Cox was recently quoted by Bloomberg Tax regarding “Why the Big Four’s Russia Pullout Isn’t a Clean Break: Explained?”
- Russian firms continue to audit local companies like Rosneft
- Unwinding decades-old Russian operations to take months
The largest global accounting firms have announced they are pulling out of Russia to comply with an ever tighter ring of sanctions and to protest the country’s war against Ukraine. It’s an extraordinary move that breaks ties with member firms and thousands of employees based there.
But removing Russian affiliates from the global networks—and the branding, training and access to staff that comes with it—doesn’t completely wall off these newly independent firms. The global giants could welcome them back in the future, and in the meantime they may still need to refer work to Russian accounting firms—especially for multinational companies that don’t pull out of Russia.