Accountants in Cyprus break from PwC to retain Russia-linked clients
A group of PwC partners has launched a breakaway firm in Cyprus to take on work from Russia-linked clients whom the Big Four accountants will no longer touch.
PwC has operated a “sanctioned anywhere, sanctioned everywhere” policy globally since shortly after Russia’s invasion of Ukraine in February, going beyond what is legally required.
This had a particularly large effect on PwC Cyprus, given the extensive links between Russia and Cyprus, thinning the firm’s roster of clients and prompting three partners to quit in June and launch Kiteserve, a boutique about half of whose clients have a Russian connection.
This story originally appeared on: Financial Times - Author:Michael O’Dwyer
