PwC and KPMG will operate in Russia, while Goldman Sachs considers relocating its staff to Dubai.

PwC and KPMG, two global accounting firms, announced on Sunday evening (6 March) that they would be closing their offices in Russia due to the escalating conflict in Ukraine.

According to people familiar with the situation, Goldman Sachs is considering relocating some of its Moscow-based employees to Dubai, according to a Bloomberg report.

PwC's global chairman Robert E. Moritz wrote on LinkedIn: "We all continue to be shocked and horrified by the senseless war that the Russian government is inflicting on Ukraine and its people. Our main focus has been helping our Ukrainian colleagues and supporting the humanitarian efforts to aid the people of Ukraine."

"We have also been thinking about how we can take action in the way we run our network. We have decided that, under the circumstances, PwC should not have a member firm in Russia and consequently PwC Russia will leave the Network."

KPMG's member firms in Belarus will also leave, according to a LinkedIn post: "We believe we have a responsibility, along with other global businesses, to respond to the Russian government's ongoing military attack on Ukraine. As a result, our Russia and Belarus firms will leave the KPMG network."

"KPMG has over 4,500 people in Russia and Belarus, and ending our working relationship with them, many of whom have been a part of KPMG for many decades, is incredibly difficult. This decision is not about them - it is a consequence of the actions of the Russian Government."

Following the invasion of Ukraine, Goldman Sachs is reportedly considering relocating staff from Russia to Dubai.

As a result of a global effort to shut down the Russian economy following the invasion of Ukraine, a portion of Goldman Sachs Group Inc.'s Russia staff is relocating out of the country.

According to Bloomberg, the relocation is being driven by the company's employees who want to work from a different location.

A Goldman Sachs spokesperson declined to comment. One of the individuals stated that the move is not intended to be permanent at this time.

By fLEXI tEAM