Grant Thornton Drops Its Russian Affiliate Over Conflict In Ukraine

In a two-paragraph statement posted on its website yesterday, Grant Thornton International said that the firm’s affiliate in Russia, FBK Grant Thornton, is no longer a member of the exclusive GT club:

In light of the conflict in Ukraine, FBK, the Grant Thornton member firm in Russia, is leaving the network with immediate effect. Like many international organisations around the world, we will continue to evaluate what further actions are needed as the situation evolves.

We are shocked and saddened by the events in Ukraine and our focus at Grant Thornton continues to be on supporting our colleagues at this very difficult time. Grant Thornton Ukraine is receiving offers of support from Grant Thornton firms around the world and our thoughts remain with our colleagues and their families in Ukraine at this distressing time.

Grant Thornton International has already removed Russia from its list of global locations. The FBK website says the Moscow-based firm is one of the top 10 largest audit firms in Russia and claims that 24 out of the 50 biggest companies in Russia are FBK clients. The Financial Times and City A.M. both reported that Russian state oil company Gazprom is one of FBK’s audit clients. City A.M. also noted that FBK has carried out work on behalf of Russia’s Central Bank.

FBK currently has 21 partners and 486 staff and is led by managing partner Sergey Shapiguzov. Founded in 1990, FBK was formerly a member of the PKF International network of firms. It joined Grant Thornton International in 2014.

Related article:

Big 4 Firms Condemn Russia’s Invasion of Ukraine, But Will They Sever Relationships With Any Russian Clients?

Latest Accounting Jobs–Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Source link