Expanded U.S. government sanctions against Russia in response to the war in Ukraine include a ban on accounting and management consulting services by U.S. citizens. The sanctions announced Sunday “prohibit U.S. persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation,” […]
Russia
US announces sanctions against Kremlin-controlled media companies and bans Russia from using some American consulting services
President Joe Biden and the leaders of the G-7 met virtually with Ukrainian President Volodymyr Zelensky on Sunday to discuss further actions the US and its allies are taking to punish Russia for its unprovoked invasion of Ukraine. The announcement also included new export controls against the Russian industrial sector […]
US to bar Russia from accounting, consulting services in new sanctions package
The White House announced Sunday that the United States will bar Russian companies and citizens from using U.S. accounting, marketing and consulting services as part of a new package of sanctions designed to further punish Moscow for its war in Ukraine. The U.S. is also moving to sanction three major […]
The economic war against Russia can help Ukraine’s reconstruction | Business and Economy
The costs Russia’s invasion has inflicted on Ukraine’s economy are enormous. The World Bank warns the country’s GDP may contract as much as 45 percent in 2022. According to the Kyiv School of Economics, the direct infrastructure damage incurred due to Russia’s aggression currently stands at around $80bn. And the […]
Fed officials discussed 50 basis point rate hike despite Russia invasion
Several Federal Reserve Board members favored a more aggressive interest rate hike in March to kick off a series of increases this year, but policymakers ultimately held back given such high uncertainty tied to the war in Ukraine, according to minutes from the Fed’s most recent policy meeting. When policymakers […]
Wall Street Banks Are Leaving Russia
The baseball lockout is over. M.L.B. and the players’ union struck a new collective bargaining agreement that includes higher pay for younger players. That means opening day will be April 7. Trading Russia’s debt crisis International sanctions are raising the possibility that Russia’s government, for the first time since the […]
Putin: External management necessary if foreign firms exit Russia | Russia-Ukraine war News
The Russian government says it has drafted legislation that introduces an “external” administration if international owners decide to close their companies in the country over its decision to invade neighbouring Ukraine. Growing numbers of Western companies have suspended or ended operations in Russia after the United States and European countries […]
Consulting Firms Condemn Attack, Won’t Commit to Leaving Russia
Some of the world’s biggest consulting firms including McKinsey & Co. said they wouldn’t work for the Russian government after its attack on Ukraine, but appear reluctant to drop Russian corporate clients. The firms, which have been criticized for working for regimes including the government of Saudi Arabia, said they […]
Western accountants and consultants face pressure to abandon Russia
Western consultants and accountants have poured into Russia for three decades, capitalising on booming international trade triggered by the collapse of the Soviet Union. Professional services groups sought to sidestep geopolitical tensions as they built global empires but the invasion of Ukraine is forcing them to weigh up whether continuing […]
Accenture and McKinsey join corporate stampede to exit Russia
Accenture axed its entire 2,300-person business in Russia on Thursday while McKinsey and Boston Consulting Group moved to suspend all client work there, as the world’s largest professional services groups join western companies’ flight from the country. Days after Vladimir Putin’s invasion of Ukraine, McKinsey and BCG had said they […]