May 22, 2022

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Netflix, AMEX and two of the largest accounting firms cut ties with Russia

Netflix, AMEX and two of the largest accounting firms cut ties with Russia

(Reuters) – Netflix, the global streaming entertainment service, accounting majors KPMG, PwC and financial services firm American Express on Sunday cut ties with Russia as conflict escalates between that country and Ukraine.

The latest fighting hampered efforts to evacuate 200,000 people from the besieged Ukrainian city of Mariupol for a second day in a row on Sunday as Russian President Vladimir Putin vowed to press ahead with his offensive. Read more

A company spokesperson said that Netflix Inc has discontinued its services in Russia. Earlier this week, Netflix paused all future projects and acquisitions in Russia as it assessed the impact of Moscow’s invasion of Ukraine. Read more

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“Given the conditions on the ground, we have decided to suspend our service in Russia,” a Netflix spokesperson said.

Sunday’s announcements come on the heels of a number of other Western companies including sneaker maker Nike, Swedish home furnishings maker IKEA and French bag maker Birkin Hermès, which have closed stores or offices or halted operations as trade and supply restrictions add to the pressure. political. For companies to stop doing business in Russia.

Netflix previously said it had no plans to add state-run channels to its Russian service, despite regulations that would oblige it to distribute state-backed channels.

American Express company (AXP.N) It said it would suspend all operations in Russia and Belarus.

Sunset behind skyscrapers at the Moscow International Business Center, also known as “Moscow City,” in Moscow, Russia, April 23, 2018. REUTERS/Anton Vaganov

“In light of the ongoing and unprovoked Russian attack on the people of Ukraine, American Express is suspending all operations in Russia,” the credit card company said in a statement on its website. Read more

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Two of the four largest accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) said Sunday that they will no longer have a member firm in Russia due to the country’s invasion of Ukraine.

Audit and consulting giant KPMG said its Russia and Belarus firm is leaving the KPMG network, a move that will affect more than 4,500 partners and employees in Russia and Belarus.

PwC also agreed that PwC Russia would leave its network. She added that the company has been operating in Russia for more than 30 years and has 3,700 partners and employees there.

“As a result of the Russian government’s invasion of Ukraine, we have decided, under the circumstances, that PwC will no longer have a member in Russia, and therefore PwC Russia will leave the network,” PwC said.

Chinese video app TikTok said Sunday it will suspend live broadcasts and upload videos to its platform in Russia while it reviews the implications of a new media law signed by Putin on Friday.

“We have no choice but to suspend live broadcasts and new content on our video service while we review the security implications of this law,” the social media company said in a series of messages. Twitter posts. It said in-app messages would not be affected by the decision.

The US government on Saturday denounced the new law, which threatens up to 15 years in prison for spreading what the Kremlin called “fake news”. Read more

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Additional reporting by Akriti Sharma in Bengaluru and Chris Gallagher in Washington, DC; Writing by Anna Driver. Editing by Diane Craft

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