AECOM is the latest consultancy firm to exit its Russia operations in the wake of the invasion of Ukraine.
Global consultancy giant AECOM has announced that it is immediately exiting its business operations in Russia.
“We support the people of Ukraine who are facing tremendous suffering as a result of Russia’s unlawful invasion,” said Troy Rudd, AECOM’s chief executive officer. “Russia’s actions are inconsistent with AECOM’s values and have compromised the business environment for AECOM, our clients and our joint activities in Russia.
“For AECOM, the impact of these actions is particularly unfortunate for our colleagues from our Russia business, and we have taken steps to provide them support during this transition. As always, our priority continues to be ensuring the safety, security and well-being of our teams throughout the region.”
The firm, which last year had global revenues of $13.3bn, has two offices in Russia, in the capital Moscow and St Petersburg, employing around 350 people.
AECOM will impair the assets of its Russia-related business and expects to incur a one-time pre-tax expense of $40m to $50m in the fiscal second quarter. This impact will be excluded from adjusted earnings. The cash impact from the company’s withdrawal from Russia is expected to be around $10m.
AECOM is the latest in a number of companies to pull out of working in the country following Russia’s invasion of Ukraine. This week, EY and Deloitte joined KPMG and PwC in cutting off their businesses in Russia and Belarus.
KPMG has more than 4,500 workers and partners in Russia and Belarus, while PwC has 3,700, EY has 4,700, and Deloitte has 3,000. Both KPMG and PwC confirmed that the businesses in Russia would no longer be able to use their brands or name once separated.
