September 20, 2019

Russia Will See Your Sanctions and Raise You a Ban on the Big 4

On Tuesday, some parliamentary officials called for a law barring the world's top accounting firms from "aggressor countries" from doing business in the country after officials opened a health probe into McDonald's last week, and rolled out possible trade restrictions on Monday on fruit from Europe and chicken from the U.S. for alleged sanitary reasons.

"The government of the Russian Federation, to protect constitutional order, national defense and state security, and to protect the domestic market and the development of the national economy should be given the right to approve the list of aggressor countries," read an explanatory note that is to accompany the bill, the pro-Kremlin Izvestia newspaper reported Tuesday.

The bill, which hasn't yet been submitted to the State Duma, or lower house of parliament, would specifically target companies that provide audit services. If passed, that would make it impossible for the Big Four American accounting firms Deloitte & Touche, KPMG, PricewaterhouseCoopers and Ernst & Young among others, to continue doing business in Russia, the paper reported. [WSJ]

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