New firm will advise clients shunned by ‘big four’ accountancy firms due to sanctions
A group of PwC partners has broken away from the firm to set up a new company in Cyprus that will service Russia-linked clients.
Kiteserve, set up by three former PwC partners, will work for clients connected to Russia that “big four” accountancy firms do not want to touch, owing to a “sanctioned anywhere, sanctioned everywhere” policy.
This policy has particularly hit accounting and consulting firms in Cyprus since Vladimir Putin’s invasion of Ukraine in February, as the Mediterranean nation has extensive financial links to Russia.
The boutique advisory firm has poached around 20 of its 30 employees from PwC and about half of its clients will have a Russian connection.