Let us work for Russian clients, say UK advisers

Auditors and tax advisers in the UK are lobbying the government for exemptions from a ban on working for businesses in Russia. Foreign secretary Liz Truss this month announced plans to force British accounting, management consulting and public relations firms to cut ties with Russian clients as part of efforts to punish Russia’s president Vladimir Putin. Some advisers, including insolvency practitioners, say the proposed ban will make it risky or even impossible for them to help clients with Russian links to meet certain legal obligations, such as filing tax returns in the UK and elsewhere. Ministers are currently weighing up “very limited exceptions”, such as services needed to wind down operations or contracts for UK firms that are already pulling out of Russia, said a person with knowledge of the details. The Institute of Chartered Accountants in England and Wales — whose members include the Big Four auditors Deloitte, EY, KPMG and PwC — said the legislation and guidance implementing the ban must make clear which services advisers are allowed to provide and that they should still be permitted to help clients meet legal requirements. The FT (£)