EY and Deloitte have followed their rivals and fellow big four accountancy firms KPMG and PwC by cutting off businesses in Russia and Belarus.

The businesses will not necessarily close down but they will be legally separated, in the latest example of multinational firms responding to the invasion of Ukraine by pulling out of Russia.

Companies around the world have been scrambling to work out their exposure to Russia after the US, EU and UK sought to isolate it economically with sanctions. None of those three have imposed blanket bans on Russia or Belarus, which supported the invasion by its bigger ally, but many firms have judged that reputational or financial risks were too great.

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