Willis Towers Watson has become the latest global consultancy firm to withdraw from Russia.
In a statement released yesterday, the global advisory, broking and solutions company said it will withdraw from all of its businesses in Russia.
Carl Hess, CEO of WTW, said the firm continued to be dismayed by the crisis in Ukraine and remained steadfast in its support for all its colleagues and their families in the region who have been affected.
“We wholeheartedly wish for a peaceful solution”, he added.
“WTW intends to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market. While we strongly believe this is the right decision, it was not made in haste nor without consideration for our dedicated Russian colleagues.”
Last week Marsh McLennan revealed it will exit all of its businesses in Russia, while Aon said it had suspended operational activity in Russia and put its staff in the country on paid leave.
Aon CEO Greg Case said this was due to the escalation of the conflict in Ukraine which has continued to cause “the senseless loss of life to innocent civilians, and the intentional destruction of schools, civilian property and infrastructure”.
“Right now, our primary focus is on the safety and wellbeing of our colleagues in Ukraine and our colleagues’ families, and those in Russia who might be adversely impacted,” he added.
“And we will continue to monitor the situation to determine if we will take further actions.”
Similarly Dan Glaser, president and CEO of Marsh McLennan, said the firm condemned “the unprovoked attack by the Russian government against the people of Ukraine”.
“Having watched with horror the tragic human toll in Ukraine, we feel compelled to take this action,” he added.
“We intend to transfer ownership of our Russian businesses to local management who will operate independently in the Russian market.
“This is not a decision that we have taken lightly, and we join all those calling for a swift and peaceful resolution to this deadly conflict.”