Global broking and advisory firm WTW announced it would withdraw all of its businesses in Russia on Sunday.
The move follows similar ones announced by brokers Marsh McLennan and Aon late last week.
According to WTW CEO Carl Hess, WTW intends to transfer ownership of its 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,” he said in a statement.
“We continue to be dismayed by the crisis in Ukraine. WTW remains steadfast in our support for all our colleagues and their families in the region who have been affected. We wholeheartedly wish for a peaceful solution,” Hess said.
Marsh McLennan and Aon announced their moves last Thursday.
MMC President and CEO Dan Glaser, like Hess at WTW, said the professional services firm intended 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,” Glaser said in a statement reporting that MMC would exit all of its businesses in Russia.
“We condemn 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 said.
According to a Reuters report, Aon suspended its Russia operations and put staff in Russia on paid leave. “We will continue to monitor the situation to determine if we will take further actions,” said Greg Case, CEO of Aon.