In the early weeks of the war on Ukraine, an unprecedented number of firms announced they would cease operations in Russia as an act of protest against the invasion. But announcing a departure and actually shutting down business in a modern G8 economy are quite different animals.
One of the companies that announced a withdrawal was TMF Group, which offers compliance and administrative services to corporations that want to do business internationally. It has 125 offices around the world, and provides services in Ukraine and Russia, where, among other things, it has helped foreign companies invest in Russian bonds.
In February CEO Mark Weil announced that TMF Group be wrapping up any work with Russian clients, and would not take on any new clients who wanted to work in Russia but would continue to serve existing clients who were doing business in Russia. But it has been more complicated than...
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