Global compliance and administrative services provider TMF Group will cease all business with Russian clients.
The company helps firms meeting regulatory standards in over 85 jurisdictions and it currently serves around 8,000 customers.
Its main goal is to make sure that investors, their sources of funding and the structures they use are legitimate.
The decision to stop business with Russian clients came as 750 parties were sanctioned by authorities in the US, UK and EU.
TMF said that as soon as soon as parties are added to the list of sanctions – whether individuals or organisations – it “immediately suspends any service to them, pending a discussion with the relevant regulator and a process to determine the appropriate course of action”.
So far, just a handful of TMF mandates have been affected by the sanctions, it added.
Mark Weil, TMF Group’s chief executive, said: “When regulators set new standards for the kind of clients and business they want to see come into their country, we are the primary way in which those standards are enacted.
“As such, we are both a first line of defence for our clients and for the countries we operate in. Our decision is an important signal of our intent to play that role to the full.”
The firm is the latest one to decide to cut ties with Russia and customers linked to the country following the invasion of Ukraine two weeks ago. Insurance giant Generali announced last week it was severing all business ties with the country.
