TMF Group, the Netherlands-based provider of compliance and administrative services, has become the first independent administrator to publicly announce that it will stop services to Russian clients.
In a statement, TMF said: “Given the complex interplay between individuals, institutions and government in Russia, TMF Group has decided to exit all work for clients with a Russian UBO. That decision will now be worked through our global offices. Separately, TMF Group has offices in Russia helping our North American, European and Asian clients operate there and will continue to maintain services to them.”