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Ukraine crisis: central resource hub

Resources, news and features on the impact of the Ukraine crisis on accountancy, business and the wider economy. Learn about the actions that ICAEW members are taking to ensure that their clients comply with sanctions imposed by different countries and jurisdictions, and discover the support available from ICAEW.

12 Mar: UK outlines first sanctions strategy 8 Feb: UK extends tariff-free trade with Ukraine until 2029

Ukraine and Russia: a crisis for the world

US Protest against Ukraine conflict

Sanctions against Russia and Belarus

The UK, US, EU and many other countries have imposed economic sanctions on Belarus and Russia in response to the annexation of Crimea in 2014 and the invasion of Ukraine in 2022, targeting specific sectors of the Belarusian and Russian economy and individuals. Discover more about the various rules and their impact on different sectors and countries.
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Image of Kiev and River Dnieper

Financial support for Ukraine

Western governments are increasing their levels of support for the embattled Ukrainian economy - by easing access to markets, offering loan guarantees and providing military hardware. During April the UK government announced a raft of measure and more are likely to follow.
More on the trade and tariff changes

What does it mean for accountants?

City of London
Ethical considerations

All members of the profession need to be aware of their ethical obligations in relation to compliance with sanctions regimes imposed by the UK Government and their statutory duties to report any instances of non-compliance with the sanctions regime.

A building visible in the gap between two tall office buildings at dusk
Audit and corporate reporting resources

With the crisis in Ukraine escalating, the impact on audit and corporate reporting is becoming more pronounced. ICAEW is monitoring events and issuing guidance to assist firms and businesses as appropriate.

Ukrainian flag flying outside Chartered Accountants Hall
Other technical resources

The repercussions of the conflict between Russia and Ukraine are now being felt across finance and industry, and accountants are faced with many challenges when dealing with companies that have ties with, or operate in the region.

Impact of the conflict

The Kremlin, Russia
Economic fallout

The economic damage is already starting to be felt worldwide with a growing realisation that there are likely to be long-lasting impacts. The world could be facing a combination of higher energy and food prices, weaker economic growth and rising inflation.

President Putin
Economic crime

Economic crime is of increasing concern to government, business and other organisations, made more urgent by the crisis in Ukraine and the imposition of sanctions against Russia and Belarus. The UK parliament passed the Economic Crime (Transparency and Enforcement) Act in March 2022 in response to the events in Ukraine.

Aerial shot of the National Museum of the History of Ukraine in the Second World War, Kyiv
Cyber security

The UK's National Cyber Security Centre has advised all organisations to act following Russia’s attack on Ukraine. It recommends that organisations should follow NCSC advice and act on improving their resilience with the cyber threat heightened. ICAEW's own cyber security hub contains advice, articles and webinars for finance professionals.

Doing business in Ukraine and neighbouring countries

Flag of Belarus

A guide to the economic sanctions imposed by the UK, US, EU and others in response to the involvement of Belarus in Russia's invasion of Ukraine, along with other aspects of doing business in Belarus.

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Flag of Russia

A guide to the economic sanctions imposed by the UK, US, EU and others in response to Russia's annexation of Crimea in 2014 and its invasion of Ukraine in 2022, along with other aspects of doing business in Russia.

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Flag of Ukraine

The latest developments on the situation in Ukraine and an overview of the support available.

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Help, advice and support

Whitehall, London.
Export Support Service

The Export Support Service is the first point of contact for business and trade enquiries relating to Ukraine, Russia or Belarus. Businesses can submit an enquiry to DIT’s Digital Enquiry Service or call the helpline.

Detail of the Houses of Parliament
Office of Financial Sanctions Implementation

The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented and enforced in the United Kingdom. Enquiries relating to asset freezing or other financial sanctions should be submitted to OFSI.

Chartered Accountants Hall
Technical and Ethics Advisory Services

ICAEW Members can contact our free confidential helpline for advice and support on technical, ethical, anti-money laundering and fraud issues.

ICAEW latest on the conflict

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Support for members during the Ukraine crisis

Ukranian and Russian flags
Webinars, podcasts and events

ICAEW is continuously looking at ways to keep members informed about the latest developments in the conflict. To this end we are producing webinars, podcasts and events on different aspects of the war.

View from behind of friends with their arms around each other's backs in unity
Looking after yourself and those close to you

Many ICAEW members have employees, colleagues, or friends and family in Ukraine. Others are also facing increased workloads as a result of the crisis. We have resources that could help.

A person typing at a laptop.
Resources for members

Members have been reaching out to share how they are responding to the sanctions. Many are re-screening all clients with connections to Russia. Here are some of the key resources to help you respond to clients' concerns.