Ukraine and Russia: a crisis for the world
What does it mean for accountants?
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.
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.
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 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.
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.
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
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.Find out more
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.Find out more
Help, advice and support
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.
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.
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.
Support for members during the Ukraine crisis
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.
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.
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.