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Economic impact of the Ukraine crisis

The conflict in Ukraine is likely to have a long-lasting effect on business and industry sectors and the wider global economy. This page brings together news, reports, data and other resources.

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Latest Insights

Influencing policy to support you: May 2024
  • Article
  • 31 May 2024
ICAEW has been meeting with MPs to discuss economic growth and the opportunities offered by technology, as well as giving evidence to parliament on audit reform and the effectiveness of sanctions on Russia.
Russia exit failures put businesses on the back foot
  • Article
  • 03 Apr 2023
Following the invasion of Ukraine, many companies pledged to withdraw their business operations from Russia. A year on, many are still there, risking stakeholder revolts.
Ukraine: further sanctions against Russia announced
  • Article
  • 09 Mar 2023
One year on from the start of the conflict, the UK, US and EU have announced new sanctions on export bans regarding military components and equipment.

Impact on industry sectors

Over 1,000 companies have curtailed operations in Russia—but some remain
  • 15 Sep 2025
  • Yale School of Management

Searchable list of companies around the world, across industry sectors, in categories covering those which have withdrawn from Russia, suspended operations, scaled back operations, postponed plans and those which are continuing operations as usual.

Ukraine harvest and exports behind in 2025
  • 29 Jul 2025
  • Agriculture and Horticulture Development Board
Data and analysis of Ukraine's exports of cereals and oilseeds compared to 2024 showing a decline in production and export capacity. This could create export opportunities for the UK and other grain producers.
Future European Union gas imports: balancing different objectives
  • 03 Jul 2024
  • Bruegel
Analysis of gas import and export data outlining potential scenarios as the EU aims to end all Russian gas imports by 2027. It looks at diversification of sources and access to global reserves, as well as strategic criteria.
Global impact of war in Ukraine on food, energy and finance systems
  • 02 Aug 2022
  • UNCTAD

Brief from UNCTAD providing data on food and energy markets and countries with significant exposure to supply shocks. Also covers the impact of the war on global supply chains and financial markets. Further briefings were published on the cost-of-living crisis and energy crisis.

The importance of Ukraine and the Russian Federation for global agricultural markets and the risks associated with the war in Ukraine
  • 10 Jun 2022
  • FAO
Report from the Food and Agriculture Organization of the United Nations, looking at the structure of global agricultural markets, the leading role played by Ukraine and Russia and recent price trends. Reviews the main market risks associated with the conflict and assesses the impacts on global food supplies and food security.
The Ukraine war and threats to food and energy security
  • 13 Apr 2022
  • Chatham House
Paper from policy institute Chatham House examining the direct impacts of the conflict on the energy, food and fertilizer markets. Considers the potential for cascading economic, social and security risks around the world and the ways in which policy and market responses may mitigate or exacerbate these risks.
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Support for members during the Ukraine crisis

Resources
Resources for members

Chartered Accountants from across the membership have reached 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.

Doing business in ...
Guides to affected countries

ICAEW's Library and Information Service produces guides for members who are considering doing business in overseas countries. There are separate guides for Ukraine and its neighbours, all of which include updates on the latest sanctions and restrictions.

Support
caba

caba is the charity for Chartered Accountants, supporting past and present ICAEW members, ACA students and their close families from across the globe. "We help the ICAEW community through everyday situations to exceptional life-changing circumstances."

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