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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

ICAEW updates on the Ukraine Crisis: March 2022
  • Article
  • 29 Mar 2022
Following a raft of updates coming from the Ukraine crisis, ICAEW has rounded up the financial implications, law changes, and sanctions from the last month which accountants need to know.
Self assessment and Ukraine crisis fraud prompts warnings
  • Article
  • 28 Mar 2022
HMRC and the Charity Commission have both released guidance for avoiding self assessment scammers and bogus charities attempting to exploit the public.
Ukraine crisis: the supply chain impacts
  • Article
  • 25 Mar 2022
The conflict in Ukraine has created a number of challenges for manufacturers, from rising prices and availability of raw materials to keeping abreast of the latest sanctions.
Sanctions moving the goalposts on football governance
  • Article
  • 17 Mar 2022
While the world watches with alarm as war rages in Ukraine, the shockwaves from sanctions imposed against Russia are being felt on home turf by football’s Premier League.
Ukraine crisis: the economists’ view
  • Article
  • 16 Mar 2022
Four economists give their views on the conflict in Ukraine, Russian sanctions, and how the world’s economy will be affected in the longer term.
Deloitte assesses the global economic effect of the Ukraine crisis
  • Article
  • 08 Mar 2022
From economy-crippling sanctions to hiked commodity prices, Deloitte economists consider the economic ripple effect from Russia’s invasion of Ukraine.
Business Finance Council flags business funding woes
  • Article
  • 03 Mar 2022
The financial knock-on effect of war in Ukraine propels SME access to finance up the government agenda in a discussion on the barriers faced by businesses.
Chart of the week: UK Armed Forces
  • Article
  • 24 Feb 2022
Our chart of the week puts the spotlight on defence, illustrating how the UK’s regular forces have more than halved over the past 40 years. The big question is, are further reductions planned over the next few years still realistic in light of the invasion of Ukraine by Russia?

Global outlook

OECD Economic Outlook
  • 01 Mar 2022
  • OECD

Presents a useful global picture of current developments, including a special report on the Economic and Social Impacts of the War in Ukraine that shows how the impact of the war will be felt much farther afield than Europe.

How war in Ukraine is reverberating across world's regions
  • 15 Mar 2022
  • International Monetary Fund
IMF blog post summarising the impact of the war on the entire global economy. Includes graphs showing the effect on energy, grains and metal prices since the invasion.
The Economic Costs of the Russia-Ukraine Conflict
  • 02 Mar 2022
  • National Institute of Economic and Social Research
Paper which looks at the GDP cost of the conflict for the UK and global economies, including the spillover effects of a disruption to supply chains of agricultural products and commodities.
The crisis in Ukraine: Implications of the war for global trade and development.
  • 11 Apr 2022
  • WTO
Analysis from the WTO of the impact of the war in Ukraine on the global economy. Explores different mechanisms through which global trade could be affected and possible short-run and long-run effects.

Impact on industry sectors

Almost 1,000 companies have curtailed operations in Russia—but some remain
  • 05 May 2022
  • 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.

The impact on trade and development of the war in Ukraine
  • 16 Mar 2022
  • United Nations Conference on Trade and Development

UNCTAD rapid assessment report. It provides data on food items and countries exposed to supply shocks, the impact on transport and trade routes, and issues related to finance, investment and sustained energy transition.

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.
Global impact of war in Ukraine on food, energy and finance systems
  • 13 Apr 2022
  • UNCTAD
Brief from UNCTAD providing data on food and energy markets and countries with siginifcant exposure to supply shocks. Also covers the impact of the war on global supply chains and financial markets.
The impact of the war in Ukraine on food security
  • 21 Mar 2022
  • Bruegel
Post from the European think tank Bruegel which warns that the full impact of the war will not be felt until the next crop season and highlights the risk for vulnerable countries facing export bans, high prices and increasing transport costs.
The decoupling of Russia: software, media and online services
  • 22 Mar 2022
  • Bruegel
Post from the European think tank Bruegel which looks at the current picture in the sector and the complex impacts of the decoupling.  
ICIS topic page: Ukraine
  • 05 May 2022
  • ICIS
Regularly updated page from Independent Commodity Intelligence Services which examines the impact of the Ukraine conflict on oil, gas, fertilizer and chemical markets.
Food security implications of the Ukraine conflict
  • 11 Mar 2022
  • UN World Food Programme
Report discussing the impact of the conflict on global food and energy markets and how food prices and access to food in different parts of the world will be affected.

Impact on the UK and other regions

Defeating Putin: the development, implementation and impact of economic sanctions on Russia
  • 23 Mar 2022
  • UK Parliament

Treasury Committee report published as part of the inquiry on effective economic sanctions. The section Economic impact upon the UK details the impact of sanctions on oil and gas, and significant impacts on UK cost of living.

Economic repercussions of Russia’s war on Ukraine – Weekly Digest
  • 18 Mar 2022
  • European Parliament

In-depth analysis examining sanctions imposed and adopted, impacts on the EU banking and financial sector, latest estimates on economic growth and inflation, and consequences on global commodity and food prices such as wheat and cereals.

Same shock, different effects: EU member states’ exposure to the economic consequences of Putin’s war
  • 07 Mar 2022
  • Hertie School Jacques Delors Centre

Policy brief providing data and analysis of risks to different EU countries and industries. It examines trade relations; exports and imports; dependence on natural gas, oil, petroleum and solid fuel imports from Russia; and rising energy prices on world markets.

Russia-Ukraine war: how could it affect the UK economy?
  • 03 Mar 2022
  • Institute for Government
Explainer that looks at the direct exposure of the UK through trade/financial markets plus indirect exposure through energy/commodity markets and global supply chains.
Market impact of Ukraine conflict
  • 05 May 2022
  • Agriculture and Horticulture Development Board
Latest data, analysis and insight from the Agriculture and Horticulture Development Board on how the conflict in Ukraine could affect UK arable and livestock markets.

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
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