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Sanctions on 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. This page provides links to official documents and guidance from each jurisdiction.

Latest Insights

Sanctions on accountancy and auditing services

United Kingdom

The UK announced a ban on professional services exports to Russia on 4 May 2022. This was implemented in SI 2022/850 (amending The Russia (Sanctions) (EU Exit) Regulations 2019) and came into force on 21 July 2022. The sanctions cover accountancy, management consulting, and PR services. The statutory guidance Russia sanctions: guidance was updated by the Government on 21 July 2022 to reflect the changes.

The revised regulations are considered in the article Prohibition on provision of accountancy services to Russia comes into force (Insights, 21 July 2022) along with suggested action points for ICAEW member firms.

The UK announced additional services sanctions on 30 September 2022, which include a ban on auditing services and transactional legal advisory services.

European Union

The EU announced a package of sanctions on 3 June 2022, which includes a prohibition on the provision of consulting services to Russia. The sanctions include accounting, auditing, bookkeeping, tax consulting services, business and management consulting, and PR services. The Council Regulation (EU) 2022/879 gives a detailed list of which services are prohibited and a number of exceptions (see paragraphs 23-26 and articles to be amended). The deadline for cessation of activities was 5 July 2022.

On 24 June 2022 the EU Commission published an updated FAQ on the prohibition of the provision of business services.

United States

The US announced measures on 8 May 2022 that include a ban on the provision of accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation. The US Treasury subsequently published a FAQ on the prohibitions, clarifying what is covered by the terms "accounting," "trust and corporate formation," and "management consulting" services.

Sanctions imposed by the UK

Sanctions imposed by the EU and Europe

Sanctions imposed by the US and Canada

Sanctions imposed by other jurisdictions

Counter-sanction measures imposed by Russia

Looking for information on counter-sanction and business support measures announced by Russia? We provide links to summaries of new regulations adopted since 24 February 2022 in English and Russian.

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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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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