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ICAEW updates on the Ukraine Crisis: March 2022

Author: ICAEW Insights

Published: 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.

Need to know

Ukraine crisis: the cyber threat from Russia is real: As politicians and businesses take a public stance against Russia, members should be prepared for some kind of retribution from its cyber agents.

Help for Ukrainians: “You can give them their dignity”: ICAEW member and British-Ukrainian citizen Zhenia Shevchenko shares her personal testimony about the war in Ukraine and how the profession – and others – should respond.

Ukraine crisis: how firms need to react: BDO’s Angela Foyle discusses the challenges that Russian sanctions pose for firms, the impacts of the Economic Crime Act, and forthcoming Companies House reform.

Ukraine crisis: the supply chain impacts: 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.

Ukraine crisis: where does your auditor stand? Understanding your auditor’s Russian trading position is key to audit committees managing potential reputation and sanction risks, experts warn.

Ukraine crisis highlights need for scenario planning: Uncertainty in business is rife – no more so than at the moment. But having formalised risk management processes in place allow you to better respond to changing circumstances.

PBSC presses Home Office to ease visa rules for Ukrainians: The Professional and Business Services Council (PBSC) has written a letter to the Home Secretary urging her to go further in relaxing visa rules for Ukrainian refugees.

Ukraine: impact on football sector: 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.


Sanctions on Russia

War in Ukraine: Considering the impact on group auditors: UK group auditors with overseas component auditors face several challenges and issues in light of the Ukraine conflict.

Ukraine crisis: economists' views on the impacts: 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.

War in Ukraine: the corporate reporting implications: ICAEW issues guidance after the Financial Reporting Faculty warns that the economic knock-on effects could be felt widely by business.

War in Ukraine: the auditing implications: The tragic circumstances in Ukraine mean that for many, there are much more important issues at hand and the possibility of ‘business as usual’ is not realistic, including carrying out audits.

Russia sanctions: reputational risk cannot be understated: In the light of international sanctions, ICAEW members are urged to look hard at any connections with Russia among their clients and perform careful due diligence.

Fresh sanctions as Russia invades Ukraine: The UK government has issued fresh sanctions on Russia as troops move into Ukraine. What does this mean for accountants?

Ukraine crisis: how firms are responding: Large firms take action as the Russia-Ukraine conflict continues, cutting ties with their Russian arms and working to get their employees out of Ukraine.

Ukraine crisis: assessing the economic impact: From economy-crippling sanctions to hiked commodity prices, Deloitte economists consider the economic ripple effect from Russia’s invasion of Ukraine.


Economic Crime Bill:

ICAEW supports passing of Economic Crime Act: On 14 March 2022, the Economic Crime (Transparency and Enforcement) Act 2022 became law, following substantial amendments made by the House of Lords. Here’s a summary of what it changes.

ICAEW supports amendments to Economic Crime Bill: A number of amendments have been made to the draft Economic Crime Bill, addressing some of ICAEW’s concerns.

Economic Crime Bill: ICAEW responds: ICAEW welcomes the publication of the Economic Crime Bill but expresses concerns about the length of the transition period and the risk of false or misleading information being entered onto the new register of overseas entities.

Ukraine: government brings forward Economic Crime Bill: The long-awaited Economic Crime (Transparency and Enforcement) Bill has been released in draft form as events in Ukraine call for increasingly tougher sanctions against Russia.


Member helpsheets and guidance:

Russian sanctions: how to check your client base: In light of international sanctions against Russia, members should turn to open sources of information as part of their client due diligence. ICAEW’s video offers useful pointers.

Self assessment and Ukraine crisis fraud prompts warnings: HMRC and the Charity Commission have both released guidance for avoiding self assessment scammers and bogus charities attempting to exploit the public.

CCAB publishes joint guidance on Russia sanctions: The Consultative Committee of Accountancy Bodies has issued joint guidance for the profession on the situation in Ukraine.

How to help colleagues or family in Ukraine: Many ICAEW members have employees, colleagues, or friends and family in Ukraine. Here is some guidance on how to respond amid the crisis.

Ukraine crisis: how to manage well-being: With increased workloads as the result of changing sanctions and possible connections with Ukraine or Russia, accounting firms and teams must look after their well-being.


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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.

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Support for members during the Ukraine crisis

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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.

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.

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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.