Exporting to Russia

Update on sanctions

UK

Since March 2014, the UK has imposed financial sanctions to encourage Russia 'to cease actions which destabilise Ukraine, including actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine'. A first package of sanctions was announced by the UK Government on 24 February 2022 in the immediate aftermath of the invasion of Ukraine, followed by a series of further sanctions packages. For the latest guidance check UK sanctions on Russia, the UK Sanctions List and Guidance: Russian sanctions pages on the UK Government website.

The UK Government has published a number of Notices to exporters that cover sanctions in areas ranging from aviation insurance to services relating to vessels.

In addition to this, the Export Control Joint Unit hosted a webinar for exporters on 24 March 2022 covering the scope and application of trade sanctions; financial sanctions; the export support service; and enforcement of trade sanctions. A recording of the webinar is available to watch.

The UK Government's export support team are available to help answer questions about trading with Ukraine, Russia or Belarus through their dedicated online service and telephone helpline.

European Union

The EU has imposed economic sanctions in response to the annexation of Crimea, targeting specific sectors of the Russian economy and individuals, since March 2014. On 23-24 February 2022, the European Council agreed on a new package of sanctions against Russia. For the latest guidance check EU sanctions against Russia over Ukraine crisis page on the European Union website.

United States

Information about the sanctions imposed by the US Government can be found on the Ukraine-/Russia-related Sanctions page on the U.S. Department of the Treasury website.

More information

To find out more about what the sanctions mean for accountants, please check our Ukraine crisis: central resource hub.

Update on export finance

On 15 March 2022, the UK government announced it will no longer issue any new guarantees, loans and insurance for exports to Russia and Belarus: UK cuts off export finance support to Russia and Belarus.

Export guides 

EU Access2Markets
European Commission
Toolkit for businesses exporting from the EU or importing into member states. Information on tariffs, taxes, procedures, rules of origin, trade barriers, services, and procurement.

Economic and political outlook

ICAEW members, ACA students and other entitled users can access a regularly updated report providing assessment of the short, medium and long term outlook for Russia. The publication includes a five year forecast for key indicators, including economic growth and inflation. It also features analysis of labour markets, exchange rates, economic development, external trade, natural resources and key industry sectors.

You will need to be logged-in to the website to gain full access to this collection.

More forecasts and indicators

EIU country profile: Russia
Economist Intelligence Unit
Up-to-date highlights covering the economy, political outlook, credit risk, regulatory assessment, business environment and key industry sectors.

Trade data

Russia: Economic indicators
Trading economics
Information, including historical data, for a range of economic indicators, exchange rates, stock market indexes, government bond yields and commodity prices. Data is based on official sources, and facts are regularly checked for inconsistencies.

Business environment

On our Doing Business in Russia page you can find information on the business environment, local law and support networks.

Industry reports

View the latest reports on key industries in Russia, including data on market value, market segmentation, competitive landscape, leading companies in the industry, market forecasts and demographics.

You will need to be logged-in to the website to gain full access to this collection.

Companies

We can help ICAEW members locate financial data and reports for companies in this country through our company research service.

Risk and insolvency

Economic studies: Russia
Coface
Profile regularly updated by the credit insurance group. It gives a general risk assessment alongside major macro-economic indicators.

Country Report Russia 2021
Atradius
Report analysing the current insolvency environment and overall economic situation. The report gives key economic indicators, main import sources, main export markets and forecasts the performance of major industry sectors.

Further reading

• View a list of articles and books in our collection on Russia
• View a list of books in our collection on exporting in general
• View a list of articles in our collection on exporting in general

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports by post or email through our document supply service.