Ethical considerations

All members of the profession need to be aware of their ethical obligations in relation to compliance with sanctions regimes imposed by the UK Government and their statutory duties to report any instances of non-compliance with the sanctions regime.

• Insights podcast: Making sense of Russia
• Ban on accountancy services in force
• Locking Russia out of UK accountancy
• Reputational risk cannot be overstated
• CCAB joint guidance on Russia sanctions

Audit and corporate reporting resources

With the crisis in Ukraine escalating, the impact on audit and corporate reporting is becoming more pronounced. ICAEW is monitoring events and issuing guidance to assist firms and businesses as appropriate.

• Ban on auditing services in force
• Ukraine: auditing implications
• Ukraine: corporate reporting impacts
• Ukraine: impact on group auditors
• Ukraine: where does your auditor stand
• ICAEW regulated audit firms guidance
• What the government’s ban on auditing services to Russia means for your clients
• View all...

Other technical resources

The repercussions of the conflict between Russia and Ukraine are now being felt across finance and industry, and accountants are faced with many challenges when dealing with companies that have ties with, or operate in the region.

• UK government outlines new sanctions strategy
• Ukraine: how firms need to act
• Ukraine: need for scenario planning
• Ukraine: guidance on OFSI licences
• Tax and NIC for employees relocating
• UK ban of accountancy services to Russia

Economic fallout

The economic damage is already starting to be felt worldwide with a growing realisation that there are likely to be long-lasting impacts. The world could be facing a combination of higher energy and food prices, weaker economic growth and rising inflation.

Economic crime

Economic crime is of increasing concern to government, business and other organisations, made more urgent by the crisis in Ukraine and the imposition of sanctions against Russia and Belarus. The UK parliament passed the Economic Crime (Transparency and Enforcement) Act in March 2022 in response to the events in Ukraine.

Cyber security

The UK's National Cyber Security Centre has advised all organisations to act following Russia’s attack on Ukraine. It recommends that organisations should follow NCSC advice and act on improving their resilience with the cyber threat heightened. ICAEW's own cyber security hub contains advice, articles and webinars for finance professionals.

• NCSC warns of threat from Russia

Belarus

A guide to the economic sanctions imposed by the UK, US, EU and others in response to the involvement of Belarus in Russia's invasion of Ukraine, along with other aspects of doing business in Belarus.

Russia

A guide to the economic sanctions imposed by the UK, US, EU and others in response to Russia's annexation of Crimea in 2014 and its invasion of Ukraine in 2022, along with other aspects of doing business in Russia.

Ukraine

The latest developments on the situation in Ukraine and an overview of the support available.

Export Support Service

The Export Support Service is the first point of contact for business and trade enquiries relating to Ukraine, Russia or Belarus. Businesses can submit an enquiry to DIT’s Digital Enquiry Service or call the helpline.

• Export Support Service home page
• +44 (0)300 303 8955

Office of Financial Sanctions Implementation

The Office of Financial Sanctions Implementation (OFSI) helps to ensure that financial sanctions are properly understood, implemented and enforced in the United Kingdom. Enquiries relating to asset freezing or other financial sanctions should be submitted to OFSI.

• OFSI website
• Email OFSI
• +44 (0)20 7270 5454

Office of Trade Sanctions Implementation

The Office of Trade Sanctions Implementation (OTSI) helps businesses comply with UK sanctions obligations and investigates trade sanctions breaches. OTSI is responsible for licensing relating to the provision of standalone services, including prohibited professional and business services.

• OTSI website
• Contact OTSI