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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

Influencing policy to support you: May 2024
  • Article
  • 31 May 2024
ICAEW has been meeting with MPs to discuss economic growth and the opportunities offered by technology, as well as giving evidence to parliament on audit reform and the effectiveness of sanctions on Russia.
Ukraine: further sanctions against Russia announced
  • Article
  • 09 Mar 2023
One year on from the start of the conflict, the UK, US and EU have announced new sanctions on export bans regarding military components and equipment.
The accountant keeping firms on the right side of the law
  • Article
  • 19 Aug 2022
Five years working on the Robert Maxwell insolvency, an inquiry into payments transfers in the Premier League, and running KPMG’s forensic business in Russia have served Nigel Layton well, as he helps clients navigate complex supply chain due diligence.
OECD: the heavy global price of Russia’s war against Ukraine
  • Article
  • 20 Jun 2022
Russia’s invasion of Ukraine immediately slowed the recovery from the COVID-19 pandemic and set the global economy on a course of lower growth and rising inflation.
Why it pays to prepare for an economic crisis
  • Article
  • 04 May 2022
The Ukraine conflict highlights how unpredictable global risks can be. In this environment, it helps to plan for the worst. Abigail Harper suggests six key areas of focus.
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.
Spring Statement: An overview of tax measures from ICAEW’s Tax Faculty
  • Article
  • 23 Mar 2022
Chancellor Rishi Sunak delivered his Spring Statement 2022 against a backdrop of war in Ukraine. Aside from the terrible human cost, the war is now also exacerbating a cost of living crisis. Frank Haskew, ICAEW’s Head of Taxation Strategy, summarises the Spring Statement announcements and their potential impact

Global outlook

OECD Economic Outlook
  • 01 Jun 2022
  • OECD
Presents a useful global picture of current developments. The June 2022 edition concludes that the war in Ukraine is slowing the global recovery and highlights the reduced country-by-country growth projections for 2022.
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.
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 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.
Economic and Social Impacts of the War in Ukraine
  • 01 Mar 2022
  • OECD
Special report from the OECD that shows how the impact of the war will be felt much farther afield than Europe. The report looks at the impact of the war on global recovery and how the war has affected the prices of the principal export commodities from Russia and Ukraine.

Impact on industry sectors

Over 1,000 companies have curtailed operations in Russia—but some remain
  • 21 Jul 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 importance of Ukraine and the Russian Federation for global agricultural markets and the risks associated with the war in Ukraine
  • 10 Jun 2022
  • FAO
Report from the Food and Agriculture Organization of the United Nations, looking at the structure of global agricultural markets, the leading role played by Ukraine and Russia and recent price trends. Reviews the main market risks associated with the conflict and assesses the impacts on global food supplies and food security.
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.
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 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.
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.  
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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.
How bad is the Ukraine war for the European recovery?
  • 14 Jun 2022
  • European Investment Bank

Report by the European Investment Bank analysing the economic shock caused by the war, and the reverberations felt by EU households, firms, banks and governments. According to the report, higher energy prices and trade disruptions could destabilise EU firms already weakened by the pandemic.

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.

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