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Russia

The UK, US, EU and many other countries have imposed economic sanctions in response to the annexation of Crimea in 2014 and the invasion of Ukraine in 2022, targeting specific sectors of the Russian economy and individuals.
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The UK, US, EU and many other countries have imposed economic sanctions in response to the annexation of Crimea in 2014 and the invasion of Ukraine in 2022, targeting specific sectors of the Russian economy and individuals. For the latest guidance on sanctions check the UK government's hub at Russian invasion of Ukraine: UK government response, the EU sanctions against Russia over Ukraine crisis page on the EU website and the Ukraine-/Russia-related Sanctions page on the US Department of the Treasury website.

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

Latest on the crisis in Ukraine

Our latest ICAEW Insights articles on the crisis in Ukraine and its impact on the region.

New unit helps businesses comply with UK trade sanctions
  • Article
  • 22 Oct 2024
The Office of Trade Sanctions Implementation has new and enhanced powers to crack down on businesses in breach and make sure UK sanctions are effective.
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.
UK government outlines new sanctions strategy
  • Article
  • 11 Mar 2024
Two years on from the start of the war in Ukraine, the UK government has set out a sanctions strategy that strengthens its capability.
Russia exit failures put businesses on the back foot
  • Article
  • 03 Apr 2023
Following the invasion of Ukraine, many companies pledged to withdraw their business operations from Russia. A year on, many are still there, risking stakeholder revolts.
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Sanctions on Russia

The UK, US, EU and many other countries have imposed economic sanctions on Russia in response to the annexation of Crimea in 2014 and the invasion of Ukraine in 2022, targeting specific sectors of the Russian economy and individuals.

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

 

UK sanctions on Russia
  • GOV.UK
UK government guidance on the UK's current sanctions regime relating to Russia.
UK Sanctions List
  • GOV.UK
Find out which people, entities and ships are designated or specified under regulations made under the Sanctions and Anti-Money Laundering Act 2018, and why.
EU restrictive measures in response to the crisis in Ukraine
  • European Council
Information on the latest sanctions against Russia agreed by the European Council. Includes a Timeline of EU restrictive measures in response to the crisis in Ukraine.
EU sanctions whistleblower tool
  • European Commission

Use this tool to anonymously share information about possible violations of EU sanctions on the European Commission's secure online platform.

Disclaimer

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

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Economic impacts of the Ukraine crisis

Resources on the global economic impacts of the Ukraine crisis.

How bad is the Ukraine war for the European recovery?
  • Website
  • 14 Jun 2022

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.

The importance of Ukraine and the Russian Federation for global agricultural markets and the risks associated with the war in Ukraine
  • Website
  • 10 Jun 2022
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.
OECD Economic Outlook
  • Website
  • 01 Jun 2022
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.
Market impact of Ukraine conflict
  • Website
  • 05 May 2022
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.
ICIS topic page: Ukraine
  • Website
  • 05 May 2022
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
  • Website
  • 13 Apr 2022
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
  • Website
  • 13 Apr 2022
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 crisis in Ukraine: Implications of the war for global trade and development.
  • Website
  • 11 Apr 2022
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.
Disclaimer

ICAEW accepts no responsibility for the content on any site to which a hypertext link from this site exists. The links are provided 'as is' with no warranty, express or implied, for the information provided within them. Please see the full copyright and disclaimer notice.

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Topics in depth

Man with calculator working out accounts
Accounting in Russia
Find accounting standards, local contacts and background knowledge.
Glasses on table
Doing business in Russia
Find business guides, support networks and help on importing and exporting.
Apple pay iphone retail shopping
Tax in Russia
Look up tax rates, the latest tax news and information on double taxation treaties.

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