Ukraine/Russia – Update
1 March 2022
1 March 2022
Like people around the world, we are shocked and deeply concerned by the horrific actions in Ukraine. Our CEO Tim Doggett is being regularly briefed by Government on the situation and we will do our utmost to keep you informed and up to date on relevant matters.
As part of this, Government have asked us to share the following guidance;
“The situation in Ukraine and Russia will continue to change over the coming days and weeks. This may involve further sanctions which could affect UK business. We recommend companies to refer to gov.uk on all the latest guidance on sanctions relating to exporting to Russia. The links below refer to 2019 and the latest 2022 financial sanctions relating to Russia.
• UK Sanctions Relating to Russia: https://www.gov.uk/government/collections/uk-sanctions-on-russia
• Russian Sanctions: Guidance: https://www.gov.uk/government/publications/russia-sanctions-guidance
• Financial Guidance, Russia: https://www.gov.uk/government/publications/financial-sanctions-ukraine-sovereignty-and-territorial-integrity
Companies doing business with countries subject to sanctions must accept the risks of doing so, just as they accept other political and market risks.
UK companies will need to immediately adjust their business if they are undertaking activity with those that HMG have newly designated on 22 February. We suggest you take legal advice if you suspect your business could be impacted.
You can stay up to date with the latest government notifications on export controls by signing up to the Export Control Joint Unit (ECJU) e-alert service.
Notice to Exporters e-alerts: https://public.govdelivery.com/accounts/UKECO/subscriber/new .”
It would also be very useful if you can inform us of any impact to your business as this allows us to provide feedback, and if any of the following apply to you, please let us know.
1 Do you import from or export to Ukraine or Russia?
2 Are you experiencing or do you anticipate any raw material shortages as a result of the situation in Ukraine?
3 Has the situation caused any logistical issues such as delays or lack of availability?
4 Have you seen any cost increases, for example due to fuel prices?
5 Do you have any direct or indirect consequences due to sanctions?
Further information from:
CBA Chief Executive