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UK Government bans Russian businesses from using UK accountants

Liz Truss, the UK Foreign Secretary, announced on Wednesday 4 May that a ban on on services exports to Russia would come into force. The press release states “The new measures will mean Russia’s businesses can no longer benefit from the UK’s world class accountancy, management consultancy, and PR services, which account for 10% of Russian imports in these sectors.”

It is not yet clear what the practical implications of this will be. For example, it has not been confirmed whether a UK accountancy firm can continue to act for a UK subsidiary of a Russian parent company. 

In addition to the ban on professional services, additional Sanctions were introduced. 

The Government press release can be found here: https://bit.ly/39ETTie

An article from ICAEW discussing this further can be accessed here: https://bit.ly/3KLwKHC

If you haven’t seen our Sanctions and AML webinar yet, find out more here:Sanctions and AML flyer 

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