The implications of the horrific war in Ukraine are only just beginning to be understood, Marco Forgione writes. The Russian invasion has resulted in a raft of sanctions on Russia, which have caused an economic crisis for Russian citizens.
The UK government is to be congratulated for its efforts on the international stage in helping coalesce a united response. The way in which government departments, notably the Department for International Trade (DIT), have acted to make sure that clear and timely advice is available for those potentially impacted by the sanctions.
Human cost
But the business cost of war is always secondary – the human cost is the most important. My heart goes out to the people in Ukraine who are currently living in fear or those hundreds of thousands who have been displaced.
The Institute of Export & International Trade (IOE&IT) stands in solidarity with the people of Ukraine. We are in the process of organising our own response to help those fleeing the war by providing direct support and assistance to address the immediate needs. We are also looking how we can help any Ukrainian citizens settle in the UK to rebuild their lives.
We will be announcing more on this in the coming days. Much like our appeal to help those fleeing Afghanistan last year we’ll be finding a suitable charity with whom to partner and help directly.
Sanctions
In regard to the sanctions that have been imposed on Russia, the IOE&IT has acted quickly to liaise with DIT to ensure that traders have access to information, advice and guidance to make sure that they comply with these. It is important that business adhere to the sanctions put in place.
We have mobilised our trade experts to put together a free webinar on how to do that. The free one-hour webinar will take place on Wednesday 2 March at 11am-12 noon and I urge all businesses to attend this session to ensure you continue to trade compliantly in these turbulent times.
Useful links
You can also read the latest advice from the government on the situation; below are some links that you might find useful.
Latest government update to the Russia sanctions: http://ow.ly/1qJC50I5ya4
Consular support is available to British nationals in Ukraine and Russia.
- Ukraine: http://ow.ly/52TJ50I5ylN
- Russia: http://ow.ly/Bh4y50I5yqh
The webinar will feature IOE&IT trade experts covering:
- An overview of trade sanctions against Russia (as they stand currently) including the sectors most affected and the commodity codes impacted
- Key principles of sanctions compliance: know your customer, your products and their final destination
- Impact on indirect trade (‘Tier 2 supply chain’) with Russia and advice on how to manage this
- Impact on payment
- Where to get further information and guidance
You can find a full list of speakers and register your place on the session by clicking below.
We pray that this war comes to a swift end for the sake of all those on the front line of attack in Ukraine and also to the Russian people who are themselves suffering because of this unjust war.
The whole IOE&IT team is committed to use all our efforts to help, and to the people of Ukraine, stay strong in your fight against aggression and oppression.
