Earlier this month, CCAB, the umbrella group for qualified accountants in the UK and Ireland, issued a reminder to accountants to consider their legal and professional obligations and ensure that their client bases are not trading with any sanctioned Russian companies and institutions.

These legal and professional obligations in relation to sanctions apply to accountants in both business and practice as well as those working in the public sector, charity and not-for-profit sectors.

This means that the sanctions on Russia are likely to impact the majority of accountants in some way, shape or form.