Ukraine crisis: Airmic resource page

11 March 2022 [Updated 5 June 2023]

The situation in Ukraine is a generation-defining crisis, with sweeping implications for businesses and organisations in the UK and around the world. Though this resource page, which will be regularly updated, Airmic seeks to provide a risk radar to keep our members and the wider risk and insurance community informed, organised by the following six key themes:

Cyber and information security
Economic impact and outlook
Geopolitics and sanctions
Insurance
People and travel
Supply chain disruption
General resources on the Ukraine crisis

1. Cyber and information security

19 April 2023 – National Cyber Security Centre (NCSC): NCSC warns of emerging threat to critical national infrastructure
28 March 2023 – Russia's War in Ukraine: Examining the Success of Ukrainian Cyber Defences
16 February 2023 – Control Risks: Russia-Ukraine and cyber: what you should be telling your CISO [podcast]
16 February 2023 – Google, Threat Analysis Group: Fog of war: how the Ukraine conflict transformed the cyber threat landscape
9 November – Financial Times: What Ukraine’s cyber defence tactics can teach other nations [subscription required]
3 November – Carnegie Endowment for International Peace: Evaluating the International Support to Ukrainian Cyber Defense
20 October – Washington Post: 'One of the most dangerous times' in cyber nears
12 October – Aon: Launching a Cyber Attack is Easier Than Ever
29 September – Financial Times: Russia's cyber war that wasn't [subscription required]
19 August – Euronews: Estonia hit by 'most extensive' cyberattack since 2007 amid tensions with Russia over Ukraine war
16 August – Control Risks: Ransomware and cyber-attacks after Russia-Ukraine: What's changed?
Cybersecurity and Infrastructure Security Agency (CISA): Russia Cyber Threat Overview and Advisories
4 August – Washington Post: Did Russia mess up its cyberwar with Ukraine before it even invaded?
8 July – National Cyber Security Centre (NCSC): Threat Report 8th July 2022
5 July – National Cyber Security Centre (NCSC): Preparing for the long haul: the cyber threat from Russia
22 June – Microsoft: Defending Ukraine: Early Lessons from the Cyber War
16 June – Center for Strategic and International Studies (CSIS): Cyber War and Ukraine
15 June – Atlantic Council: Vladimir Putin’s Ukraine invasion is the world’s first full-scale cyberwar
11 May – CYBERUK 2022 Plenary 1: Global response, Global impact: Strategic alignment and collaboration [video recording]
Regularly updated – NATO: Cyber defence
10 May – Reuters: The cyber war between Ukraine and Russia: An overview
April – Travelers: Ukraine targeted by cyber-attacks as Russian invasion continues
27 April – Microsoft: The hybrid war in Ukraine
6 April – German Marshall Fund: NATO's Role in Global Cyber Security
March – KPMG: Cyber considerations from the conflict in Ukraine How to stay on top of your cyber security preparedness
29 March – UK National Cyber Security Centre (NSCS): Use of Russian technology products and services following the invasion of Ukraine
28 March – Lockton: Conflict in Ukraine: Cyberattacks, strengthening defenses & insurance implications
24 March – Pool Re: UK Cyber Security: A New Approach?
15 March – Oliver Wyman/Marsh McLennan: Countering Cyber Threats in a Time of Conflict
15 March – Security Intelligence: CaddyWiper: Third Wiper Malware Targeting Ukrainian Organisations
4 March – Oliver Wyman/Marsh McLennan: 3 Cybersecurity Actions to Take Now
3 March – UK National Cyber Security Centre (NSCS): NCSC advises organisations to act following Russia's attack on Ukraine
3 March – Washington Post: 11 reasons we haven’t seen big Russian cyberattacks yet
24 February – Aon: Addressing Global Cyber Security Concerns Amidst Russian-Ukrainian Geopolitical Tensions: A Proactive Model
24 February – Harvard Business Review: The Cybersecurity Risks of an Escalating Russia-Ukraine Conflict
9 September 2021 – NSCS: Mitigating malware and ransomware attacks

2. Economic impact and outlook

7 March 2023 – RAND Corporation: Consequences of the War in Ukraine: The Economic Fallout
March 2023 – KPMG: Global economic outlook, March 2023
7 February 2023 – Control Risks: Four lessons for business from Russia's invasion of Ukraine
3 November – Brookings: Financing and governing the recovery, reconstruction, and modernization of Ukraine
1 November – United Nations: World Economic Situation and Prospects: November 2022 Briefing, No. 166
September – OECD: Paying the Price of War – OECD Economic Outlook, Interim Report September 2022
28 September – KPMG: Global Economic Outlook September 2022
28 September – World Economic Forum: The world is at a point of significant economic danger, say experts
12 September – European Parliament: Economic repercussions of Russia’s war on Ukraine
September – Chatham House: UK trade and the war in Ukraine
4 August – International Monetary Fund (IMF): Global Current Account Balances Widen Amid War and Pandemic
19 July – Chatham House: War on Ukraine: Economic and political reconstruction [video]
June – World Bank: Stagflation Risk Rises Amid Sharp Slowdown in Growth
June – KPMG: UK Economic Outlook June 2022
28 June – MIT Sloan School of Management: Ripple effects from Russia-Ukraine war test global economies
10 June – Food and Agriculture Organization of the UN (FAO): The importance of Ukraine and the Russian Federation for global agricultural markets and the risks associated with the war in Ukraine
8 June – OECD: OECD Economic Outlook reveals heavy global price of Russia’s war against Ukraine
27 May – US Federal Reserve: The Effect of the War in Ukraine on Global Activity and Inflation
25 May – Kroll: Understanding the Economic Impact of Russia’s War in Ukraine
13 May – United Nations, Economic Development: Ukraine war squeezes food supplies, drives up prices, threatens vulnerable nations
10 May – OECD: Impacts of the Russian invasion of Ukraine on financial market conditions and resilience
4 May – OECD: International investment implications of Russia’s war against Ukraine
26 April – World Economic Forum: These 3 charts show the impact of war in Ukraine on global trade
19 April – International Monetary Fund (IMF): World Economic Outlook April 2022: War sets back the global recovery
13 April – OECD: The global implications of the Ukraine crisis, with Laurence Boone [podcast]
5 March – KPMG: Global Economic Outlook April 2022
16 March – Howden: Special Report: A Macro view of the crisis in Ukraine
15 March – International Monetary Fund: How War in Ukraine Is Reverberating Across World's Regions
15 March – S&P Global Ratings: Russia-Ukraine Macro, Market, & Credit Risks
4 March – Oliver Wyman/Marsh McLennan: Ten watchpoints for financial services on the war in Ukraine
3 March – The Economist Intelligence Unit (EIU): Global economic implications of the Russia-Ukraine war
25 February – CBI: The Economic Impact of conflict in Ukraine
24 February – Control Risks: On-Demand/ Expert Briefing: Ukraine-Russia [webinar recording: free to watch upon sharing contact details]

3. Geopolitics and sanctions

19 May 2023 – RUSI: Meatgrinder: Russian Tactics in the Second Year of Its Invasion of Ukraine
16 March 2023 – Control Risks: Managing sanctions risks from Russia’s trade partners
15 March 2023 – Business Insider: Russia is confiscating its officials' passports to stop them fleeing the country or defecting, UK intel says
22 February 2023 – Airmic: Navigating geopolitical risk: Building resilience demands collaboration in a challenging world
22 February 2023 – Foreign Policy: Putin and Biden Deliver Dueling Speeches
21 February 2023 – Control Risks: Russia-Ukraine: what the long haul really means [podcast]
21 February 2023 – Chatham House: Russia’s invasion of Ukraine: How it changed the world [video]
10 February 2023 – Control Risks: The sanctions legacy of the Russia-Ukraine war
February 2023 – Munich Security Report 2023: Spotlight Ukraine: Munich Security Index 2023
Control Risks: Russia-Ukraine: the long haul [resource page]
2 February 2023 – The Economist Intelligence Unit (EIU): Democracy Index 2022 Frontline democracy and the battle for Ukraine
23 January 2023 – Kennan Institute: Assessing the Outcomes of Russia’s War on Ukraine
19 December – McKinsey & Co: Invasion of Ukraine: Implications for European defense spending
8 December – Brookings: The Russia-Ukraine war and its ramifications for Russia
10 November – Foreign Policy: What Russia’s Kherson Retreat Means for the War
1 November – Herbert Smith Freehills: Sanctions tracker: UK introduces new Russia lending and trade restrictions
17 October – Chatham House: War on Ukraine: The state of the global response
3 October – Chatham House: Russia's annexations must not impact global resolve
30 September – UK Government: Sanctions in response to Putin’s illegal annexation of Ukrainian regions
27 September – Pushkin House: Ekaterina Schulmann on the Political Future of Russia [video]
23 September – Chatham House: How likely is the use of nuclear weapons by Russia?
8 September – Crawford: Exposure to war in Ukraine and the effects of sanctions against
31 August – Control Risks: Managing challenges of sanctions screening in your third-party risk program
26 August – Nuclear Energy Agency: Ukraine: Current status of nuclear power installations
25 August – International Atomic Energy Agency (IAEA): Nuclear Safety and Security in Ukraine
11 August – Brookings Institute: Germany is now the fulcrum for Vladimir Putin’s pressure
10 August – Foreign Policy: How to Take Down a Tyrant Three steps for exerting maximum economic pressure on Putin
4 August – Chatham House: War in Ukraine: Rebuilding Ukraine
21 July – Project Syndicate: The Problem with the Current Russia Sanctions Regime
20 July – Herbert Smith Freehills: Sanctions tracker: new UK sanctions legislation, sanctions enforcement updates and more
15 July – Chatham House: What is the Eurasian Economic Union?
14 July – Foreign Policy: The NATO-Russia Founding Act Is Hanging by a Thread
6 July – International Monetary Fund (IMF): Patricia Clavin on Turbulence and Lessons from History [podcast]
22 June – Center for Strategic and International Studies (CSIS): Strangling the Bear? The Sanctions on Russia after Four Months
21 June – Marsh/BRINK: Europe’s New Security Posture
7 June – Carnegie Endowment for International Peace: What NATO Needs to Do Before Finland and Sweden Join
23 May – Chatham House: What would be the impact of Finland and Sweden joining NATO?
May – University of Cambridge Centre for Geopolitics: On Geopolitics – Ukraine: Is China on Russia's Side? Which Other States Might be? [podcast]
23 May – Chatham House: What would be the impact of Finland and Sweden joining NATO?
9 May – McKinsey & Co: War in Ukraine: Twelve disruptions changing the world
26 April – Foreign Policy: Why Xi Is Trapped in Ukraine
Regularly updated – UK Government: Russian invasion of Ukraine: UK government response
26 April – Chatham House: How are war crimes prosecuted? [video]
25 April – Chatham House: How Ukraine will change Europe's Indo-Pacific ambitions
21 April – WTW: Political Risk Insurance and Ukraine – pouring oil on troubled waters
19 April – BBC Radio 4: Ukraine: Where’s the Line? [recording]
5 April – Geopolitical Futures: How the Ukraine War Will Likely End
1 April – Council on Foreign Relations: Backgrounder – Ukraine: Conflict at the Crossroads of Europe and Russia
Regularly updated – Office of Foreign Assets Control (OFAC), US Treasury: Ukraine-/Russia-related Sanctions [including email updates to sign up for]
March – KPMG: The geopolitical impact of the conflict in Ukraine: Five trends to help businesses manage the potential risks to global security and prosperity
31 March – WTW: 2022 Political Risk Survey Report
25 March – KPMG: Ukraine crisis: what global geopolitical volatility means for business [podcast]
25 March – Chatham House: Russia, Ukraine, and cryptocurrency as a tool of war [video]
25 March – Yale School of Management: Over 400 Companies Have Withdrawn from Russia—But Some Remain
23 March – Chatham House: War on Ukraine: Nuclear threats and realities [webinar recording]
23 March – EIU: Ten ways the war in Ukraine will change the world
17 March – Herbert Smith Freehills: Sanctions tracker – Latest moves include fast-tracked UK Economic Crime act and EU's fourth round of measures
8 March – Control Risks: Contract risk is high and rising for Russia as sanctions are implemented, expansion considered
4 March – WTW: Russia-Ukraine conflict: What does this mean for financial institutions?
2 March – Verisk Maplecroft: Ukraine crisis upends energy geopolitics
February – Mercer/Marsh McLennan: Peering through the fog: Examining prior examples of the impact of geopolitics on financial markets in light of current market events

4. Insurance

14 November – WTW: Assessing the airline insurance implications of the crisis between Russia and Ukraine
October – Lloyd's: Ukraine: A conflict that changed the world – the (re)insurance
17 October – Strategic RISK & Mactavish: The role of insurance in times of crisis
8 September – Reuters: Lloyd's of London sets aside $1.3 bln for Ukraine claims, posts H1 loss
8 September – Howden: Reinsurance – A tipping point
16 August – Mactavish: Managing risk and safeguarding business resilience in a time of crisis
11 August – Marsh: Russia-Ukraine conflict: Long-term risks emerging
27 July – Reuters: Lloyd's insurers preparing to cover Ukraine grain-chairman
27 July – Lloyd's: The role of the insurance industry (from the report "Ukraine: A conflict that changed the world")
6 June – Howden: Ukraine war and cyber resilience combine to temper global ransomware activity, according to new Howden cyber report
1 June – Sustainalytics: Russia-Ukraine Crisis Could Spell Unforeseen ESG Risks for Insurers
13 May – Paragon: How does War, Terrorism, and/or Political Violence impact potential coverage under property insurance or cyber insurance?
10 May – Allianz: "We do not expect a major wave of claims": Russia's invasion of Ukraine: Potential impact for insurance and claims
12 April – Lloyd’s: Tuesdays with Lloyd's - Live from RIMS! (on emerging risks, including the impact of the war in Ukraine on global (re)insurance markets) [video]
31 March – Lockton: Conflict in Ukraine impacts global trade risks
10 March – Crawford: Technical update 1: Ukraine
3 March – Lockton: Russia, Ukraine, cyber insurance & the war exclusion
3 March – Marsh: Ukraine crisis: Property insurance considerations
24 February – WTW: Crisis in Ukraine: Cybersecurity risks and cyberinsurance implications
February – Association of British Insurers (ABI): Ukraine crisis [updates and insights]
25 November 2021 – Lloyd’s Market Association: Cyber War and Cyber Operation Exclusion Clauses

5. People and travel

6. Supply chain disruption

22 August – McKinsey & Co: A reflection on global food security challenges amid the war in Ukraine and the early impact of climate change
17 August – The Economist Intelligence Unit (EIU): Europe’s bleak midwinter: heading for an energy and growth crunch [free to download upon sharing contact details]
4 August – OECD: The supply of critical raw materials endangered by Russia’s war on Ukraine
4 August – Companies face ESG trade-offs in scramble to replace Russian minerals
2 August – BBC: Why does the world need grain to be shipped from Ukraine?
18 July – House of Commons Library: Research Briefing – The effect of the war in Ukraine on UK farming and food production
14 July – Reuters: Ukraine, Russia see positive signs for grain deal; wheat prices ease
14 June – Brookings: The war in Ukraine triggered a global food shortage
10 June – IHS Markit: Russia-Ukraine war could amplify supply chain woes
May – Allianz: Impact of Ukraine war on global shipping
24 May – World Economic Forum: How to reinvent supply chains in a new global economic order
4 May – Raconteur: System shock: supply chains suffer in Russia-Ukraine war
3 May – Fitch: Russia–Ukraine Crisis Disrupts European Aerospace Supply Chains
April – KPMG: Supply chain considerations from the conflict in Ukraine How to stay on top of your supply chain
19 April – McKinsey & Co: The rising risk of a global food crisis
14 April – Kroll: Contingency Planning for Geopolitical Supply Chain Shocks
13 April – Chatham House: The Ukraine war and threats to food and energy security
18 March – Crawford: The impact of the Russia-Ukraine war on agriculture supply chains and claims costs
17 March – Harvard Business Review: How the War in Ukraine Is Further Disrupting Global Supply Chains
16 March – Chatham House: Ukraine crisis could trigger cascading risks globally
9 March – Reuters: Ukraine conflict adds to European supply chain snags
25 February – Department for Business, Energy & Industrial Strategy: Russia-Ukraine and UK energy: factsheet
Energy and Climate Intelligence Unit: Ukraine conflict and impacts on UK energy
February – Lloyd's List: Ukraine crisis [resource page]

7. General resource pages on the Ukraine crisis (regularly updated unless dated)

International Atomic Energy Agency (IAEA) – Nuclear Safety and Security in Ukraine
27 July – Lloyd's: A conflict that changed the world – Lloyd’s Futureset explores the medium to long term consequences of the Ukraine crisis on the risk landscape
30 June – World Economic Forum (WEF): The war in Ukraine is triggering a re-evaluation of global systemic risk
McKinsey Sustainability: The net-zero transition in the wake of the war in Ukraine: A detour, a derailment, or a different path?
Clyde & Co: Crisis in Ukraine
28 April – WTW: The Ukraine crisis and what it might mean for ESG and sustainable investing
28 April – Zurich: Four ways the conflict in Ukraine will change the approach to risk management
Kroll: Navigating Uncertainty During the War on Ukraine [resource page]
March – KPMG: Ukraine conflict: Boardroom considerations
29 March – Marsh: Building resilience in time of crisis
17 March – EIU: Five ways in which the war in Ukraine will change business [free to download upon sharing contact details]
16 March – Baker Tilly: Crisis management: three things all businesses should review now
Control Risks: Ukraine-Russia Monitor: Key Developments | Threat Scenarios [free to receive upon sharing contact details]
Marsh McLennan: Ukraine: Navigating an international crisis
Oxford Analytica: Resources: The Ukraine-Russia crisis