Ukraine crisis: Airmic resource page

11 March 2022 [Updated 7 August 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

3 August 2023 – National Cyber Security Centre (NCSC): NCSC and allies reveal most common cyber vulnerabilities exploited in 2022
2 August 2023 – Chatham House: What is the UN cybercrime treaty and why does it matter?
31 July 2023 – RUSI: Cyber Insurance and the Ransomware Challenge
13 July 2023 – CSIS: Cyber Operations during the Russo-Ukrainian War
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

June 2023 – World Bank: Global Economic Prospects
5 April 2023 – IMF: Amid War, Ukraine Is Maintaining Macroeconomic Stability and Embarking on Reforms
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

5 August 2023 – BBC: Ukraine counter-offensive into Russia-held territory yields small gains in 2 months
2 August 2023 – Chatham House: Russia-Africa summit fails to deliver concrete results
28 July 2023 – Chatham House: Independent Thinking: How China views Ukraine [podcast]
30 June 2023 – Control Risks: Wagner mutiny exposes the fragility of political stability in Russia
27 June 2023 – Channel 4: Prigozhin's mutiny was 'glimpse of chaos' that could emerge in Russia', former deputy Supreme Allied Commander for Europe warns [TV interview recording]
27 June 2023 – House of Commons Library: Instability in Russia: Prigozhin's armed rebellion
27 June 2023 – Chatham House: How to end Russia's war on Ukraine
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 – Oxford Analytica: Russia’s war in Ukraine: What next? [free to download upon sharing contact details]
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

18 July 2023 – Reuters: Ukraine cargo insurance policy suspended after Russia quits grain deal – Marsh
5 July 2023 – Howden: Howden predicts global cyber insurance premiums could exceed USD 50 billion by 2030
20 June 2023 – Guy Carpenter: Marsh McLennan proposes “war risk pool” to insure $400bn+ Ukrainian reconstruction plan under discussion
5 May 2023 – CSIS: Insurance as a Critical Enabler for Investing in Ukraine
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)

30 November - BCI-International SOS: Resilience in Conflict Report 2022 [free to download upon sharing contact details]
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