The invasion by Russia of Ukraine is an appalling act of aggression with terrible loss of life and displacement of potentially the largest number of people in Europe since World War II. We understand that people across the Chamber Network and member companies will be sickened and upset by the consequences being witnessed each day. The situation for businesses who operated in, or with clients or customers, in Russia and Belarus, is moving quickly. All UK, EU and most of wider European airspace is closed to Russian flights. Major shipping lines including Maersk are not taking containers either to or from Russia. Russia-linked ships will not be allowed access to UK ports. Many Russian banks are excluded from the Swift payments system. Further sanctions were announced by the Chancellor of the Exchequer on Monday morning on economic activity underpinned by the Russian Central Bank. Please see our Q&A on trade and the war in Ukraine available here. Please see our updated holding statement on Ukraine available here While it remains a moral and commercial decision for UK companies on what actions to take under any contracts with Russian (or Belarussian) customers or suppliers covering goods and services not under sanctions, it will become more difficult for any trade to be conducted within hours much less days. We are pressing the UK government to produce guidance to UK business in terms of the War in Ukraine. For now, some of you have spoken with us about review of contracts which some member companies have conducted, in particular about any force majeure clauses which may cover war conditions, to cover non-performance of contractual terms while the force majeure conditions apply. We are supporting the leadership of the British Ukrainian Chamber of Commerce who are now in London. We have asked them for guidance on appropriate aid routes that we may wish to support as a Network. Further details will be shared shortly. British Chambers of Commerce
