The huge and devastating impact of COVID-19 on people, economies and business was unforeseen, and although (in the UK, at least, with all restrictions now lifted) the pressures created by COVID-19 are hopefully a thing of the past, businesses are seeing new challenges impacting recovery, trade and growth.
It is saddening to watch the developments on the ground in Ukraine following recent developments, and the impact of sanctions imposed by countries globally in response to Russia’s actions, are likely to cause further problems for businesses.
Economists are reporting that we are likely to see existing supply chain problems exacerbated, increases in the costs of commodities and further increases in energy prices that have already seen sharp rises.
As with COVID-19 the impact of an unforeseen events such as these, could have both immediate and longer terms impacts on a business. The pressures are different to those posed by lock-downs and other restrictions on businesses during 2020 and 2021, but the manner in which those pressures can be managed and key considerations about business viability remain the same.
During the course of the pandemic we shared many blogs and materials designed to help UK and other European businesses, and have recently re-launched our webpage that includes for various European jurisdictions our guides to
- financial support;
- directors’ duties;
- managing supply chains; and
- quick guides to assessing business viability.
Our main hub, which provides access to the available guides, can be accessed here.
To read what other risk management steps can be taken now, in light of sanctions imposed on Russia, please see this Insight prepared by colleagues in our commodities, shipping and international trade and policy teams.