In a statement the US Securities and Exchange Commission said its Division of Corporation Finance has told companies to disclose the impact of Russia’s invasion of Ukraine on their business, including nationalization of assets.

In a guidance posted on its website, the SEC said it belives US companies may have to lay out their exposure to the conflict through securities traded in Russia or from sanctions against individuals or entities.

Since the invasion, “many companies have experienced heightened cybersecurity risks, increased or ongoing supply chain challenges, and volatility related to the trading prices of commodities,” wrote the SEC.

Around 1,000 western companies have either scaled back or closed their operations in Russia following the war in Ukraine. Many companies have started to report associated losses.

With varying degrees of pullback, exposure to the Ukrainian conflict could be of interest to investors.

SEC representatives did not immediately respond to requests for additional comments.

The SEC’s notice provides a sample of questionnaire it may have for companies tied to the Ukrainian war.

These questions include asking companies to describe impacts “resulting from the reaction of your investors, employees, customers, and/or other stakeholders to any action or inaction arising from or relating to the invasion, including the payment of taxes to the Russian Federation; and that may result if Russia or another government nationalizes your assets or operations in Russia, Belarus, or Ukraine.”

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