Russian President Vladimir Putin has sent troops into breakaway regions of Eastern Ukraine after recognising them as independent nations. In his fiery speech, Putin threatened Ukraine of continued bloodshed, calling it a country created by Russia.
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Putin's threats were quickly condemned by the United States with the white house saying that President Joe Biden would begin imposing limited economic sanctions on the two separatist regions -- the European Union followed suit threatening the imposition of sanctions.
Read Here: Inflation forecast assumes low crude price, warn experts; say BoP situation likely to worsen
The rapid developments in the last 24 hours around the Ukraine conflict have sent crude oil prices soaring. In February alone crude oil prices have climbed by 12 percent since February last year prices are up over 50 percent. Russia accounts for 12 percent of all global crude oil exports.
Almost all the major brokerages see Brent crossing away above $100 a barrel soon, with JP Morgan predicting that crude could go as high as $125 a barrel. It's not just crude oil prices, of all precious metals and commodities, where Russia is a sizable player have seen a sharp spike.
Crude oil prices is in for some volatile times and that could have significant ramifications for India.
CNBC-TV18’s Manisha Gupta spoke to Michael Every, Global Strategist at Rabobank; Narendra Taneja, Chairman at Energy Policy Institute; and Vikas Halan, Associate MD, Corp Fin Group at Moody's Investors Service to discuss the Russia-Ukraine conflict and its impact on commodities.
Watch accompanying video for more.
