Russia is a major exporter of oil, and the ongoing sanctions and conflict situation will affect the prices of oil worldwide. Already, crude oil price on the spot market has crossed $100 per barrel. “A knee-jerk reaction to Russia invading Ukraine pushed Brent crude beyond $100 per barrel this Thursday. Strict sanctions on Russia could also create further supply issues in an already tight market. This will be bad news for India, which depends on 85-90 per cent of crude imports from other nations for its requirements and will have imports at a higher rate,” says Sriram Venkataraman Iyer, senior research analyst, commodities and currencies at Reliance Securities.