Ripple effect: What Russia's invasion of Ukraine means for global finance

Russian assault on Ukraine has intensified uncertainty in the world economy, to condemn Putin's war, western leaders announced some sanctions to target Russian financial institutions individuals

The Russian assault on Kyiv and other Ukrainian cities has intensified uncertainty in the world economy. To condemn Putin’s war, western leaders announced some restrictive economic measures to target Russian financial institution and individuals.

The sanctions include: removing some Russian banks from the Swift messaging system for international payments; freezing the assets of Russian companies and oligarchs in western countries; and restricting the Russian central bank from using its US$630 billion (£473 billion) of foreign reserves to undermine the sanctions.

In response to these moves, several ratings agencies have either