Impacts of the Russian invasion of Ukraine on financial market conditions and resilience
Assessment of global financial markets
This report assesses the immediate impact of Russia’s war against the people of Ukraine
on global financial markets, and the continuing potential for spillovers into those
markets. While the war has not yet caused a number of existing vulnerabilities to
fully crystallise, high levels of uncertainty remain, driven by heightened geopolitical
tensions. The report reviews a range of interrelated channels which could transmit
shocks from Russia’s war to global financial markets, from direct exposures across
sectors, to the effects of higher commodity prices, and impacts on investor sentiment.
In doing so, it underlines areas within the financial system where enhanced scrutiny
from supervisors and policy makers may be necessary to manage the elevated risks arising
from the war going forward.
Published on May 10, 2022