The Russian “special military operation” launched against Ukraine on February 24, 2022, has impacted countries worldwide. While the global powers are busy in either extending support or condemning Russia in their respective ways, the fundamental issues arise from the political and economic impact of the crisis on the world economy. So far, the most visible impact of the Ukraine crisis globally has been the price rise in petroleum products. Also, the global sanctions on Russia have further interrupted the supply chain of goods from one region to another.