Major imports from Russia into APAC include oil and natural gas. Some countries import wheat and specialty gases such as neon and helium as well. But the overall volume of trade with the region is low, which may cause only a modest setback, according to Moody's.

ExxonMobil holds 30 percent stake in the Sakhalin-1 offshore oil assets, where ONGC Videsh Ltd -- the overseas investment arm of state-owned Oil and Natural Gas Corporation (ONGC) -- has a 20 percent interest. The field, which produced some 227,400 barrels of oil a day (11.35 million tonnes a year) and over 12 billion cubic metres of natural and associated gas in 2021, is operated by ExxonMobil.

A number of western sanctions have hit the Russian currency and the Russian people very hard. The country's central bank has doubled key interest rates to 20 percent in order to halt the fall in the value of the Ruble. Long queues can be seen at ATMs across Russia as people fear breakdown of electronic banking. There is a ban on transferring foreign currency abroad. The country has made it mandatory for exporters to exchange 80 percent of their foreign currency proceeds for Rubles.

UPL is attracting takeover interest from global rivals, according to media reports.