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.

In response to Russia invading Ukraine, the US and the European Union (EU) have imposed a slew of economic sanctions on Russia with a view to cripple its economy, banking institutions and its access to technology. To understand how this could impact India, CNBC-TV18 spoke to Venkat Nageswar Chalasani, Former Deputy Managing Director & GE, IBG, State Bank of India, and Prof Rakesh Mohan Joshi, Dean, Indian Institute of Foreign Trade.

Russia and Ukraine are important centres of the global semiconductor supply chain, providing rare metals like palladium, and gases like neon, that are needed in the production of the silicon wafers present in almost all modern devices and equipment.