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.

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.

BP has held a 19.75 percent stake in Rosneft since 2013 and company said that its CEO, Bernard Looney, and former BP executive Bob Dudley will immediately resign from Rosneft's board.