On Thursday, Brent crude prices touched $105 a barrel before easing to $99.08 a barrel, while US contract West Texas Intermediate touched $100.54 per barrel before settling at $92.81 a barrel, a high last seen more than seven years ago. For India, which imports over 80 percent of its needs from other countries, the surge in oil prices will impact inflation.

The US and other western countries are mulling throwing Russia out of the global financial transactions system, SWIFT. Founded in 1973 to end reliance on the telex system, SWIFT is an important facilitator of international banking.

Russia’s invasion of Ukraine and subsequent sanctions have spelt chaos for markets, commodities and supply chains globally. While the crisis will hit India hard, it could also boost exports from the country. At present, India's central pool of wheat stands at 24.2 million tonnes, which is twice more than buffer and strategic needs.

Ukraine is under siege as Russian troops moved towards the capital city of Kyiv. Multiple explosions were heard in Kyiv as the city braces for a tank attack. US President Joe Biden has termed Russia's invasion as a "brutal assault" and imposed sanctions on 4 of their largest banks, 13 major enterprises and key Russian oligarchs. There has however been no consensus on removing Russia from the SWIFT payment system. So, are the western powers doing enough to stop Russia's offensive? To discuss this CNBC-TV18 spoke to Vinayak Chatterjee of CII; Amit Bhandhari of Gateway House; Naresh Gehi of Gehi's Immigration & International Legal Services and Sudhir Devare, Former Indian Envoy to Ukraine.