Russia is famous for its oligarchs, who emerged in the wake of the dissolution of the USSR, when rampant corruption saw accumulation of fabulous wealth in the hands of a few.

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.

Besides sending energy prices sky-high, the Russia-Ukraine crisis will have a disastrous impact on the supply chain of foodgrains and metals across the world, with Europe the worst sufferer. And Germany will hurting particularly hard.

The Russian President Vladimir Putin sparked global tensions on Monday, when he signed a decree recognizing the sovereignty of breakaway regions of eastern Ukraine - Donetsk and Luhansk. Their independence is not recognized by Ukraine or the international community. So after weeks of tensions when Russian President declared these breakaway regions to be independent, it alarmed western countries that Russia was establishing grounds for an invasion. To discuss the impact of the conflict on India's trade, CNBC-TV18 spoke to Ajay Sahai Director General & CEO of FIEO and Sudarshan Jain, Secretary General of Indian Pharmaceutical Alliance.