Here’s what will get more expensive in India if Russia and Ukraine go to war

Soon after Western nations, including the US, UK and Germany, announced new sanctions on Russia for declaring two rebel regions in Ukraine as independent countries, the tremors of financial instability started to emerge in global markets.

From natural gas to wheat, the media reports claimed that prices of various commodities will increase in the near future. The oil prices are at the highest levels since 2014.

High crude oil prices contribute to the increase in petrol and diesel prices across India. Reportedly, India imports more than 80 per cent of its oil requirement. With the prices of crude oil rising, a likely impact may also be seen in the prices of domestic cooking fuels like LPG. It may also impact the prices of Kerosene.

Russia is the world's top wheat exporter while Ukraine is the fourth largest exporter of wheat. The two nations account for nearly a quarter of total global exports of wheat. With both the countries locking their horns, the prices of wheat may soon see an uptick.

Russia is the largest exporter of Palladium. It is a widely used metal in the manufacturing of devices including mobile phones. With sanctions being imposed on Russia, the prices of Palladium are also likely to soar.