The agency said that the CIS sovereigns could be affected given their economic, financial and energy ties with Russia, as well as their generally weak liquidity and external positions.

In 2021, gross domestic product (GDP) grew by 2.3 percent after contraction by 0.9 percent in 2020.

It was not immediately clear whether Moscow's forces had formally moved into the parts of Ukraine’s Donetsk and Luhansk region controlled by separatists – most analysts and Ukrainian officials have said that some Russian forces have long been informally established inside them.

The moves, announced after a meeting of Russia’s Security Council and a rambling, impassioned address by Putin to Russians, were not the full-fledged invasion predicted by many in the West after weeks of deployment by Russian troops on Ukraine’s borders.

The proposed summit was announced in Washington and Paris hours after the United States issued a fresh warning that Russian forces were poised for an attack on Ukraine within days.