Ukraine is one of the top three buyers of oil from Azerbaijan. The country imported about 337,000 tonnes of crude from Azerbaijan for $196 million in January 2022.

The United Kingdom is ready to guarantee loans of up to $500 million to support Ukraine and mitigate the economic consequences of Russian aggression. Italy is ready to allocate 110 million euros.

Western countries denounced the Russian incursion, launched as the U.N. Security Council was debating the prospect of intervention, and pledged to introduce tough punitive measures on the Kremlin.

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.