The threat of a war between Russia and Ukraine is already having an impact on global markets. The Russian stock market has dropped 14% in the last week. However, the impact of more sanctions or a full-fledged conflict will not be felt equally around the world. Despite being more larger and more numerous, Russia's GDP is half the size of Italy's. 

Parantap Basu, Professor of Macroeconomics Expert "My view of the world economic position is that Russia is not that crucial for the global economy except for oil and gas," Parantap Basu, Professor of Macroeconomics at Durham University Business School, told i. "But oil and gas are fairly essential, so we can't ignore that." "Things are already awful, and the conflict and sanctions will make things far worse."