The government will be cushioning any increase in the prices of oil and gas that may come as a result of the Ukraine crisis, Finance Minister Clyde Caruana has announced.

In a video on social media, Caruana referred to the invasion of Ukraine by Russain forces which, he said, can lead to repercussions, including an increase in the prices of gas and oil.

Caruana said the finance ministry is closely following the developments in the Eastern European country and the government will do all it can to cushion any shock in international prices. “This will ensure that the Maltese economy is not affected, particularly when it comes to people’s pockets,” Caruana said.

Europe is currently on edge after Russian troops invaded Ukraine from three different sides and launched strikes on military bases. Dozens of people have already been killed.

Several Western countries have already imposed economic sanctions against Russia. According to the Associated Press, the conflict could impact global economies, seeing that Russia is the  world’s third-biggest producer of petroleum and is a major exporter of natural gas.

 Ukraine's farms, on the other hand, feed millions around the world. And financial markets are in a precarious spot as central banks prepare to reverse years of easy-money policies and raise interest rates to fight a resurgence of inflation. Those higher rates will likely slow spending and raise the risk of another downturn.