After Russia launched a full-scale attack on Ukraine, the Russian stock exchange - known as the MOEX - fell by more than 33 per cent, wiping $279 billion in value.
But it’s not just the Moscow Exchange that has seen major disruption as a result of Russia’s attack on Ukraine.
The potential ramifications of a war in Europe has had far-reaching effects on global markets.
Ryan Felsman, senior economist at CommSec, demonstrated the significant effects of Russia’s invasion in five charts.
This is what they show.
1. MOEX madness
Russia’s stock exchange experienced major losses on the back of its invasion of Ukraine and significant sanctions put in place by NATO countries.
The market saw its biggest drop in history yesterday after the attack was launched.
2. Oil soars
The price of oil skyrocketed to a seven-year high. Russia is one of the world's largest oil-producing nations and the attack has sparked major supply concerns - pushing the price higher.
Aussies are already paying more at the pump than ever before because the oil market started to price in an escalation in Ukraine ahead of the attack.
3. Food prices
There are now fears inflation pressures will hit global food supplies - pressures that were already mounting around the world after COVID caused supply chain headaches.
As the chart demonstrates, food-inflation fears have now hit a record high.
4. Supply shock
Much like with food prices, there are concerns about the lack of supply for a range of goods as a result of a war breaking out in Europe.
Supply shock has also hit a record high.
5. Credit risk
Credit risk is related to the possibility of a loss resulting from a borrower's inability to repay a loan or meet a contractual demand.
Credit risk skyrocketed overnight as concerns grew that the potential loss of jobs and income caused by war and sanctions would result in a great deal of debt.