It’s a dark day in Europe as we reach one full month since Russia invaded Ukraine. Since 24 February, more than 3.5 million people have fled from Ukraine and thousands have been killed. As NATO’s 30 allies meet to discuss the conflict, we break down the impact the war's impact on financial markets.

Lots has changed over the month. We have seen financial sanctions, funds and indices ditching Russian assets, and some countries even renewing their commitments to investing in green energy in a bid to reduce their dependency on Russian oil and gas. Just a few days ago, cigarette manufacturers announced plans to suspend operations, scale down plans and transfer assets to third parties.

So what’s changed? We have the details below.

Crude Oil Prices Have Shot Up

The price of energy and commodities like oil and gas has gone through the roof. The price of crude has increased by almost 30% overall – although his includes a lot of volatility as well.

Russian ETFs Fall to Zero

ETFs investing in Russia, such as the iShares MSCI Russia ETF, have delisted and are effectively worthless.

Currency Volatility

When the conflict began, western countries imposed sanctions, and the rouble dropped about 30% against the US dollar. However, the Russian currency has since recovered.

Europe Takes a Hit

Due to the geographical proximity and its dependence on Russian energy, the European market has been hit harder than the US. However, the European index is almost back at its pre-war levels.

Clean Energy Soars

During the past month, the profitability of different sectors has also varied massively. Unsurprisingly, alternative energies have fared better than others – the S&P Global Clean Energy index has returned more than 20%. Meanwhile, defensive stocks remained largely flat, evident by the MSCI World/Consumer Staples index.

Wheat Price Hike

Finally, the war in Ukraine is having an enormous impact on the prices of agricultural materials. Ukraine is a major exporter of wheat, and the Morningstar Global Agriculture Inputs Index has grown by 20% since late February.