What’s at stake for global economy as Russia standoff escalates

Activists hold placards and flags as they gather in Lafayette Square to protest Russia's invasion of Ukraine in Washington, DC, on February 24, 2022. - Russian President Vladimir Putin launched a full-scale invasion of Ukraine on February 24, unleashing air strikes and ordering ground troops across the border in fighting that Ukrainian authorities said left dozens of people dead. - AFP

MOSCOW: A world economy that’s still recovering from Covid-19 faces new risks from an energy-price spike as the standoff between the West and Russia escalates.

The United States and its European allies unveiled limited sanctions on Tuesday, in response to Russian President Vladimir Putin’s decision to recognise two breakaway republics in eastern Ukraine, and warned that tougher penalties may follow.