WASHINGTON (Reuters] – Russia’s incursion in Ukraine may have a negative impact on oil prices, a World Bank official stated Tuesday.

Indermit Gil, the bank’s vice president for Equitable Growth, Finance and Institutions, wrote in a blog that the war will cause more setbacks for growth in emerging market economies, already struggling to recover after the COVID-19 epidemic and facing a host of uncertainties, such as debt and inflation.

Gill stated that war had exacerbated uncertainties and caused harm to the most vulnerable in the most fragile areas of the globe.

It is too early to know how the conflict might affect global economic outlook.

Russia and Ukraine together account for over 20% of world wheat exports, so some Middle East, Central Asia and Africa countries are highly dependent on them.

Russia’s biggest oil customer: China by far https://graphics.reuters.com/UKRAINE-CRISIS/SANCTIONS/dwpkrldklvm/chart.png

Gill indicated that World Bank estimates suggest that an oil price rise of 10% that continues for many years may reduce the growth rate in developing commodity-importing economies by about a tenth percent.

Over the past six months, oil prices more than doubled.

He stated that oil can see an additional percentage point in growth from importers such as South Africa and China if the current trend continues.

“Before war broke out South Africa was to grow approximately 2% per year in 2022-2023, Turkey about 2-3% and China and Indonesia about 5%, respectively.”

Russia describes its actions in Ukraine as a “special operations”.