Investors in real assets are taking a cautious approach as the Ukraine-Russia conflict impacts the energy and transport sectors.

Russia’s attack on Ukraine has taken financial markets by surprise and its consequences are already having a severe impact upon energy, transport and logistics, stocks and assets.

Russian state-owned energy company Gazprom contributed to half of the total €10bn ($11.2bn) project cost, with energy companies Shell and Engie covering the rest.

“Oil prices jumped above $100 per barrel for the first time since 2014,” adds the note. “We will see an increase in negotiations to ensure sufficient supply to avoid an oil shock, with the possibility that Iran and Saudi Arabia open up reserves.

“Russia’s invasion of Ukraine will undoubtedly have significant repercussions for global supply chains in the weeks and months ahead,” said John Denton, secretary-general of the International Chamber of Commerce, in a note on the topic. “The likely impact on energy and food markets is already well known – but we also see a deeper risk of disruption to manufacturing globally across a broad range of sectors.”

Read more: Investment Monitor