Heavyweight investors have said an attack unleashed on Ukraine launched by Russian president Vladimir Putin will exacerbate already heightened inflationary pressures, creating additional headaches for central banks who are weighing up a series of interest rate rises to keep rising costs under control.

Russia launched airstrikes on Kyiv and other cities in Ukraine in the early hours of 24 February, following weeks of escalating tensions. Russian troops have been ordered into Ukraine as part of attempts by Putin to remove the Ukrainian government and demilitarise the country.