KUALA LUMPUR: The implications of the Ukraine-Russia conflict would go beyond local incidents as it has resulted in soaring commodity prices amid sanctions imposed on Russia, said Khazanah Nasional Bhd today.

       Managing director Datuk Amirul Feisal Wan Zahir said Khazanah has a small exposure in Europe and did not have direct exposures to Russian bonds or equities.

       "That is something that we are assessing but it would have more of a general impact as a result of the conflict," he said during his first briefing on Khazanah Annual Review 2022 here today.

       Amirul Feisal that the conflict, which resulted in sanctions imposed on Russia, had an impact on commodities prices including higher crude oil prices which impact various sectors such as inflation and the economy.

       "When you see fuel prices going up, governments will look at their own policies namely monetary policy as well as fiscal policy and how that would impact trade. It is very difficult at this moment to really identify what that would mean exactly because it is all developing as we speak.

       "This is unique for us in Khazanah because we do not have workers' contributions that we need to reserve for such as pensions or unit trust. We can play a long game and it helps us to choose the strategies for investments," he added. - Bernama