While the war that has broken out between Russia and Ukraine is causing humanitarian devastation , the event is also impacting in a number of ways on the global economy .

Sanctions being imposed on the Russian Federation by the EU , Japan , Switzerland , Australia , New Zealand , the UK , the US are sending shockwaves across a number of worldwide industries . As energy prices skyrocket and supply chains face further disruption , shares are tumbling , industry growth slows down and inflation begins to rise .

FINANCE AND TECHNOLOGY The chances of cyberattacks occuring has risen significantly , and continues to do so as the conflict unfolds and results in retaliatory tactics from Russia . But fintechs that operate with direct connections to the Russian marketplace will suffer the most impact as investors retreat and sanctions kick in . Many firms could face bankruptcy – and at the very least must consider withdrawing themselves completely from the Russian marketplace . For example , the Russian challenger bank , Tinkoff which recently tapped Finastra for support in its Asian expansion , will almost certainly have to re-evaluate its plans to launch digital banking services in the APAC .

DIGITAL CURRENCIES However , digital currencies could see their strength bolstered in the wake of the upheaval , as central currencies are affected by the political instability . Decentralised forms of finance could well be seen as the alternative solution . Rising oil prices could also contribute to central bank currencies becoming less valuable . But Bitcoin , Monero , Ethereum and NFTs cryptos with privacy by design will not be affected by sanctions and SWIFT shutdowns .

� LLOYDS The industry leading banking and insurance institution has entered a strategic partnership with loyalty fintech Bink .

� PAYHAWK Bulgaria has produced its first fintech unicorn . Payhawk recently raised an extra $ 100mn , tipping it over the $ 1bn valuation mark .

� REVOLUT As international sanctions hit Russianowned companies , Revolut and its two cofounders are feeling the pinch with a large proportion of their employees living in either Russia or Ukraine

� WISE The UK-based money transfer fintech Wise has pulled the plug on its Russian operations as the conflict escalates . No further details have been released .

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