Russia-Ukraine conflict to impact Pacific and global economies

It may seem strange to think that a conflict happening on the other side of the world will affect the Pacific, but a USP academic explains that there will be a economic impact:

"We are all connected. Through this global supply chain, we will see potential effects." says Sandra Tarte, an Associate Professor at the University of the South Pacific and the Acting Head of the School for Law and Social Sciences. We will see a hike in oil prices, as Russia is the second-largest exporter of crude oil in the world. Russia also produces about 10% of global wheat, while Ukraine accounts for 4%.
 
Several Pacific countries have also condemned the actions of Russia, including Fiji and the Federated States of Micronesia, which has severed diplomatic relations.