While the conflict may be happening on the other side of the world, experts warn Russia's decision to invade Ukraine will have direct impacts on Canada, including on inflation, food prices and immigration.

Russian President Vladimir Putin’s long-feared invasion of the democratic country on Thursday jolted world markets, sending energy prices higher as Western countries issued rounds of economic sanctions against the former Soviet power.

Speaking during a press conference Thursday, Prime Minister Justin Trudeau said the Canadian government will be prioritizing immigration applications for Ukrainians. Defense Minister Anita Anand said there are "a number of options on the table" for getting Ukrainian refugees to Canada, but the first priority is ensuring they have safe passage out of Ukraine. Once solidified, this could mean accommodating more refugees in Canada.

Canada has the largest Ukrainian diaspora population outside of Russia, with roughly 1.3 million Ukrainians.

"We will continue to do whatever we can to assist the Ukrainian people at this time. It is an urgent issue. It is the issue affecting global stability at the current time, and Canada is here for Ukraine and the Ukrainian community," Anand said.

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