The conflict in Ukraine has seen the share market take a tumble.

Vladimir Putin ordered a military operation in Donbas, which he argues is to “demilitarise” the state.

AMP chief economist Shane Oliver said the share market had been holing up well, until today.

“The main impact is indirect, Russia is not a big export market for us, it takes something less than $1 billion a year, whereas China is taking something like $43 billion, so it’s a relatively small market.

The real impact is indirect to the extent that this adds to global economic uncertainty and potentially pushes up prices for things like oil, and other commodities, foodstuffs, and that could have an impact Australia particularly if European growth for example is slower.”

Press PLAY below to hear more about the impact, including petrol prices

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