Russia's invasion of Ukraine is likely to have an economic impact throughout the world.

Prices for energy, oil, natural gas and commodities like food are likely to increase significantly, according to experts.

Russia is one of the top three oil producers in the world, meaning prices at the pump will probably increase.

"The conflict is going to register an increase in oil prices and natural gas prices," says Michael Zweig, a professor of economics at SUNY Stony Brook.

Katie Laatikainen, a professor of political science and international relations at Adelphi University says it could create a global recession.

"It has a chilling effect on investments," Laatikainen says. "Anywhere where there's uncertainty, it as a chilling effect on the economy."