On 20 April 2022, the Financial Stability Board (FSB) published a letter from its chair, Klaas Knot, to G20 Finance Ministers and Central Bank Governors ahead of their meeting on 20 April.

The letter notes that the Russian invasion of Ukraine triggered large price fluctuations in global financial markets. Thus far, the global financial stability impact of the war in Ukraine appears limited compared to the turmoil induced by COVID-19 in March 2020. Nevertheless, uncertainty remains high. The letter flags a number of issues that warrant particular attention, including linkages between commodity markets and the rest of the financial system; financial system leverage and possible amplifiers in the event of market stress; and cyber risks.