Tensions along the Russia-Ukraine border have continued to escalate in recent weeks. In this brief note, we expose the most relevant scenarios and the potential effects of this crisis on the economy, future growth and inflation. Jorge Dezcallar, renowned geopolitical expert and former Spanish Ambassador to Washington and Rabat, unpacked the potential global geopolitical and economic ramifications and consequences in detail at the conference "Geopolitical Perspectives for 2022" (Spanish version only).