Russia launched a military operation in Ukraine on February 24.
The government on Friday said it is in the process of analysing the impact of sanctions on Moscow for India-Russia bilateral trade and economic cooperation.
The US and several Western countries have imposed crippling economic sanctions on Russia for its invasion of Ukraine.
"Many countries have imposed sanctions on Russia due to the conflict. These are expected to have an impact on the global economy, including through disruption of supply chains. Its impact on energy and commodity prices is already visible," Minister of State for External Affairs Meenakashi Lekhi said.
She was replying to a question in Lok Sabha.
"We are in the process of analysing its impact on India-Russia bilateral trade and economic cooperation, in consultation with all stakeholders. India's relations with Russia stand on their own merit," Ms Lekhi said.
She also referred to discussions on the conflict at the United Nations and said India has called for an immediate cessation of violence and an end to all hostilities.
"We have expressed deep concern at the worsening situation and called for an immediate cessation of violence and end to all hostilities," she said.
Ms Lekhi said India has reiterated that there is no other choice but the path of diplomacy and dialogue to resolve the crisis.
"We have emphasised to all member states of the UN that the global order is anchored on international law, UN Charter and respect for territorial integrity and sovereignty of states," she added.
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