The ongoing crude and commodities shock in the wake of the Russia-Ukraine conflict is said to have negative implications for India’s macro situation, but an analysis of aggregate Nifty profits shows that they are fairly resilient in a downside scenario. Also, Russia and Ukraine are not excessively integrated into world trade. For India, total trade with Russia is minuscule. However, given India’s high energy import dependence for oil, there could be some bearing on the growth picture, if crude prices are not tamed.