The government on Friday forecast that the crisis in Ukraine will have a direct impact on the domestic economy will be minimal.

First Vice Finance Minister Lee Eog-weon convened a related task force, the expanded volatility of energy and raw material prices won't have a significant impact in the immediate future, considering the amount of domestic reserves.

The vice minister deemed that direct impact stemming from the crisis on the local market will be restrained, noting that local financial firms' exposure to Russia and Ukraine only accounts for zero-point-four percent of the total.

Lee also projected a low possibility for short-term effects, since exports to Russia and Ukraine account for one-point-five percent and zero-point-one percent of the total.

Still, the senior official raised concerns over global supply chain disruptions and rising energy prices due to Ukraine's status in the global grain and energy sectors, as well as expanded volatility stemming from the U.S. Federal Reserve's early rate hike.

Officials at the meeting agreed to enhance monitoring of the global supply of raw materials and put forth customized stabilization measures for items that rely heavily on imports from Russia and Ukraine.