International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday expressed deep concerns over the Ukraine crisis, noting that the multilateral lender is "assessing the implications."

"I am deeply concerned about what is happening in Ukraine and, first & foremost, impact on innocent people," Georgieva said in a tweet. "This adds significant economic risk for the region & the world."

"We are assessing the implications & stand ready to support our members as needed," said Georgieva.

Gita Gopinath, First Deputy Managing Director of the IMF, added that "we are very concerned about the human toll of this conflict and are assessing the potential impact on the global economy."

In an update to its World Economic Outlook report released last month, the IMF warned that there are many risks to global recovery, including geopolitical tensions, which could imperil energy supply, international trade, and policy cooperation.

"Should international sanctions target Russia's ability to export oil, oil prices could rise sharply as supply gets pulled out of the market," Wells Fargo Securities economist Nick Bennenbroek and his colleagues said in an analysis Wednesday.

"The effects of inflation and reduced purchasing power could spillover to economic activity and weigh on growth prospects of affected countries, particularly the European Union," according to the analysis.