Concerns Grow In Colorado Over Economic Impact Of Ukraine-Russia Unrest

DENVER (CBS4) - As the war in Ukraine rages on, its impacts are being felt across Colorado.

"It's worrisome about what really the long term effects of the Russian invasion will be," said Father Chrysostom Frank from the Methodius Russian Greek Catholic Community at Regis University.

The church recently held a special mass for the Ukrainian people. Frank said he and many parishioners wonder what more can be done.

"Some people have now began suggesting how we might collect money, that could be used towards Catholic services in Ukraine," Frank said.

With what's happening abroad, many Americans are also wondering if they'll have the funds to donate to Ukraine, if the war causes drastic economic impacts.

"For everyday Americans, sure the gas pumps, but a lot of that is also the recovery of the pandemic," said Thomas Zeiler, the director of International Affairs at the University of Colorado Boulder.

Zeiler said while this war isn't going to have an immediate effect on the U.S. economy like the stock market, the more immediate impact we'll see is that of the pandemic, but he said that could change depending on what happens on the ground in Ukraine.

"I think it will affect western Europeans much more, than the average American," Zeiler said.

On Saturday, the U.S along with many allies announced that several Russian banks would be expelled from SWIFT, which connects several financial institutions around the world, which Zeiler said could bring major implications for our European allies as the fight continues.

"If we do that, then you're going to see a big effect of the sanctions and the economy," he said.