International Monetary Fund logo is seen outside the headquarters building during the IMF/World Bank spring meeting in Washington, U.S., April 20, 2018. (Photo: REUTERS)

While Asia's trade and financial exposures to Russia and Ukraine are limited, the region's economies will be affected by the crisis through higher commodity prices and slower growth in European trading partners, said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department.

"Monetary tightening will be needed in most countries, with the speed of tightening depending on domestic inflation developments and external pressures," she told an online news conference in Washington.

In its latest forecast issued this month, the IMF said it expects Asia's economy to expand 4.9% this year, down 0.5 percentage points from its previous projection made in January.