The Ukraine conflict: Are we heading for a recession?

The conflict in Ukraine creates significant political and economic uncertainties. The imposed sanctions will clearly hurt Russia but also the rest of the world via higher energy prices, higher non-energy commodity prices, as well as reduced trade with Russia and Ukraine. The longer the conflict continues, the longer commodity prices will remain high, further exacerbating the pre-existing problem of high inflation. This leaves investors with numerous questions. What will higher commodity prices mean at a time when global inflation is already high? Could this, and higher rates, lead to a global recession?