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Plans for the initial public offering (IPO) of the Life Insurance Corporation of India (LIC) will remain unchanged despite the geopolitical tensions caused by the Russia-Ukraine conflict, CNBC-TV18 reported citing a government source.

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The sources said that they don’t see an impact of the conflict between Russia and Ukraine on LIC’s IPO but are keeping a close watch on the crisis and market situation.

The news comes after Russian President Vladimir Putin launched a military operation against Ukraine on 24 February.

In response to Moscow’s move, the US and UK governments have decided to impose major sanctions on several Russian financial institutions.

The Indian government is ready to deal with any situation that may arise from the conflict, the sources said, adding that the war will not have any significant impact on the Indian economy.

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The tensions may result in increased inflation and interest rates but it would be manageable and the government can afford higher borrowing costs if need be, they added.

As per media reports, the $8bn IPO is expected to launch in the second week of March, after securing regulatory clearance in the first week.

The government plans to sell a 5% stake in the life insurer, which amounts to 316.25 million shares and the investor roadshow for the IPO has already begun.

LIC, which controls about 60% of India’s life insurance market by premium, is estimated to have an embedded value of $71.56bn.