"We stand ready to provide immediate support to Ukraine and are preparing options for such support, including fast-disbursing financing. Alongside development partners, the World Bank Group will use all our financing and technical support tools for rapid response," Malpas said in a statement on Thursday.

The World Bank is currently engaged in “active dialogue” with Ukraine's neighbors to also support them as well and make additional resources available, Malpass added.

Earlier on Thursday, Russia launched a military operation after the breakaway republics of Donetsk and Luhansk requested assistance to defend themselves from ongoing attacks by Ukrainian troops.

The Russian Defense Ministry said the operation is targeting the military infrastructure of Ukraine and civilians are not in danger.

Moscow says that it has no plans to occupy Ukraine.