European Union (EU) finance ministers will discuss the economic impact of the war in Ukraine on Wednesday, and seek to coordinate to minimize the fallout from the crisis, EU officials said, Reuters reported.

The respective videoconference, due to start at 1400 GMT, will focus on consequences of the Russian invasion of Ukraine at the national and EU level.

The ministers will look at the impact of EU sanctions and Russia's response, including the overall affect on energy prices and inflation.

"The ministers will discuss how to coordinate to mitigate all that," the official said.