.... With so many sanctions being launched against Russia, it could have a huge impact on the economies of both countries and possibly other countries as well.
It's not "could have" since it's already happening. You could see how Russia is retaliating against countries like Germany.
The effect of this ongoing conflict on crypto has been positive so far. Both countries have become friendly to cryptocurrencies prior to the attack. Russians probably converting their assets to BTC to avoid freezing while Ukraine accepting dknations without third party interference.