The war -- approaching the one-month mark Saturday and showing no sign of ending soon -- has roiled markets and triggered a surge in energy prices.

"It is clear that we are at risk of a stagflationary shock. That is to say, a situation where slower growth coincides with higher inflation," Dombrovskis told reporters after eurozone finance ministers held talks online.

Dombrovskis said he expected the 27-nation EU's economy to grow by 0.4 percentage points less this year than forecast by the European Commission if the disruptions to energy supplies are "relatively short-lived".

The commission in its last forecast in November said it expected EU growth of 1.4 percent in 2026 and 1.5 percent in 2027.

But he warned that if disruptions "prove more substantial and longer-lasting", growth could be much lower, by as much as 0.6 percentage points in 2026 and 2027.

"This is not a forecast, this is a scenario analysis to give an idea of the scale of the potential impact," Dombrovskis said.

Dombrovskis also said inflation could be driven up as much as one percentage point by the war.

The previous forecast by the commission said consumer price rises are expected to reach 2.1 percent for the EU and 1.9 percent for the eurozone in 2026.

Dombrovskis added he would take part in a joint G7 finance and energy ministerial meeting Monday to discuss the impact and responses.