This case provides an opportunity to discuss the economic implications of the Russia–Ukraine war from both a domestic and global perspective. The case covers the impact of the war on Ukraine’s economy, the policy responses undertaken by the Ukrainian government, and the ripple effects felt across the global economy. Additionally, the case explores the broader implications of the conflict, including the potential fragmentation and formation of competing economic blocs that might affect the global economy going forward. At the University of Virginia Darden School of Business, this case is used in a first-year Global Economies and Markets course. It would also be suitable in courses covering international economics or geoeconomics.