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Contagion effects between the markets of industrialized countries during a financial crisis have been extensively studied. However, the contagion effects between the stock markets of Central and Eastern European Countries (CEECs) are little understood, especially when the crisis is a war (such as that between Ukraine and Russia). Investors in these markets need to know whether their investment strategy is sustainable or whether they have to reassess the international allocation of their assets. The adjusted correlation coefficient and the measure of multicountry comovement confirm the absence of global contagion and the heterogeneity of the reactions of the CEEC markets to the conflict.