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Limited (for the time being) militarily to the territory of Ukraine, the war unleashed by Russia on February 24 is sending geopolitical shockwaves far beyond the two protagonists of the military conflict. This shock is hitting both the former Soviet republics and the European countries, pushing them to reduce their dependence on Russia and to redefine the guidelines that have long guided their foreign policies. Beyond this perimeter to the west and south of Russia’s borders, some countries seem to benefit from this war in the short term, such as China and India, which can acquire Russian gas and oil at “knock-down” prices. However, even for these countries, the questioning of the international order entails many risks; some of which are proving difficult to control in a more fragmented world where even nuclear deterrence no longer seems to guarantee stability. Classification JEL : F10, F50, F51, F59, F65.