What do economists know about the unfolding and effects of military conflicts? How do wars affect economic growth, macroeconomic and sectoral imbalances, and the financial system? What are the channels of an inter-country military conflict’s impact on the global economy? Are there limits to the use of economic sanctions as a response of the international community to military aggression in the 21st century? What is the optimal economic policy for post-war reconstruction, and what could a possible “Marshall Plan” for Ukraine be?