On May 9, Russia has celebrated the Victory Day to commemorate the triumph of the Soviet Union over Nazi Germany. While many speculated about a quick success in the current war in Ukraine to be presented at Moscow's ceremonies, the situation on the field shows that the conflict is poised to last a long time. The same goes for its global consequences. Russia's war against Ukraine is proving to have a dramatic political, economic and social impact not only on Russia, Ukraine, and the post-Soviet region, but on the rest of the world, too. How will the Russian economy and civil society respond to the war-related challenges? What is the expected impact of sanctions on Russia and globally? What type of European and global security order will emerge after the war?