Li, ZHu, BZhang, YYang, W2024-09-052024-09-052024-11-01International Review of Economics and Finance, ISSN: 1059-0560 (Print), Elsevier BV, 96, 103521-103521. doi: 10.1016/j.iref.2024.1035211059-0560http://hdl.handle.net/10292/17983This study examines the impact of the Russia-Ukraine war on global commodity and financial markets by analysing the volatility and return spillovers of 26 assets across six different markets. We find significant increases in volatility spillovers after the invasion although increases in return spillovers were milder. Stock and currency markets were the leading spillover transmitters and receivers. Investor attention to the conflict played a large role in driving market spillovers, particularly in extreme quantiles. Meanwhile, uncertain market conditions seem to provide significant feedback to investor attention, resulting in amplified market risk. Our findings highlight the substantial effect of the Russia-Ukraine war on global market spillovers and the role of investor attention in shaping these dynamics.© 2024 The Authors. Published by Elsevier Inc. This is an open access article under the CC BY license (http://creativecommons.org/licenses/by/4.0/).http://creativecommons.org/licenses/by/4.0/38 Economics3502 Banking, Finance and Investment3801 Applied Economics35 Commerce, Management, Tourism and Services16 Peace, Justice and Strong Institutions1401 Economic Theory1402 Applied Economics1502 Banking, Finance and InvestmentEconomics3501 Accounting, auditing and accountability3502 Banking, finance and investment3801 Applied economicsJournal ArticleOpenAccess10.1016/j.iref.2024.103521