Ongoing conflict between Ukraine and Russia is one of the most pressing issues for international businesses. The topic is gaining enough attention from mainstream business press, but there is no much academic work on the issue from Russia Ukraine conflict in 2022. To address the gap, this review article addresses the impact of Ukraine crisis on the firms operating in Russia and Ukraine and on the global industries considered to be highly affected in war. Research design adopted for the review paper is exploratory research that is built on analysis of secondarydata for a period of three months following the war, i.e., February to April, 2022. Sources of the data includes e- newspaper, scholarly articles, relevant government and non-government publications and expert interviews. Evidence from literature indicates that the war has a lethal effect on businesses which belongs to or are trading with Russia and Ukraine but the entire world has started to feel discomfort of the war as major global industries are suffering due to crisis. The study contributes as a conceptual foundation to the knowledge on implications of geopolitical crisis on international businesses and can be utilized to link them to the next major crisis world will have to face.