The war in Ukraine is reshuffling the cards of an already delicate geopolitical balance between Europe, Russia and the former countries of the Soviet Union in central Asia. Beyond the human disasters related to the conflict, it is a war of influence, political alliances and economic and energy dependence that is at stake.  We discuss these issues with Tatiana Kastouéva Jean, director of the Russia and New Independent States Centre at the French Institute of International Relations (IFRI), and two Coface experts: Christiane von Berg, head of Economic Research for Northern Europe and Grzegorz Sielewicz, head of CEE Economic Research.