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The Russian invasion has had diverse effects on businesses, causing significant damage to Ukraine's private sector. These effects can be attributed to three primary channels of transmission: disruptions in accessing domestic and international markets, interruptions in the supply of essential resources, and increased uncertainty. The extent of these impacts varies among businesses due to their sector, location, market presence, and size. This report aims at filling the information gap on these different impacts and channels. Despite the need to improve the government support to the private sector during the invasion, knowledge about the lasting effects of the 2022 invasion on these businesses is limited. To contribute to addressing this knowledge gap, the World Bank is leading a comprehensive analytical effort, shedding light on the devastating consequences of the invasion on domestic firms and multinational …