The Russian war against Ukraine will have significant economic effects for Europe. How can we measure the precise consequences of the ongoing war for the European economy and what does this mean for the EU’s path of economic integration going forward? The Bertelsmann Stiftung’s European economy project organized a virtual conference with Julia Friedlander (Atlantic Council, Washington), Nils Redeker (Hertie School, Berlin) and John Springford (Centre for European Reform, London) to give a first assessment. The discussion centred around the power of the Western sanctions, Europe’s energy dependency from Russia, and the need for further investment in Europe. The event was moderated by Katharina Gnath (Bertelsmann Stiftung).