Economic security, particularly economic viability, is a critical pillar of national security, underpinning a state’s sovereignty, stability, and long-term prosperity. While standard economic theories and textbooks typically address economic dynamics under conditions of peace, far less attention has been paid to how economies operate during and after periods of armed conflict, despite the increasing frequency of such events worldwide in recent years. The Russian Federation’s full-scale invasion of Ukraine has not only severely undermined Ukraine’s economic security but has also contributed to broader global repercussion, including economic slowdowns, substantial financial losses, heightened inflation, rising debt burdens, and increased poverty levels in various parts of the world. This article seeks to address this analytical gap by examining the state of economic security in Ukraine amid wartime conditions, with particular emphasis on economic viability, business impacts, associated risks, and emergent opportunities. Using a ‘5D’ approach together with the ‘strategic trilemma’, the Ukrainian case offers insights for international investors contemplating engagement in conflict-affected environments and provides a foundational basis for further scholarly inquiry into the relationship between war and economic resilience. This article is published in the Thematic Collection ‘Researchers at Risk: the view from Ukrainians in the UK’.