The invasion of Ukraine has initiated significant challenges and risks for international businesses operating in the region or engaging in trade with Ukraine. The geopolitical tensions and economic instability resulting from the conflict can impact various aspects of international business operations, including supply chains, investments, trade, and reputation management. The purpose of this thesis is to examine wether or not Russia's invasion of Ukraine has triggered a domino effect causing economic turbulence in Europe. Additionally, the authors aim to identify the types of strategies employed by various European small and medium-sized enterprises (SMEs) to manage their international operations in the aftermath of the invasion. This study further intends to explore strategies that can enhance the resilience of businesses and coporate clients during periods of turbulence.

In order to establish a solid foundation of the topic, this research has employed a qualitative strategy. By conducting semi-structured interviews, a wide range of data has been gathered, which have been analyzed in conjunction with the literature review. Through analyzing all gathered data, the outcome of the research illustrates how Russia's invasion of Ukraine has impacted various European small and medium-sized enterprises (SMEs) as well as the strategies employed to manage their international operations.

Finally, the thesis concludes that despite the significant impact of the invasion on various firms, there is evidence that, initially, some companies actually experienced profitability due to the war before the domino effect took hold. Consequently, these firms adjusted their focus, restricting imports or exports to and from Russia and Ukraine. The findings of this study emphasize the importance for firms to employ creativity, decisiveness, and transparency, particularly in managing their public image and understanding customer dynamics.