Several factors are currently shaping the situation in the capital markets. In addition to the military aggression in Ukraine, we are facing inflation, commodity price fluctuations in global markets, and the lockdown in China that is disrupting global supply chains. Despite the fact that Poland is an immediate neighbour of Ukraine, the Polish capital market has shown resilience. Business continuity plans for capital market infrastructure and institutions, used extensively during the pandemic, have been tested in practice and refined. Looking at the major stock indexes, there are no sharp and sustained declines, but the IPO market has virtually died down. There has been no offering since the beginning of the year, which is unusual, but reflects the sentiment on the stock markets. Investors are holding off on decisions due to uncertainty surrounding the war and the macroeconomic environment. How will the market react to a quick end to the war and the opportunity to participate in rebuilding Ukraine from the devastation? Will this affect investor sentiment? How will the market react if the war in Ukraine escalates into a long-term conflict? We will try to find answers to these and other questions during the debate titled War versus Investment Risk and the Capital Market.