PURPOSE: of the paper is to explore the reaction of sustainable investment markets to the Russian- -Ukrainian war. DESIGN/METHOD: The event study methodology was used within 30 countries, grouped by the regions – Asia, Europe, North and Central America, South America (Americas), Africa, and Oceania. The cross- -sectional regression analysis was applied to identify country-driven factors which influence SRI markets during the war. RESULTS/FINDINGS: It was confirmed that the Russian-Ukrainian war generated negative cumulative abnormal returns for 70% of the analyzed SRI markets. The cross-sectional regression analysis suggests that such country-driven factors as trade-to-GDP and pension assets-to-GDP have an impact on cumulative abnormal returns of sustainable stock indices and are influenced by the levels of masculinity/femininity dur- ing the Russian-Ukrainian war. ORIGINALITY/VALUE: These findings inform policymakers, investors, and researchers about economic and cultural factors that influence SRI markets amid negative geopolitical events. There are two main innova- tions brought by the model: a similar analysis of SRI markets during the war conducted for the first time, and the model that includes financial and cultural factors. KEYWORDS: sustainable investment, Russian-Ukrainian war, event study. JEL: G140, G150, O16.