We　investigate　dynamic　integration　and　risk　transmission　among　major　global　financial　markets　around　the　Russia-Ukraine　conflict　by　implementing　the　TVP-VAR　frequency　model　for　both　a　high　and　a　low-frequency　band.　We　also　employ　wavelet　coherence　to　supplement　our　analysis.　Results　show　that　(i)　the　global　financial　system　is　highly　connected　during　the　entire　period,　and　the　dynamic　spillovers　reach　unprecedented　heights　on　the　day　of　the　Russia-Ukraine　conflict;　(ii)　Russia　comes　out　as　a　spillover　leader,　whereas　the　geopolitical　risk　index,　Dow　Jones　Commodity,　and　Bitcoin　are　the　major　targets　of　spillovers;　and　(iii)　for　the　entire　sample　period,　short-term　connectedness　gains　much　prominence.　This　study　uncovers　the　real　landscape　of　financial　spillover　effects　of　the　Russia-Ukraine　conflict,　which　can　help　investors　and　policymakers　manage　the　risk　exposure　and　avoid　unexpected　losses.