The Russia-Ukraine war of 2022 had a significant impact on the European economy, especially the Visegrad Group (V4) countries: Hungary, Poland, Slovakia, and the Czech Republic. This study explores the correlations between inflation, crude oil prices, and geopolitical risk (GPR), providing valuable insights into how these variables interact within the framework of current conflicts. V4 countries, especially Hungary, need to develop strategies to diversify their energy supplies and reduce their dependence on Russian imports. A peaceful international environment is the base-stone of economic development in all countries.