Sanctions and cyber warfare are the second and third battlegrounds opened by Russia’s invasion of Ukraine. US and EU sanctions will seek to impose economic pain on Russia that could spark public protest and pressure to end the war—even while trying to walk a fine line that contains the pain on importers of Russian oil and gas. Russia, as in the past, may impose its own sanctions, or simply reduce its oil and gas exports to ratchet up prices in a tight market. In the backdrop, Russian cyber attacks on the US, EU, and Ukraine will intensify—and the reverse is also true. Will these reciprocal attacks affect President Putin’s outlook on Ukraine? Could public sentiment affect political calculations—in all countries? How should governments and companies prepare for a cyber backlash?