Abstract. The conflict in Ukraine, through the efforts of Western countries that have made political, financial and other way investments in it, has acquired the characteristics of a constituent one, so called “game changer” and has a significant impact on modern international relations and the characteristics of the emerging world order. In 2024, there was a significant technological escalation and geographical expansion of the conflict. Among the key topics discussed by experts was even the possibility of using nuclear weapons. The issues of confiscation of frozen Russian foreign exchange reserves and other assets were discussed in global financial circles. The article emphasizes that the conflict is in an active phase. The parties' assessments of the situation and their interests (Ukraine, Western countries, on the one hand, and Russia, on the other) radically differ. The conflict of interests is deepening. The positions of the “war party” and the pro-Ukrainian lobby are strong in the USA and in Europe. In these circumstances, it is difficult to imagine the success of the conflict settlement within the framework of the negotiation process in 2025, despite the change of the presidential administration in the United States. The outcome of the conflict will determine the role and place of the Russian Federation in the new emerging world order, the degree of Russia's influence not only in different subregions of post-Soviet Eurasia, but also in the countries of the “global South”.