Directional connectedness network during the Ukraine–Russia war. Note Figures 3–5: Every index is defined as a node and a directional edge from i to j exists only if the net pairwise connectedness from i to j is positive. The nodes represent the return indices of the G7 stock market, commodities and bitcoin. The blue colour notes the net risk-transmitting index and the yellow colour notes the net risk-receiving index. The bold lines between each node indicate high spillover between different return indices. The larger the directional line, the greater the net impact of volatility on the financial market