The aim of this explorative narrative study is to review the impact of bilateral treaties during an armed conflict with a focus on the Russia-Ukraine conflict. The war between Russia and Ukraine has geopolitical consequences. The western countries and their allies particularly Japan, Australia and South Korea have started an economic warfare against Russia by implementing various sanctions. Russia has also countered the sanctions through such acts as demanding western countries pay in Rubble and seizing foreign investment assets. The exploratory study will take a look at the fate of the bilateral treaties during armed conflict. The findings of the study have implications on the future BITs with regards to impact of armed conflict on protection of foreign investment.