This thesis aims to examine the relationship between ESG (Environmental, Social and Governance) ratings and the performance of Nordic stocks during the war crisis. The sample used includes ESG rating and stocks return data from Refinitiv for the years 2022 when the war occurred in the Nordic market (Denmark, Norway, Sweden, Finland). A least square is used as the econometric framework, where performance evaluation models are the market model, a most popular model applied in event study. The results obtained from this study show a negative relationship between ESG score and stock return both raw return and abnormal return during the war but in a very short time period. We argue for this negative relationship with no pay-off for ESG during the war and a flight to the familiarity of market sentiment. To the best of our knowledge, we hope that our analysis has benefited the academic world and served as a valuable resource for further research.