The Ukraine crisis has, yet again, called into question the coherence and stability of international law both as a language for mediating particular types of international disputes—such as conflicts between the so-called Great Powers— and as a set of institutions capable of serving as fora for the resolution of these disputes. Given the scale and intensity of the ongoing war in Ukraine and the magnitude of its regional and global repercussions, a number of policymakers and historians have already made compelling arguments for why the conflict may be the most significant threat to global order since the end of the Cold War—perhaps even since the Cuban Missile Crisis. While policymakers in the U.S. and Russia have cautioned against drawing Cold War parallels, numerous analysts in both countries have proclaimed the start of a new Cold War in light of the rapid deterioration in relations between Moscow and Washington. Beyond bilateral U.S.–Russia relations, and in the words of Dmitri Trenin, director of the Carnegie Moscow Center, Cold War Two (hereinafter “CWII”) has “effectively put an end to the interregnum of [post-Cold War] partnership and cooperation between the West and Russia.” While sharing the view that a new Cold War has erupted, this article suggest that its causes are far deeper and its likely battlegrounds are far wider than mere antagonism between the United States and Russia over the fate of Ukraine, To the extent that CWII has begun, it may mark a return to interbloc rivalry, East versus West, or even Great Game geopolitics. To complement these frames, the present conflict may also be understood by viewing it through the prism of political economy, particularly the study of “new-statism,” or the new developmental state within the broader context of the development of global capitalism. Thinking of CWII this way allows one to ask whether CWII is actually a war between Western liberal capitalism and various systems of state capitalism, of which Russia's is but one. To be even more precise, one can also ask whether the conflict is better thought of as a contest between different state capitalisms for control over key trade or transit routes, production locales, and markets. Tribes, states, and empires have always waged mortal combat over these material matters. CWII—whether it has started or soon will—will likely rest on similar considerations. And yet, despite the seriousness of the threat, there has been remarkably little academic discussion, and much less public debate, regarding the configuration of global power flows that has contributed to this crisis or the role, and limitations of law in structuring our political imaginations in response to these challenges. This Article is an attempt to call attention to several serious aspects of the Ukraine crisis which have hitherto been underanalyzed, namely the role of information warfare in exacerbating its magnitude.