<p>Geopolitical risk has become an increasingly disruptive force in the global economy, with its origins and impacts disproportionately concentrated among the world’s most powerful nations. This study investigates the dynamic spillover effects of geopolitical risk among the five permanent members of the United Nations Security Council—a group that collectively wields extraordinary political influence and accounts for over half of global GDP. While these countries are entrusted with the responsibility of maintaining international peace and security, they also act as potent sources of geopolitical uncertainty. Using a dual-method approach that combines Time-Varying Parameter Vector Autoregression and Cross-Quantilogram analysis, we examine the evolution, direction, and intensity of risk transmission over the monthly period from January 1946 to March 2025. Our findings reveal a structurally asymmetric network of geopolitical risk spillovers. The US, Russia, and the UK consistently emerge as net transmitters of risk, while China and France are primarily net receivers. These dynamics are robust across both average conditions and extreme risk scenarios. The results highlight the fragility of the current international order, the urgent need for anticipatory multilateral coordination, and the importance of incorporating geopolitical risk metrics into economic forecasting and crisis response frameworks.</p>