This chapter will outline scenarios in which foreign investments may suffer damage directly in connection with armed conflict. It starts with providing somewhat abstract examples of different scenarios pertaining to non-international armed conflicts, international armed conflicts and belligerent occupations. A major part of the chapter is devoted to real examples of conflict-affected foreign investments from various regions, including most notably Ukraine, Libya, Syria and Egypt. Possible claims arising out of the conflicts in Nagorno-Karabakh or Tigray regions are also mentioned. A majority of the examples referred to had or are likely to have an investment arbitration dimension. In fact, as this chapter describes, foreign investors were in many cases successful on the merits stage with their claims related to scenarios of armed conflict.