Economists for Ukraine

A global non-profit initiative working to end Russia's invasion, support Ukrainians, and rebuild.

About Us

Economists for Ukraine is an open collective of economists and members from the global academic community working to help protect Ukraine against the unlawful invasion by Russia.

Leveraging expertise in macroeconomics, finance, behavioral economics, and game theory, we work on analyses of key factors behind the Russian aggression, understanding the consequences if the aggression is not stopped, coordination with international organizations on policy responses such as sanctions, and proactive planning to rebuild Ukraine after the war. The founding team includes eminent scholars and voices such as:

The Work We Do


Provide insights and share actionable proposals based on the expert analyses of our team.


Support Russian sanctions with economic evidence, arguments, and analysis.


Share insights into strategic mistakes, logical fallacies, and optimal game-theoretic responses to Putin's aggression.


Enhance supply chain resilience to ensure people get the basic things that they need, when they need them most.


Accelerate and simplify the collection of evidence for war crimes & hold the Russian leadership and military accountable.


Brainstorm future reconstruction efforts to help rebuild Ukraine.


Relocate displaced Ukrainian academics, scholars, and students, and rebuild the educational ecosystem.

Analyses and Proposals

Gain insights into how governments, organizations, and the international community can take actionable measures to end the war and rebuild Ukraine.

No justice, no peace?

Peace treaties don’t always bring peace. Sometimes they only change the form of war. As the world anticipates hopefully an end to the Russian invasion of Ukraine, and some observers suggest that peace may come at the cost of Ukrainian territory, it’s important to remember that the short-term joy that will almost certainly accompany peace could be merely a prelude to years or decades of carnage unless the peace is just and stable.

By Dan O’Flaherty

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Time to Save Higher Education in Ukraine is Running Out

As the new academic year approaches, government officials, faculty, administrators, and students are tackling the massive challenges of keeping education going in wartime. The survival of many Ukrainian universities is now at stake due to lack of funding, displaced staff and students, and destroyed infrastructure.

By Tatyana Derugina and Margaryta Klymak

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Strengthening Financial Sanctions against the Russian Federation

In this paper, we propose further financial sanctions to increase the cost to Russia’s invasion of Ukraine, based on further targeting two key vulnerabilities. The first targets Russia’s reliance on the U.S. Dollar and Western currencies as a reserve currency to back the Ruble. The second vulnerability is the Russian economy’s dependence on the Western financial system for a range of services.
By The International Working Group on Russian Sanctions

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Statement on EU Sixth Sanctions Package

The West must maintain and step up the sanctions pressure on Russia in order to persuade the Kremlin that it must end its war against Ukraine. The working group applauds the EU’s decision to impose a 6th package of sanctions to sustain pressure on the Russian economy, reducing the regime’s ability to wage war in Ukraine.
By The International Working Group on Russian Sanctions

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Sanctions and the Economy

Gain insights into the how sanctions and other economic tools can be leveraged to stop Russia's unprovoked aggression against Ukraine.

Why the disclosure of natural gas origins is important for Ukraine

The EU has banned most of Russia’s oil exports, but little action has been taken on natural gas trade. This column argues for a disclosure requirement targeted at gas traders, detailing the share of gas they buy from Russian sources. Such a measure would address the information deficit for consumers and empower supportive citizens and businesses to switch away from Russian gas. As an additional benefit, this measure would accelerate the clean energy transition in Europe.

By Iryna Sikora and Boris Vallee

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Full energy embargo: short-term pain for a brighter future

Russia is one of the top three fossil fuel producers in the world, and its economy relies heavily on revenues from oil and natural gas. A full embargo on Russian energy today by the EU alone would already decrease its GDP per capita by 1,500-2,500 USD (or 10 to 25%), a significant reduction to weaken Moscow’s capacity to sustain its aggression against Ukraine.
By Kevin Berry and Iryna Sikora

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Moscow’s Gas Freeze Shows EU-Russian Trade Is Doomed

Since Feb. 21, unprecedented sanctions have not only targeted important sectors of the Russian economy but also frozen Russian central bank reserves. The idea was to impose severe economic pain on Russia and indirectly affect its ability to sustain a prolonged war. But today, the situation has reversed, and Russia is self-sanctioning by restricting its gas supplies to the EU. Instead of reaping the revenue from the gas sale over the long term, Russia is choosing to cut the gas flow.
By Oleg Korenok and Swapnil Singh

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Russian Sanctions Are Working but Slowly

With the Russian ruble now trading at 55 rubles per dollar, well above where it was prior to the invasion, and Russia’s economic output not having collapsed, the initial optimism about the effectiveness of the unprecedented sanctions imposed by the United States and its allies has started to fade. Does that mean the sanctions regime has been a failure? We do not believe so.
By Oleg Korenok, Swapnil Singh, and Stan Veuger

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How to Organize Reconstruction Aid for Post-War Ukraine

Before significant funds are committed to Ukraine’s reconstruction, it is important to determine who will control and direct the money and how the recovery will be structured. Internal and external transparency will be crucial, as well as planning for a project that could take years.
By Yuriy Gorodonichenko, Anastassia Fedyk, and Ilona Sologoub

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What is Driving Western Firms to Leave Russia?

A growing number of U.S. and European firms have chosen to voluntarily cease or suspend their operations in Russia. Are these firms’ managers deciding to divest to help Ukraine and punish Russia? Or are they divesting to help their own firms, under pressure from investors? Our results suggest the latter.
By Anastassia Fedyk & Tetyana Balyuk

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The Real Price of Russian Oil and Gas

The EU has refused to immediately and fully embargo Russian oil and gas purchases out of fear that it would throw the continent into an industrially-led recession, or would cause a much larger spike in prices. These arguments do not reflect the reality of supply-side elasticity in the oil and gas markets, and ignore the enormous costs that we are paying already as a result of the purchases of oil and gas from Russia
By James Hodson

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Strategic Insights

Gain insights into the painful truth on the ground in Ukraine, as well as long-term impact of Russia’s actions.

What game theory can tell us about the war in Ukraine

As economists specializing in behavioral economics and game theory, we teach strategic concepts from game theory to our business students. The same ideas can help us understand Russia’s current moves, predict its future behavior and derive the best strategies to achieve long-term goals.

By Anastassia Fedyk and David McAdams

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Why We Should not Allow Putin to Turn Russia-Ukraine War into a Frozen Conflict

After failing to capture Kyiv, the Kremlin focused its efforts on seizing and holding Donbas region and the south of Ukraine. In Donbass, Kremlin’s scorched-earth tactics have recently stalled. Russia’s slow advance in Ukraine combined with substantial military casualties mean that Putin desperately needs a pause in the war to regain his army’s weakening strength. This may temporarily freeze the conflict, but it will not bring a permanent peace to Europe.

By Olena Stavrunova and Mats Marcusson

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Why More Weapons Will Help Ukraine and Russia Negotiate A Lasting Truce

In any negotiation, strong positioning is the most important factor. Assistance from Ukraine’s allies would give Ukraine, the victim, more bargaining power to reach an outcome that might be acceptable. Those who focus on Ukraine making territorial concessions or blame the United States for expanding the war only weaken Ukraine’s bargaining position.
By Anastassia Fedyk

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The Real Price of Russian Oil and Gas

The EU has refused to immediately and fully embargo Russian oil and gas purchases out of fear that it would throw the continent into an industrially-led recession, or would cause a much larger spike in prices. These arguments do not reflect the reality of supply-side elasticity in the oil and gas markets, and ignore the enormous costs that we are paying already as a result of the purchases of oil and gas from Russia
By James Hodson

Read More »

The LifeForce Project

Securing access to real-time, uninterrupted information about aid requirements and available resources is key to the humanitarian efforts in Ukraine.

The LifeForce Ukraine platform is ensuring a coordinated and resilient response of government and NGO resources, providing immediate support, advice and real time content on a secure platform to those who are most affected in Ukraine.

Learn more about the LifeForce Ukraine Project and how you can get involved.

Project Svidok

Svidok (Witness) is a collection of private and publicly shared war journal entries, as experienced and witnessed by Ukrainian citizens caught in the war.

The entries shared on the platform serve as a rich, time-stamped archive for evidence of war crimes committed by the Russian leadership and their military.

Learn more about Svidok and the ground truth of the unlawful occupation of Ukraine by Russia.

Rebuilding Ukraine

The damage to Ukraine’s infrastructure and economy from Russia’s war already exceeds $500 billion. Along with other economists and stakeholders, we are brainstorming future reconstruction efforts. Learn more.

Positions for
Displaced Ukrainian Scholars

Join Our Efforts

If you would like to stay up to date on our initiatives and hear about opportunities to help, please join our mailing list!

Founding Team

Tetyana Balyuk

Tetyana Balyuk

Assistant Professor of Finance, Goizueta Business School, Emory University
Tetyana Balyuk is an Assistant Professor of Finance at the Goizueta Business School. Her research spans the areas of corporate finance, financial intermediation, and consumer finance with a specific focus on FinTech and lending. Tetyana holds a PhD in Finance from the Rotman School of Management as well as a CSc in International Economics from the Taras Shevchenko National University of Kyiv. Prior to academia, Tetyana was an Economic Advisor for Telenor Group Ukraine.
Yuriy Gorodnichenko

Yuriy Gorodnichenko

Quantedge Presidential Professor of Economics, University of Berkeley
Yuriy Gorodnichenko is the Quantedge Presidential professor in economics at the University of California, Berkeley, a faculty research associate at the NBER, CEPR, and IZA, and an editor of the Journal of Monetary Economics. Yuriy is an applied macroeconomist with expertise in public finance, development, international economics, and econometrics. He holds Ph.D. and M.A. degrees from the University of Michigan and M.A. and B.A. degrees from the Kyiv-Mohyla Academy.
Tania Babina

Tania Babina

Assistant Professor of Business, University of Columbia
Tania received a Ph.D. from the Kenan-Flagler Business School at the University of North Carolina. Her research is at the juncture of corporate finance, labor economics, and entrepreneurship. More broadly, she studies inter-relationship between human capital and firm investment, financing, and organizational choices. Her current research explores drivers of entrepreneurship and factors predicting entrepreneurial success.
Anastassia Fedyk

Anastassia Fedyk

Assistant Professor of Finance, Haas School of Business, University of Berkeley
Anastassia is an Assistant Professor of finance at the Haas School of Business. Her research focuses on behavioral biases in individual and group decision-making, particularly concerning information and belief formation. She holds a PhD in Business Economics from Harvard University and a BA in Mathematics with honors from Princeton University.
Tatyana Deryugina

Tatyana Deryugina

Associate Professor of Finance, University of Illinois at Urbana-Champaign
Tatyana Deryugina is an Associate Professor of Finance at the University of Illinois at Urbana-Champaign. Her research focuses on environmental risk. She is a co-editor of JAERE and EEPE and serves on the board of editors at AEJ: Policy. She is affiliated with NBER, IZA, the E2e Project, and CESifo. Professor Deryugina holds a PhD in Economics from MIT, and a BA/BS from UC Berkeley.
James Hodson

James Hodson

CEO & Cofounder, AI for Good Foundation
James is the AI for Good Foundation's Co-founder and CEO, who has previously spearheaded Artificial Intelligence initiatives at a number of global firms, and has built successful (and sustainable) for-profit ventures in a variety of industries.

Participating Members

Ilona Sologoub

CEO, VoxUkraine

Andriy Bodnaruk

Professor of Finance, University of Illinois at Chicago

Valentin Bolotnyy

Hoover Fellow, Hoover Institution, Stanford University

Sergey Chernenko

Associate Professor, Purdue University

Anastasia Danilov

Assistant Professor, Humboldt-Universität zu Berlin

Olena Havrylchyk

Professor of Economics, University Paris 1 Panthéon-Sorbonne

Tetiana Davydiuk

Assistant Professor of Finance, Carnegie Mellon University

Nina Karnaukh

Assistant Professor of Finance, Fisher College of Business, Ohio State University

Mariana Khapko

Assistant Professor, University of Toronto

Andrew Kosenko

Assistant Professor, Marist College

Dmitry Livdan

Associate Professor, UC Berkeley

Andriy Norets

Professor of Economics, Brown University

Andrii Parkhomenko

Assistant Professor of Finance and Business Economics, University of Southern California

Roman Sheremeta

Associate Professor, Case Western Reserve University

Denis Sosyura

Professor of Finance, Arizona State University

Olena Stavrunova

Associate Professor, University of Technology Sydney

Katya Vasilaky

Assistant Professor, California Polytechnic State University

Bohdan Kukharskyy

Assistant Professor, City University of New York (Baruch College)

A nation fertile in tradition, soil, and resources, Ukraine finds itself battling for its sovereignty and survival. The Russian invasion is bringing unimaginable suffering to Ukrainian citizens unwillingly drawn into a war.

The unprovoked escalation and relentless bombardment of non-military targets by Russian forces has triggered what is already the largest refugee crisis in Europe since WWII.

People don’t really believe in words. Or rather, people believe in words only for a stretch of time. Then they start to look for action.

Volodymyr Zelensky