Economists for Ukraine

A global collective of economists and academics working to end Russia's invasion and rebuild Ukraine.

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.

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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A Blueprint for the Reconstruction of Ukraine

A Blueprint for the Reconstruction of Ukraine, by Torbjörn Becker, Barry Eichengreen, Yuriy Gorodnichenko, Sergei Guriev, Simon Johnson, Tymofiy Mylovanov, Kenneth Rogoff, and Beatrice Weder di Mauro, is designed to give an overview of a possible reconstruction project for Ukraine.
By The Centre for Economic Policy Research

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The International Working Group on Russian Sanctions

The International Working Group on Russian Sanctions is comprised of a number of independent, international experts. The group is focused on recommending new economic and other measures to pressure Russian President Vladimir Putin to end his invasion of Ukraine and restore Ukraine’s territorial integrity.
By Anastassia Fedyk, Tania Babina, Tetyana Balyuk, Ilona Sologub, James Hodson, and Yuriy Gorodnichenko

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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.

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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Russian Ruble Crash

The Best Macroeconomic Policy for Russia

Russia has problems with supply chains, a debt crisis, a severe bank run, a currency crisis, and foreign direct investment issues because of the war it started against Ukraine. The best macroeconomic policy for Russia is to stop this insane war.
By Yuriy Gorodnichenko

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Greed is Good

Greed is Good?

Earlier we argued that buying Russian oil was immoral. But no less moral is for companies (especially for companies that practice ESG) to continue operations in Russia paying taxes and thus enabling Putin to kill more Ukrainians.
By Yuriy Gorodnichenko and Danylo Tavrov

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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.

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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Russian Supremacists on the Loose

Russian Supremacists on the Loose

Ukrainian soldiers found mass graves, tortured bodies of innocent Ukrainians, and civilians killed execution-style near Kyiv. How can one human being (a Russian) do such a thing to another person (a Ukrainian)?
By Yuriy Gorodnichenko and Danylo Tavrov

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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