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:
- Yuriy Gorodnichenko • UC Berkeley
- Tetyana Balyuk • Emory University
- Tania Babina • Columbia University
- Tatyana Deryugina • UI Urbana-Champaign
- Anastassia Fedyk • UC Berkeley
The Work We Do
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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.
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.
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.
Individual Sanctions Roadmap: Recommendations for Sanctions against the Russian Federation
Through this paper, the working group aims to share its expertise and provide assistance to international efforts focused on the formulation of sanctions to increase the cost to Russia and support Ukraine in the defense of its territorial integrity and national sovereignty.
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.
Divesting under Pressure: U.S. Firms’ Exit in Response to Russia’s War against Ukraine
We explore the determinants and consequences of U.S. corporations limiting their business operations in Russia in the immediate aftermath of the 2022 Russian invasion of Ukraine.
Energy Sanctions Roadmap: Recommendations for Sanctions against the Russian Federation
Russia’s economy and budget are underpinned by revenues from the sale of oil and gas, primarily to Europe. This working paper provides new ideas about energy sanctions that would help cut off a vital supply of funds for the Russian government.
Action Plan on Strengthening Sanctions against the Russian Federation
A group of independent, international experts recommends new economic and other measures to pressure Russian President Vladimir Putin to end his invasion of Ukraine.
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.
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.
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.
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.
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.
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.
Save Gas: How to Help Ukraine Win and the World go through the Energy Crisis
Saving oil will lower world prices, help the EU introduce the embargo, and reduce Russia’s oil revenues. Each of us can do our part!
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
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.
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.
A Future without Putin: Russia’s Military Defeat as a Way to a More Democratic, Green, and Just Europe
The free world – the “West”, but also democracies in Asia, Africa, and Latin America – must prepare for a future without Putin, a future where Russia justly loses its war of choice and aggression.
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.
“Diplomatic solution”: What Do These Words Really Mean?
Many commentators have written in the last few weeks that there is no solution to the Russia-Ukraine war other than diplomacy. No one is opposed to diplomacy. However, the key question is what kind of a diplomatic solution do we want to reach?
Helping Ukraine: How to Donate Effectively
Together with fellow leading Ukrainian economists, we’ve compiled suggestions on how to maximize the impact of individual donations and be sure you’re giving wisely.
Open Letter to Noam Chomsky (and other like-minded intellectuals) on the Russia-Ukraine War
Dear Professor Chomsky,
We are a group of Ukrainian academic economists who were grieved by a series of your recent interviews and commentaries on the Russian war on Ukraine. We believe that your public opinion on this matter is counter-productive…
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
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.
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
Yuriy Gorodnichenko
Tania Babina
Anastassia Fedyk
Tatyana Deryugina
James Hodson
Participating Members
Nina Karnaukh
Andrii Parkhomenko
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
