Publications

We use a unique high-frequency Russian customs data to evaluate the impact of international sanctions on Russia. We focus on Russian crude oil and oil products exports, as they are the key sources of export revenues and government finances. We find that Russia was able to redirect crude oil exports from Europe to alternative markets such as India, China, and Turkey with no loss of volumes. In particular, we find that Russian oil exports from Pacific Ocean ports, which are critical for trade with China, do not comply with the G7 price cap.

By Tania Babina, Benjamin Hilgenstock, Oleg Itskhoki, Maxim Mironov, and Elina Ribakova

To rebuild Ukraine after the war as soon as possible, one needs to сonsider key areas and approaches to reconstruction already now.

As the conflict in Ukraine continues on into the latter months of 2022, this book outlines macroeconomic policies to put the economy of Ukraine on

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

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