Torbjörn Becker

Over et tiår med vestlige sanksjoner har gjort økonomi til en sentral front i krigen mot Ukraina, men hvor stor effekt har tiltakene egentlig hatt? Ukrainas forsvarskamp utkjempes på flere fronter – ikke bare på slagmarken. En viktig del av vestlige lands respons har vært å innføre økonomiske sanksjoner mot Russland. Formålet har vært todelt: å begrense landets tilgang til teknologi, råvarer og komponenter som er nødvendige for våpenproduksjon, og å svekke statens inntektsgrunnlag mer generelt. Det er nå over tolv år siden de aller første sanksjonene ble innført, og fire år siden de første mer omfattende sanksjonspakkene fra EU, USA og andre allierte av Ukraina ble rullet ut. Hvilken betydning har disse tiltakene hatt for krigens gang? I lys av denne utviklingen inviterer NUPIs ukrainasenter til et seminar om hvordan økonomiske sanksjoner påvirker Russlands evne til å føre krig. Her samler vi noen av Nordens ledende økonomer og eksperter for å diskutere: Hva har fungert, og hva har ikke fungert? Og hvor robust er Russlands økonomiske evne i dag til å finansiere krigen i tiden framover? Her finner du Natalia Moen-Larsen, leder av NUPIs ukrainasenter, professor Torbjörn Becker, SITE, Handelshögskolan i Stockholm, professor Ole Gjølberg, Norges miljø- og biovitenskaplige universitet (NMBU), førsteamanuensis Ingerid Maria Opdahl, Institutt for forsvarsstudier (IFS), Olav Slettebø, samfunnsøkonom og forsker, Statistisk sentralbyrå (SSB) og John Karlsrud, leder av NUPIs ukrainasenter.

The anticipation of Ukraine's postwar reconstruction has led to an avalanche of academic and policy analyses on how to rebuild the country. To help the profession navigate this rapidly expanding literature, this article provides a synthesis and critical overview of the proposals. After describing the historical context, damages inflicted by Russian aggression, and funds required for Ukraine's recovery, we summarize principles, phases, and policies needed to deeply modernize the country. The reconstruction of Ukraine should provide a template for other recovery programs.

How effective are current sanctions against Russia? What new tools are emerging to address circumvention and enforce compliance? This public seminar hosted by the Stockholm Institute of Transition Economics (SITE) gathers leading experts to unpack the future of sanctions in today’s complex geopolitical climate.

👉 In this video:
Three keynote presentations on sanctions circumvention, policy effectiveness, and the state of the Russian economy
Introduction by Sweden’s newly appointed Sanctions Coordinator
The official launch of SITE’s Sanctions Web Portal – a new open-access hub for sanctions-related data, analysis, and policy tools

We are at a critical juncture in the defense of Ukraine and the liberal world order. The war against Ukraine is not only a test of Europe’s resilience but also a critical moment for democratic nations to reaffirm their values through concrete action. This brief examines Western support to Ukraine in the broader context of international efforts, putting the order of magnitudes in perspective, and emphasizing the west’s superior capacity if the political will is there. Supporting Ukraine to victory is not just the morally right thing to do, but economically rational from a European perspective.

Den 24 februari 2022 attackerade Ryssland, oprovocerat och i strid med internationell rätt, Ukraina. Denna attack var en eskalering av det angrepp som började redan 2014 med annekteringen av Krim och krigföring i östra Ukraina. Det fullskaliga kriget har snart pågått i tre år och har, oavsett vad som händer i närtid, förändrat säkerhetsläget i Europa för lång tid framöver. Västvärldens tydliga respons med omfattande sanktioner mot Ryssland samt militärt och ekonomiskt stöd till Ukraina indikerar att de flesta inser att Rysslands agerande är ett hot inte bara mot Ukraina utan hela den demokratiska världsordningen. I detta sammanhang är det centralt att förstå att i en militärkonflikt är relativ styrka avgörande, därför är sanktioner mot Ryssland och stöd till Ukraina ömsesidigt kompletterande insatser. Ansträngningarna måste syfta till att både minska Rysslands förmåga att föra krig och samtidigt stärka Ukrainas motståndskraft.

On 24 February 2022, Russia launched an unprovoked attack on Ukraine, in clear violation of international law. This aggression represented an escalation of the conflict that began in 2014 with the annexation of Crimea and the onset of warfare in eastern Ukraine. The full-scale war has now persisted for almost three years and, regardless of near-term developments, has permanently altered Europe’s security landscape. The unequivocal response from the West—with extensive sanctions imposed on Russia alongside significant military and economic support for Ukraine—demonstrates a widespread recognition that Russia’s actions pose a threat not only to Ukraine but also to the entire democratic world order. In this context, it is crucial to understand that relative strength is paramount in any military conflict; thus, sanctions against Russia and support for Ukraine are mutually complementary efforts. These measures must be directed simultaneously at reducing Russia’s capacity to wage war and at bolstering Ukraine’s resilience.

This report was commissioned by the National Institute of Economic Research (NIER) from the Stockholm Institute of Transition Economics at the Stockholm School of Economics (SITE) to analyze the Russian economy in the shadow of Russia’s war against Ukraine. The analysis includes a background of how the Russian economy worked before the war, detailing how important international oil prices changes have been for economic growth. It also provides a description of the political economy of the Russian economic system and what the trade patterns were prior to 2022. The report then focus on a wide range of economic indicators as reported by Russian authorities and discuss how this is now part of the Russian war propaganda. This includes indicators of fiscal and monetary policy, trade, reserves and the financial system. Inflation and economic growth are particularly important components of the propaganda narrative, and the report provides a critical review of official statistics for these key economic indicators. It also provides some alternative measures of inflation and growth that paints a very different picture of the Russian economy compared to the official numbers. Since the start of Russia’s war against Ukraine, the Western coalition that support Ukraine have introduced sanctions with the aim to restrict the resources available to Russia in waging this war. The report details these sanctions and how they impact the Russian economy. The sanctions have a direct bearing on the medium and longer-term outlook for the Russian economy, including on fundamental growth factors and the increasing risk of a full-blown economic crisis in Russia which is discussed in a separate section in the report. The report ends with a concluding section that summarizes the main ideas of the report. It then also adds a rich list of reference for further reading and analysis for the interested reader as well as an appendix that provide a more comprehensive timeline of the sanction that have been introduce so far.

This chapter analyzes how the European Union (EU) and Russia's interdependence has developed with a focus on Russian energy exports to the EU. The main question is whether this will lead to division or greater cohesion in the EU when Russia's war of aggression against Ukraine has forced the EU to reconsider its dependence on Russian energy. The chapter details the different types of energy EU countries imported from Russia and discusses the sanctions implemented by both sides. The effects of sanctions will be felt both in Europe and in Russia in the short term, but in the longer term, Russia is the big loser both in terms of relations with the EU and its own economic development. Energy exports are a fundamental driver of the Russian economy and without major institutional changes, the country will not be able to rid itself of its dependence on fossil energy exports. For the EU, the major challenge will be to deal with the internal fissures that are exposed when it reconsiders its relationship with Russia. The authors argue that this is a historic opportunity to accelerate the green transition in the EU while improving the Union's security by making itself independent of Russian energy.