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Macroeconomic Effects of Sanctions on Russia: Analysing Economic Impact
The Annual Conference, “The Effects of New Geopolitical Risks on Financial Markets and Firms,” was organized by the Swedish House of Finance. This event brought together leading academics and practitioners in financial economics to explore the latest developments in the field.
The conference focused on the significant impact of emerging geopolitical risks on financial markets and corporate operations. Key topics included the influence of pandemics, climate-related risks, geopolitical conflicts, and sanctions, which had heightened the urgency of addressing geopolitical threats.
The event delved into how these disruptions were expected to affect various elements such as international currencies, supply chains, financial markets, and the broader macroeconomy. Attendees examined methodologies for quantifying these risks, identifying vulnerable companies and assets, and analyzing empirical evidence on the effects of these disruptive events.
Torbjörn Becker, Director of the Stockholm Institute of Transition Economics (SITE), presented a talk on the macroeconomic impacts of sanctions on Russia.
Participants gained a deeper understanding of the intersection between geopolitical risks and financial systems and how to navigate these complex challenges effectively.
Celebrating Ukraine’s National Independence Day
The Forum for Research on Eastern Europe and Emerging Economies (FREE Network) and the Stockholm Institute of Transition Economics (SITE) wish to extend heartfelt greetings to the brave people of Ukraine on National Independence Day, August 24.
On 24 August 1991, Ukraine declared its independent state and territory indivisibility. However, it requires enormous efforts and human lives to protect Ukraine’s independence and territorial integrity.FREE Network and SITE take this moment to express our sincere gratitude to all those who have dedicated themselves to protecting Ukraine’s freedom and European values.
As part of our joint efforts, FREE Network and SITE actively engage in various initiatives such as research and policy publications, and public events, meant to support Ukraine’s academic community and contribute to the reconstruction process of Ukraine.
Слава Україні!
Deputy Prime Minister of Ukraine on the next Steps in EU Integration
On 26 May 2023, the Stockholm Institute of Transition Economics (SITE) and the Stockholm Centre for Eastern European Studies (SCEEUS) had the honour of hosting a distinguished keynote speaker, Olga Stefanishyna (Deputy Prime Minister of Ukraine) who shared her insights on Ukraine’s progress with reforms on the way to full EU integration.
Did you miss the chance to attend the event “Ukraine´s reforms on the way to EU integration” with special guest Olga Stefanishyna (Deputy Prime Minister for European and Euro-Atlantic Integration of Ukraine) together with Fredrik Löjdquist (Director of SCEEUS) and Torbjörn Becker (Director of SITE)?
Read the highlights from the event, with discussions on the next steps in EU integration and on Ukraine’s expectations from the Vilnius Summit as well as on strengthening European security in the face of Russia’s war of aggression and the role of Ukraine in this process.
Torbjörn Becker welcomes everyone and introduces keynote speaker Olga Stefanishyna (Deputy Prime Minister of Ukraine).
“While Euro-Atlantic integration is one of the most sensitive issues at the moment, our resolve is as strong as on February 24, 2022, when we woke up with the sound of explosions from Russian bombs. We understand that Ukraine has already changed not only the geopolitical reality but changed the world with our resolve”, says Deputy Prime Minister Stefanishyna.
“Everything we do to transform ourselves, we do it for our people, in honour of those people who laid down their life and will not be able to see Ukraine in the EU. Challenges are enormous but we are happy to see that the EU has shown unity and resolve. The decision to allow Ukraine membership status has already strengthened us enormously”, says Deputy Prime Minister Stefanishyna.
Fredrik Löjdquist and the audience paying close attention to the Deputy Prime Minister’s keynote speech.
“The reform of the judiciary is going through urgent measures to increase integrity, to make sure that no judge will remain unpunished for corruption or vested interests. We have now the ”privilege of war”, where the tolerance for corruption is not only zero but pursued very aggressively. This momentum we use to its full scale. By the moment the war is over, we want to be ready to join the EU”, says Deputy Prime Minister Stefanishyna.
Torbjörn Becker takes notes of Deputy Prime Minister’s thought-provoking keynote speech for the panel discussion.
“By the middle of next year, I hope I will be sitting among NATO countries with security guarantees for Ukraine, with de-occupied territory, and a successful track record of reforms”, says Deputy Prime Minister Stefanishyna during the panel discussion together with Torbjörn Becker and Fredrik Löjdquist.
From left: Torbjörn Becker, Olga Stefanishyna and Fredrik Löjdquist.
We would like to thank everyone who participated during the event “Ukraine´s reforms on the way to EU integration” on 26 May, 2023. Special thanks to Deputy Prime Minister Olga Stefanishyna for the opportunity to host your visit at the Stockholm School of Economics.
Photos by Dominick Nilsson.
Energy Infrastructure Resilience and Sustainable Future
On 11 May 2023, the Stockholm Institute of Transition Economics (SITE) and the Forum for Research on Eastern Europe: Climate and Environment (FREECE) hosted the 2023 SITE Energy Talk. The event focused on Nordic Energy Infrastructure Resilience and the future of sustainable energy systems. This year’s talk brought together leading experts to explore the opportunities and challenges facing the region’s energy infrastructure during the green transition.
Building Resilient Energy Systems for the Future
As the world moves toward sustainable, low-carbon energy systems, resilience has become essential. Energy networks must withstand disruptions while continuing to deliver reliable power.
During the discussion, experts emphasized the need to strengthen systems against supply chain challenges, network congestion, and rising energy costs. At the same time, they highlighted the importance of maintaining a secure and stable energy supply.
Moreover, recent global shocks — including the Covid-19 pandemic, the European energy crisis, and Russia’s invasion of Ukraine — have revealed key vulnerabilities. These events also offered valuable lessons for improving energy security across the Nordic and Baltic Sea regions. Consequently, experts stressed that collaboration, innovation, and strategic planning are vital to enhance Nordic Energy Infrastructure Resilience.
Key Discussion Topics
- How well-prepared is the Nordic energy infrastructure for the green transition from a security of energy supply perspective?
- What has been the impact of Russia’s full-scale invasion of Ukraine on Ukrainian energy infrastructure and the Baltic Sea region’s energy security?
- What policy and investment measures can strengthen energy resilience and sustainability in Northern Europe?
Speakers
- Ewa Lazarczyk Carlson, Associate Professor, Reykjavik University
- Yuliya Markuts, Head of the Center of Public Finance and Governance, Kyiv School of Economics
- Igor Piddubnyi, Analyst on Energy Sector Damages and Losses, Researcher at the Center for Food and Land Use Research, Kyiv School of Economics
- Mikael Toll, Senior Advisor, Ramboll Management Consulting
Moderators
The discussion was moderated by Chloé Le Coq, Professor of Economics at the University Paris-Panthéon-Assas (CRED) and Research Fellow at SITE, and Elena Paltseva, Associate Professor at SITE.
Why Nordic Energy Infrastructure Resilience Matters
The 2023 SITE Energy Talk underscored that Nordic energy systems must adapt to meet future challenges with innovation and cooperation. Strengthening infrastructure resilience is essential to achieve energy independence, climate neutrality, and sustainable growth across Europe.
Disclaimer: Opinions expressed during events and conferences are those of the authors; they do not necessarily reflect those of the FREE Network and its research institutes.
Democratic Backsliding and Electoral Autocracies
The Stockholm Institute of Transition Economics (SITE) and the Forum for Research on Media and Democracy in Eastern Europe (FROMDEE) invite paper submissions to a one-day conference on “Democratic backsliding and electoral autocracies” with a keynote lecture by Arturas Rozenas (New York University).
Conference
The UN’s Secretary-General António Guterres recently observed that “across the world, democracy is backsliding”. This trend encompasses new democracies that have drifted towards electoral autocracy and established democracies where political polarization threatens institutional norms. Research can shed light on where and when democratic institutions are fragile and what can help make them resilient.
The Stockholm Institute of Transition Economics (SITE) and the Forum for Research on Media and Democracy in Eastern Europe (FROMDEE) is organising a one-day conference on “Democratic backsliding and electoral autocracies” with a keynote lecture by Arturas Rozenas (New York University). The conference will take place on 13 October 2023 in Stockholm, Sweden.
Call for Papers
We would like to invite paper and extended abstract submissions, as well as expressions of interest in attending the conference by 15 June 2023 at the link below. We welcome submissions from economics and political science on threats to liberal democratic institutions, as well as other topics in political economy. We would especially like to encourage researchers working on or based in Eastern Europe to apply.
There is no conference registration fee and meals will be provided for all participants. Some funding is available for travel and accommodation, with preference given to presenters and participants from Eastern Europe.
Submission form: Click here
Download the call for paper in pdf-file: “Democratic backsliding and electoral autocracies”
Important dates:
- 15 June 2023 – Submission deadline (full papers or extended abstracts >10 pages)
- July 2023 – Notification of acceptance
- 13 October 2023 – SITE Academic Conference on “Democratic Backsliding and Electoral Autocracies”
The conference is organised as part of the FROMDEE initiative – the Forum for Research on Media and Democracy in Eastern Europe supported by the Swedish International Development Cooperation Agency (Sida).
In case of technical difficulties, please send your submission to: site.free.conferences@gmail.com
Disclaimer: Opinions expressed during events and conferences are those of the authors; they do not necessarily reflect those of the FREE Network and its research institutes.
Back from the Ashes: Swedish and Global Contribution to Ukraine’s Reconstruction
What role should Sweden and the EU have when it is time to rebuild Ukraine with development aid and other means? SITE’s researchers Anders Olofsgård and Maria Perrotta Berlin have written a report “Back from the ashes: Swedish and global contribution to Ukraine’s reconstruction”.
The Russian war of aggression against Ukraine is an example of a situation where development aid, alongside military support not defined as aid, takes on many roles. In addition to humanitarian aid, during ongoing warfare, development aid has a role in helping to maintain social functions and restore vital infrastructure.
In a future post-conflict situation, there is a shift in role from humanitarian aid to more development aid in order to rebuild what the Russian attack has destroyed. Reconstruction needs to go far beyond physical infrastructure. The needs are also far greater than what development aid alone can finance. Although development aid and other public funds will play a major role in the early stages, private capital is necessary for long-term reconstruction.
Full Report (in Swedish)
The EBA report estimates the current cost of the war and presents key lessons from previous international reconstruction efforts. The main emphasis is on the future global support to Ukraine, in terms of content, financing needs and organization, and what this means for Swedish aid.
EBA report: “Back from the ashes: Swedish and global contribution to Ukraine’s reconstruction“.
About EBA
The Expert Group for Aid Studies (EBA) is a government committee mandated to evaluate and analyse the direction, governance and implementation of Sweden’s official development assistance, with a specific focus on results and effectiveness. EBA’s aim is to contribute to the efficient implementation of well-designed aid, focusing primarily on overarching issues within Swedish development assistance rather than individual projects. EBA consists of an Expert Group of ten members and a secretariat placed in Stockholm.
Georgian Economy and One Year of Russia’s War in Ukraine: Trends and Risks
Russia’s invasion of Ukraine profoundly impacted the global economy, immediately sending shockwaves across the globe. The attack of a country that was once a major energy supplier to Europe on the country which was one of the top food exporters in the world, sent food and fuel prices spiralling, causing major energy shortages and the prospect of protracted recession in the United States and the European Union.
The unprovoked and brutal aggression resulted in nearly universal condemnation and widespread sanctions placed on Russia by the United States, the EU, and other Western allies. Financial sanctions were perhaps the most unexpected and significant with the potential for immediate impact on Russia’s neighbours, including those that did not formally join the sanctions regime. In addition to sanctions, the major consequence of the war was mass migration waves, particularly from Ukraine, but also from Russia and Belarus to neighbouring countries.
At the start of the war, it was expected that the Georgian economy would be severely and negatively impacted for the following reasons:
- First, as a former Soviet republic, Georgia historically maintained close economic trade ties with both Russia and Ukraine. The ties with Russia have weakened considerably in the wake of the 2008 Russo-Georgian war but remained significant. Russia was the primary market for imports of staple foods into Georgia, such as wheat flour, maize, buckwheat, edible oils, etc. Russia and Ukraine were both important export markets for Georgia. Russia was absorbing about 60 percent of Georgian wine exports and 47 percent of mineral water exports, while Ukraine was one of the leading importers of alcohol and spirits from Georgia (46 percent of Georgia’s exports). Tourism and remittances are other areas where Georgia is significantly tied to Russia and somewhat weaker to Ukraine. Before the pandemic, in 2019 Russia accounted for 24 percent of all tourism revenues, while Ukraine for 6 percent. Remittances from Russia accounted for 16.5 percent of total incoming transfers in 2021.
- Second, while the Georgian government chose to largely keep a neutral stance on the war (announcing at one point that they would not join or impose sanctions against Russia), the main financial and trade international sanctions were still in effect in Georgia due to international obligations and close business ties with the West. These factors were reinforced by strong support for Ukraine among the Georgian population, where the memory of the Russian invasion of Georgia in 2008 remains uppermost.
- In addition, Georgia is a net energy importer, and while the dependence on energy imports from Russia is not significant, the rising prices would have affected Georgia profoundly.
Original publication: This policy paper was originally published in the ISET Policy Institute Policy Briefs section by Yaroslava Babych, Lead Economist of ISET Policy Institute. To read the full policy paper, please visit the website of ISET-PI.
Disclaimer: Opinions expressed in policy briefs and other publications are those of the authors; they do not necessarily reflect those of the FREE Network and its research institutes.
A Gender-equality Lens on Rebuilding Ukraine
To achieve sustainable development and deliver real benefits for all Ukrainians, the reconstruction of Ukraine must follow the principles of “building back better” with a strong gender perspective.
Researchers from the Stockholm Institute of Transition Economics (SITE) and the Forum for Research on Gender Economics (FROGEE), together with gender economics experts, released the policy paper “Rebuilding Ukraine: The Gender Dimension of Reconstruction” on International Women’s Day 2023. The paper explains why gender-sensitive approaches are vital for Ukraine’s reconstruction and recovery.
Why Gender Matters in Ukraine’s Reconstruction
Sustainable recovery involves more than rebuilding infrastructure. It also means rebuilding society. Therefore, policymakers need to include gender considerations at every stage of Ukraine’s reconstruction.
The authors argue that a gender perspective makes the recovery process more inclusive, efficient, and socially fair. They draw on research in gender budgeting, an approach first developed in public finance. This literature shows that focusing on gender helps governments allocate public resources more effectively and equitably.
The Gender Dimension in Budgetary Planning
For decades, governments have applied gender budgeting principles in national and local spending. They have also used them during post-conflict and post-disaster recovery efforts.
Before Russia launched its full-scale invasion in February 2022, Ukraine took major steps to include gender budgeting in public policy. These actions demonstrate the country’s commitment to equality in decision-making. As a result, Ukrainian institutions can now apply these principles as they plan reconstruction and recovery.
Key Insights from the Policy Paper
The policy paper “Rebuilding Ukraine: The Gender Dimension of Reconstruction” explores several main areas:
- Core principles of gender budgeting: A concise overview of research and real examples of successful national and local applications.
- Gender budgeting in crisis situations: Case studies showing how gender budgeting improves the allocation of funds during post-conflict and post-disaster recovery.
- Ukraine’s progress: Examples of gender budgeting initiatives introduced before the invasion, proving the country’s readiness to expand these efforts.
- Future directions: Practical steps for using gender budgeting in recovery and reconstruction plans, focusing on infrastructure, human capital, and governance.
Towards a Fair and Sustainable Recovery
Integrating the gender dimension of reconstruction will help Ukraine rebuild with equality, resilience, and long-term growth. By using gender-sensitive budgeting, Ukraine can create a recovery strategy that drives both economic progress and social inclusion.
This approach ensures that rebuilding efforts strengthen not only the economy but also the fabric of society—making Ukraine’s future more fair, balanced, and sustainable.
Contact for Interviews
For more info, please contact the following researchers:
Pamela Campa, Associate Professor at Stockholm Institute of Transition Economics (SITE).
Email: pamela.campa@hhs.se
Phone: +46 (8) 736 9686
Mobile: +46 72 449 80 24
Maria Perrotta Berlin, Assistant Professor at SITE.
Email: maria.perrotta@hhs.se
Phone: +46 (8) 736 9690
About FROGEE
In 2019 the FREE Network initiated the Forum for Research on Gender Economics (FROGEE). The aim of FROGEE is to contribute to the discussion on gender inequality, with a specific focus on the region of Central and Eastern Europe. By highlighting different dimensions of gender inequality and its consequences for socio-economic development, FROGEE aims at bringing the issue of gender equality to the focus of both the general public and policymakers. These objectives are addressed through the publication of reviews and policy briefs, the organization of conferences, seminars, and workshops, as well as further development of research collaboration on gender economics with other institutions.
What More Besides Weapons Does Ukraine Need to Survive as a Nation?
As of today, Russia’s aggression against Ukraine has persisted for a year. While several countries have helped Ukraine with military, financial and humanitarian aid, Ukraine requires additional assistance to endure the conflict with Russia. What other forms of support and aid are needed for Ukraine’s survival? And how can the EU and Sweden support Ukraine’s victory?
The Royal Swedish Academy of Engineering Sciences (IVA) hosted a seminar in which Ukraine’s needs were discussed from an economic and political science perspective by several leading economists, including:
- Nataliia Shapoval, Director of the KSE Institute at the Kyiv School of Economics (KSE)
- Torbjörn Becker, IVA member and Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics (SITE)
- Fredrik Löjdquist, Director of the Centre for Eastern European Studies (SCEEUS)
- Maria Perrotta Berlin, Assistant Professor at the Stockholm Institute of Transition Economics.
Nataliia Shapoval, Chairman of the KSE Institute at the Kyiv School of Economics, joined the seminar from Kyiv to share her views. According to Shapoval,
“Tougher sanctions across the board, hefty sanctions on energy, additional sanctions on trade, and more control over financial transactions with Russia are required by the outside world right now.”
As Russia’s war of aggression against Ukraine has lasted for a year, seminar experts advocated for tougher sanctions against Russia and discussed Ukraine’s needs from an economic and political science perspective.
About IVA
The Royal Swedish Academy of Engineering Sciences (IVA) is an independent academy with a mission “…to promote engineering and economic sciences and the advancement of business and industry for the benefit of society.” Read more: IVA website
Disclaimer: Opinions expressed during events and conferences are those of the authors; they do not necessarily reflect those of the FREE Network and its research institutes.
Leading Experts Advocate Tougher Sanctions Against Russia in the Wake of Year-long Aggression Against Ukraine
As of today, Russia’s aggression against Ukraine has persisted for a year. While several countries have helped Ukraine with military, financial and humanitarian aid, Ukraine requires additional assistance to endure the conflict with Russia. What other forms of support and aid are needed for Ukraine’s survival? And how can the EU and Sweden support Ukraine’s victory?
The Royal Swedish Academy of Engineering Sciences (IVA) hosted a seminar in which Ukraine’s needs were discussed from an economic and political science perspective by several leading economists, including:
- Nataliia Shapoval, Director of the KSE Institute at the Kyiv School of Economics (KSE)
- Torbjörn Becker, IVA member and Director of the Stockholm Institute of Transition Economics at the Stockholm School of Economics (SITE)
- Fredrik Löjdquist, Director of the Centre for Eastern European Studies (SCEEUS)
- Maria Perrotta Berlin, Assistant Professor at the Stockholm Institute of Transition Economics.
Nataliia Shapoval, Chairman of the KSE Institute at the Kyiv School of Economics, joined the seminar from Kyiv to share her views. According to Shapoval,
“Tougher sanctions across the board, hefty sanctions on energy, additional sanctions on trade, and more control over financial transactions with Russia are required by the outside world right now.”
As Russia’s war of aggression against Ukraine has lasted for a year, seminar experts advocated for tougher sanctions against Russia and discussed Ukraine’s needs from an economic and political science perspective.
Seminar Video
About IVA
The Royal Swedish Academy of Engineering Sciences (IVA) is an independent academy with a mission “…to promote engineering and economic sciences and the advancement of business and industry for the benefit of society.” Read more: IVA website
Disclaimer: Opinions expressed during events and conferences are those of the authors; they do not necessarily reflect those of the FREE Network and its research institutes.