The Pie: An Economics Podcast
War Economies: How Ukraine and Russia Are Adapting in Year Three
Apr 15, 2025
In a deep dive with Konstantin Sonin, a John Dewey Distinguished Service Professor at the University of Chicago, listeners gain insight into the stark economic realities reshaping Ukraine and Russia post-invasion. Sonin discusses Ukraine's resilience and innovative defense production amid war, while reflecting on shifting attitudes towards U.S. support. He also examines how Russia's economy withstands sanctions and the geopolitical implications of its energy sales to India and China, hinting at what the future might hold for both nations.
24:58
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Quick takeaways
- Ukraine's economy showcases resilience through increased defense production and modern weaponry adaptation, despite significant territorial occupation and ongoing challenges.
- Russia's economy remains relatively stable, maintaining oil profits through alternative markets, though it grapples with sanctions and reduced international collaboration.
Deep dives
Ukraine's Economic Resilience Amidst Conflict
Ukraine continues to exhibit resilience in its economy despite the ongoing war, with approximately 20% of its territory occupied by Russian forces. The country has significantly increased its defense production capabilities, now producing 30 to 40 percent of its own military munitions, largely due to support from European allies and a proactive Ukrainian government. This adaptation to war has allowed Ukraine to utilize modern weapons systems that reflect current warfare needs, contrasting sharply with older methods used prior to the conflict. However, the economic challenges remain substantial, as millions are displaced and infrastructure suffers from persistent attacks.
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