Russian Roulette The Ukrainian Economy Today with Elina Ribakova
Jun 3, 2025
Elina Ribakova, a non-resident senior fellow at the Peterson Institute for International Economics and expert in Ukrainian affairs, discusses the dynamic landscape of Ukraine's economy since early 2022. She highlights the country’s resilience due to previous reforms, the ongoing challenges of corruption, and the importance of foreign aid. Ribakova also explores the path to EU membership and infrastructure needs for reconstruction, while addressing the economic implications of the war and the necessity for innovative growth strategies in the face of conflict.
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Ukrainian Economy Resilient
- The Ukrainian economy has held up since the war started in 2022 due to reforms after 2014, especially in the financial sector.
- The budget is effectively split between normal civilian expenses and military spending largely financed externally.
Corruption Under War Spotlight
- Corruption remains a challenge in Ukraine but is under strong scrutiny due to the war and intense foreign aid accountability.
- Focus is shifting towards improving ease of doing business and government transparency to further reduce corruption impact.
Ukraine vs Russia Economic Models
- Ukraine maintains a democratic system and a dual economy, balancing civilian and military needs.
- Russia’s autocratic regime and reliance on natural resources allow it to prioritize militarization without immediate civilian economic disruption.