Iikka Korhonen

@iikkakorhonen.bsky.social

3.1K followers 1.3K following 1.9K posts

Head of BOFIT (Bank of Finland Institute for Emerging Economies), not representing the official views of my employer, RTs not endorsements

https://t.co/E0YqzEKBp7

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Economics 82%

Political science 9%

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Iikka Korhonen @iikkakorhonen.bsky.social · 21m

Our paper can be downloaded here;

publications.bof.fi/handle/10024...

Suomen Pankki: From sanctions to price surges : The dynamics of Russia’s import prices

publications.bof.fi

Iikka Korhonen @iikkakorhonen.bsky.social · 25m

This nice piece on our new
@bofit.suomenpankki.fi
DP also has some addional examples of goods whose prices have risen A LOT for Russian customers because of sanctions.
@chriscook.news
🇷🇺🇨🇳
on.ft.com/4p1N63Y Chinese exporters charge Russia more for war supplies as sanctions bite

Chinese exporters charge Russia more for war supplies as sanctions bite

Price increases show that western restrictions are limiting Moscow’s capabilities, Bank of Finland research finds

on.ft.com

Reposted by Tomasz Mickiewicz

Iikka Korhonen @iikkakorhonen.bsky.social · 4h

We wrote a paper on Russia sanctions and Russia's import prices. Because of sanctions Russia must pay MUCH more for the sanctioned goods it buys.
@bofit.suomenpankki.fi
A thread:

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Heli Simola and I wrote about the effect of sanctions on unit prices of Russia’s imports. I.e., how much does Russia have to pay more for goods EU & co have sanctioned, when it imports them from China, Türkiye and other countries?
@bofit.suomenpankki.fi DP 8/2025
🇷🇺🇨🇳🇹🇷
1/

www.bofit.fi/en/

Reposted by Iikka Korhonen

Steve Rosenberg @bbcstever.bsky.social · 4h

In today’s Russian papers there’s scepticism over the current round of diplomacy. One paper: “The European-Ukrainian gang will ‘correct’ Trump’s plan so that it’s unacceptable for Russia.” Another: “I don’t think the Special Military Operation will end this year.” #ReadingRussia

In the Russian papers, much scepticism about the peace plan.

YouTube video by Steve Rosenberg

youtu.be

Iikka Korhonen @iikkakorhonen.bsky.social · 8h

”..revised rules would probably stipulate that foreign investors had to recruit local workers and in “certain sectors like batteries” transfer technological knowhow.”
🇪🇺🇨🇳
Like the 1990s, but the other way around.
on.ft.com/4ikU0Pl EU to tighten investment rules to stand up to China

EU to tighten investment rules to stand up to China

Commission wants greater benefits for local workers and technology transfers when foreign companies set up in bloc

on.ft.com

Reposted by Jonathan Portes, Iikka Korhonen, Antonio Fatás

Hélène Rey @helene-rey.bsky.social · 17h

European defence governance and financing. Because Europe cannot be blackmailed any longer. If not now then when? @voxeu.org @cepr.org @kiel.institute cepr.org/voxeu/column...

European defence governance and financing

In a context of shifting US commitments, external threats, and global competition over trade, technology, critical minerals, talent, and intellectual property, Europe’s lack of defence capabilities leaves it vulnerable to economic and foreign policy pressure. This column outlines key principles for establishing a European Future of Defence Architecture and a framework for its financing.

cepr.org

Iikka Korhonen @iikkakorhonen.bsky.social · 1d

”Reliance, which is owned by Asia’s richest man, Mukesh Ambani, has been the largest importer of discounted Russian crude over the past three years”
🇮🇳🇷🇺
on.ft.com/43OsSSJ Reliance stops buying Russian crude at major refinery to comply with US sanctions

Reliance stops buying Russian crude at major refinery to comply with US sanctions

India’s oil purchases from Russia are chokepoint between Washington and New Delhi

on.ft.com

Iikka Korhonen @iikkakorhonen.bsky.social · 1d

Osanottoni…

Reposted by Edgar Morgenroth, Iikka Korhonen

François Heisbourg @fheisbourg.bsky.social · 1d

Rubio saying it's a Russian plan while White House says it's a US plan endorsed by Trump

The Kyiv Independent @kyivindependent.com · 1d

According to Republican Senator Mike Rounds, Rubio told senators that the 28-point peace plan drawn up by Special Envoy Steve Witkoff and his Russian counterpart, Kirill Dmitriev, was actually a Russian plan that the U.S. had agreed to pass along to Ukraine.

Rubio facing scrutiny after telling US senators that 28-point plan is a Russian proposal passed along to Ukraine

The U.S. bipartisan Senate delegation attending the Halifax International Security Forum had received a phone call from Secretary of State Marco Rubio. In it, Rubio was quite frank. According to Rep...

kyivindependent.com

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

”…media should place responsibility for the tax rise on the west, arguing it is “not interested in a peaceful settlement” of the Ukraine war.”
🇷🇺
on.ft.com/4oc2oll Kremlin plotted to blame unpopular tax rise on west to shield Vladimir Putin

Kremlin plotted to blame unpopular tax rise on west to shield Vladimir Putin

Guidelines issued to state-controlled media said Russia’s president should not be personally linked to VAT rise

on.ft.com

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

#caturday

Reposted by Iikka Korhonen

CNN @cnn.com · 2d

A one-time leading figure in Britain’s right-wing populist Reform UK party has been jailed for accepting cash bribes in exchange for making pro-Russian statements in the European Parliament.

Former key figure in UK populist party Reform jailed for taking bribes to make pro-Russia statements | CNN

A one-time leading figure in Britain’s right-wing populist Reform UK party has been jailed for accepting cash bribes in exchange for making pro-Russian statements in the European Parliament.

www.cnn.com

Reposted by Iikka Korhonen

Hetan Shah @hetanshah.bsky.social · 2d

Their mom had always told them she had an expensive comics collection but never showed them.

"It's a twist on the old 'Mom threw away my comics' story."
www.bbc.com/news/article...

Superman edition found in mum's attic is most valuable comic ever at $9.12m

It's a bird! It's a plane! It's a new record after Man of Steel comic found in a California home is auctioned.

www.bbc.com

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

HS 84 code is a Harmonized System (HS) code that classifies "nuclear reactors, boilers, machinery and mechanical appliances; parts thereof". This is a broad chapter that includes a vast range of products, from steam turbines and bulldozers to agricultural machinery and parts for those machines8/

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

What are the goods we are looking at? HS84 has most of the sanctioned goods that are ’high priority battlefield items’ or ’dual-use goods’. By way of example, prices of certain ball bearings to Russia are up two or four times from 2021. 🇷🇺🇨🇳
7/

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

And yes, we did lots of robustness checks. Export prices of sanctioned goods to Malaysia? No price increase etc.

6/

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

But it takes time for sanctions to have their effect, the full effect of sanctions on prices might take even 18 months.
@bofit.suomenpankki.fi @suomenpankki.fi

5/

Reposted by Iikka Korhonen

Rory Johnston @roryjohnston.bsky.social · 2d

For reference:

Reposted by Laura Solanko

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

If you drill down in the Chinese customs data, you find that Chinese companies have increased their unit prices of sanctioned goods globally by about 10%. But when they sell these goods to Russia, unit prices are up by almost 90%. Risky business requires its rewards, and Russians have to pay.🇷🇺🇨🇳
4/

Reposted by Menzie Chinn

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Value is the product of volume and unit price. We obtain data on the unit prices of exports to Russia for many countries, including China and Türkiye. China accounts for ~50% of Russia’s imports. When we look at HS data at 6-digit level, unit prices of sanctioned goods to Russia are up 75%!

3/

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Value of sanctioned goods exports (in HS category 84) to Russia from other countries has increased in recent times, and is now more or less at the level of end-2021.

2/

Reposted by Menzie Chinn

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Reposted by Iikka Korhonen

António Costa @eucopresident.consilium.europa.eu · 2d

Together with @vonderleyen.ec.europa.eu we have spoken to President Zelenskyy.

From day 1, Europe has stood with Ukraine in the face of Russian aggression.

We have been working for a just and sustainable peace with Ukraine and for Ukraine together with our friends and partners. ↓

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Bank of Russia starts selling gold locally
Move is not a sign of budget crisis, experts say

Prices have gone up (way up), so it makes sense to sell some Au
🇷🇺
centralbanking.app.incisivemedia.com/2025/11/21/b...

Bank of Russia starts selling gold locally

Move is not a sign of budget crisis, experts say

centralbanking.app.incisivemedia.com

Reposted by Iikka Korhonen

Financial Times @financialtimes.com · 2d

Trump’s grab for Russian frozen assets puts EU Ukraine loan in doubt on.ft.com/3LXpzSY

Trump’s grab for Russian frozen assets puts EU Ukraine loan in doubt

Brussels blindsided by US plan for joint investment funds with Moscow and Kyiv

on.ft.com

Reposted by Tuomas Mattila, Michelle Everson, Iikka Korhonen , and 2 more Tuomas Mattila, Michelle Everson, Iikka Korhonen, Gerald Friedman, Jonathan Birch

Ron Filipkowski @ronfilipkowski.bsky.social · 2d

More evidence that the Trump/Witkoff “peace plan” for Ukraine came straight from the Russians - it uses Russian syntax.
www.theguardian.com/world/live/2...

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

"NBU estimates that #Ukraine ’s public sector deficit will rise this year to over 25 % of GDP, well above the 19 % of GDP projected in the original 2025 budget...
The draft 2026 budget calls for a public sector deficit next year of roughly 1.9 trillion hryvnia ($42 billion) or 19 % of GDP."

BOFIT @bofit.suomenpankki.fi · 3d

BOFIT Weekly Review 47/2025
Ukraine’s economy slows and fiscal deficit rises

Read more 🔗 www.bofit.fi/en/monitorin...

#Ukraine #economy #BOFITWeeklyReview

Reposted by Iikka Korhonen

Reuters @reuters.com · 2d

Exclusive: Abu Dhabi's IHC interested in Lukoil's foreign assets reut.rs/4oUzMyk

Exclusive: Abu Dhabi's IHC interested in Lukoil's foreign assets

Abu Dhabi conglomerate International Holding Company has told the U.S. Treasury it is interested in buying Russian oil group Lukoil's foreign assets, the company said in response to a Reuters enquiry.

reut.rs

Iikka Korhonen @iikkakorhonen.bsky.social · 2d

Ukraine’s on-year GDP growth fell below 1% in the first six months of 2025. Russian bombing of gas production&distribution infrastructure, labour shortages and a weak spring harvest dragged down economic growth. Agricultural output shrank by 23% y-o-y in the second quarter due to the belated harvest

BOFIT @bofit.suomenpankki.fi · 3d

BOFIT Weekly Review 47/2025
Ukraine’s economy slows and fiscal deficit rises

Read more 🔗 www.bofit.fi/en/monitorin...

#Ukraine #economy #BOFITWeeklyReview

Reposted by Stephen P. Jenkins, Iikka Korhonen, Paul Goldsmith-Pinkham

Christian Zimmermann @czimm-economist.bsky.social · 2d

RePEc was created by economists for economists. If there is a way we can serve the community better, please do tell!

repec.org

#RePEc #EconSky

RePEc: Research Papers in Economics

RePEc is a central index of economics research, including working papers, articles and software code

repec.org

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