Benjamin Hilgenstock
Senior Economist, KSE Institute (Kyiv School of Economics)
Benjamin Hilgenstock is a Senior Economist at KSE Institute (Kyiv School of Economics) focusing on international sanctions on Russia and their impact on the Russian economy, including in the areas of energy, trade, and finance. He was previously an Economist at the Institute of International Finance working on macroeconomic analysis of key emerging markets, primarily in Central/Eastern Europe and including Russia, Ukraine. He was also an analyst with the International Monetary Fund’s Research Department. He holds an MA from Johannes Gutenberg-Universität Mainz, extensive experience abroad.
Featured work
Why Russia’s economic model no longer delivers
A contracting economy and low oil prices are signs of potential constraint on Russia’s ability to maintain its military capabilities
Using the financial system to enforce export controls
Russian imports of battlefield goods that are subject to export controls, including from Western producers, have surged since mid-2022
Use the financial system to enforce export controls on Russia
Use the financial system to enforce export controls on Russia
Prohibition of Western tech exports to Russia is not working; rapid measures are needed to tighten up
All work
Analysis
16 July 2025
Why Russia’s economic model no longer delivers
A contracting economy and low oil prices are signs of potential constraint on Russia’s ability to maintain its military capabilities
Working paper
30 April 2024
Using the financial system to enforce export controls
Russian imports of battlefield goods that are subject to export controls, including from Western producers, have surged since mid-2022
Opinion piece
18 April 2024
First Glance
16 April 2024
Use the financial system to enforce export controls on Russia
Prohibition of Western tech exports to Russia is not working; rapid measures are needed to tighten up
Event
07 March 2024
Two years later: addressing long-term consequences of Russia’s invasion of Ukraine
The event marked the anniversary of Russia's invasion of Ukraine, focusing on discussions about sanctions, accession, and energy
Analysis
12 July 2023
The oil price cap and embargo on Russia work imperfectly, and defects must be fixed
Violations of the G7 price cap on Russian oil are becoming evident, but Western countries still can tighten rules and reduce the cash flows to Russia.
Policy Brief
26 October 2022
How have sanctions impacted Russia?
In this paper we assess both the immediate economic impact and the likely longer-term impact of sanctions on the Russian economy.