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Maxim Chupilkin
Maxim Chupilkin is a Principal Economist in the Office of the Chief Economist at the European Bank for Reconstruction and Development. He works in the Global Economics team, focusing on international political economy and macroeconomic analysis for the Regional Economic Prospects and the Transition Report.
Maxim is currently pursuing a part-time DPhil in International Relations at the University of Oxford. He holds an MA in International Relations from the University of Chicago and a BA in Economics from the New Economic School and the Higher School of Economics.
Prior to joining the EBRD, Maxim worked at the Carnegie Endowment for International Peace, the University of Chicago and the Higher School of Economics. His research focuses on the intersection of international politics and economics, with particular interest in sanctions, trade, finance and economic development.
Research interests
International political economy
Geoeconomics
International trade
Economic consequences of conflict
Education
2023-Now - University of Oxford, DPhil (Ph.D.) in International Relations
2020-2021 - University of Chicago, M.A. in International Relations
2016-2020 – New Economic School & Higher School of Economics, B.A. in Economics
Journal articles
Chupilkin, Maxim, Beata Javorcik and Alexander Plekhanov, 2026, "The Eurasian roundabout: Trade flows into Russia through the Caucasus and Central Asia", European Economic Review, Vol. 187, 105340.
Chupilkin, Maxim, Beata Javorcik, Aleksandra Peeva and Alexander Plekhanov, 2025, "Economic sanctions and intermediated trade", American Economic Review, Papers and Proceedings, Vol. 115, pp. 568-72.
Aksoy, Cevat Giray, Maxim Chupilkin, Zsoka Koczan and Alexander Plekhanov, 2024, "Unearthing the impact of earthquakes: A review of economic and social consequences", Journal of Policy Analysis and Management 44, no. 4 (2025): 1450-1471.
Working papers
Chupilkin, Maxim, Beata Javorcik, Aleksandra Peeva and Alexander Plekhanov, 2025, "Exorbitant privilege and economic sanctions", Centre for Economic Policy Research Discussion Paper 20471.
Chupilkin, Maxim and Zsoka Koczan. “The economic consequences of war: Estimates using synthetic controls.” EBRD Working Paper, No. 271, 2022.
Policy writing, books and reports
‘‘Regional Economic Prospects’, with Alexander Plekhanov and Zsoka Koczan, 2021-now
“Houses, Homes and Heating”, with Zsoka Koczan, EBRD Transition Report chapter, 2023
“The Economics of War and Peace”, with Zsoka Koczan, EBRD Transition Report chapter, 2022