This paper formalizes the geopolitical externality of climate policy and estimates its plausible magnitudes. Specifically, domestic reductions in fossil fuel demand depress global prices, thereby lowering export revenues for resource-rich autocracies - many of which allocate substantial...

• By reducing reliance on fossil fuels, EU climate policy substantially lowers Russia's financial strength, thereby limiting its military capabilities to sustain its aggression on Ukraine and beyond. • We provide estimates for the security dividend of EU climate policy. • A one-euro...

• Durch die Verringerung der Abhängigkeit von fossilen Energieträgern kann die EU-Klimapolitik die Finanzkraft Russlands deutlich verringern und damit dessen militärische Fähigkeiten zur Fortführung der Aggression gegen die Ukraine und darüber hinaus einschränken. • Wir liefern...

Economic sanctions are a frequently used tool of foreign policy. Constraining trade flows towards or from the target country is supposed to coerce its government into changing certain policies. However, sanctions constitute an obstacle to trade, thereby affecting flows of all countries,...

• Durch die Verringerung der Abhängigkeit von fossilen Energieträgern kann die EU-Klimapolitik die Finanzkraft Russlands deutlich verringern und damit dessen militärische Fähigkeiten zur Fortführung der Aggression gegen die Ukraine und darüber hinaus einschränken. • Wir liefern...

• By reducing reliance on fossil fuels, EU climate policy substantially lowers Russia's financial strength, thereby limiting its military capabilities to sustain its aggression on Ukraine and beyond. • We provide estimates for the security dividend of EU climate policy. • A one-euro...

This report summarises empirical facts about the economic impact of the EU sanctions against Russia and the Russian countersanctions, both implemented in the summer of 2014. The observed decline in trade volumes between the EU and Russia is not only due to the sanctions, but also other economic...