The ongoing Russian aggression in Ukraine has influenced the economies of the three countries engaged in the conflict. While the similarities in the institutional setups of these economies have resulted in some resemblances regarding the results of this impact, there are also notable differences in what has happened in them.

The people who head the central banks of Belarus, Ukraine and Russia are usually regarded both in the West and in the expert circles of their countries as the most liberal or technocratic in the economic governance structures. They are all well-read, experienced and have contacts abroad. However, the institutional reality of Belarus, Russia and even Ukraine is that all three central banks remain heavily dependent on the presidential centres.

In the many economic analyses of the countries involved in the war on the borders of the European Union, little attention is paid to the role of the central banks of Belarus, Russia and Ukraine. However, a look at their functioning allows us to gain not only a better understanding of the current economic policies of Kyiv, Minsk and Moscow but also an insight into the peculiarities of these countries' economic systems.

The nature of the crisis in Belarus is the same as in other countries of the region, with the collapse of old Soviet structures in the economy, society, politics and ideology. Alyaksandr Lukashenka does not understand the urbanised modern society he is trying to rule. In order to re-establish control, his regime is trying to move the society backwards. Repressions will be extremely costly for Belarusian society, but Lukashenka’s goal is unlikely to be achieved.

The past two years saw growing pressure from western sanctions on the Belarusian regime. Each move Alyaksandr Lukashenka took since 2020 has further limited his room for manoeuvre. After each of his decisions – the brutal crackdown of the 2020 protests; the repressions that followed; the grounding of the Ryanair plane; and finally, the support for the Russian invasion of Ukraine – a new wave of sanctions was introduced.

Stuck in the middle of a war, Belarusian strongman Alyaksandr Lukashenka has tried to save himself by using his old tricks. He officially supports the Russian invasion and claims that Moscow was provoked by NATO. At the same time, he is trying to demonstrate that he still has some sovereignty at his disposal.

Bulba, potato in Belarusian, is an important vegetable in Belarus. The country is well known for its production and various dishes (including draniki, potato pancakes) that go well with Bulbash vodka. Belarusians are known as bulbashy in the Russian-speaking world. Although, for a long time, it was a name that was considered offensive, in recent years it has been adopted by the younger generation who wear it with ironic pride. Today, one of the most famous bulbash, Alyaksandr Lukashenka, is facing probably the most challenging situation in his long political career. The