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Putin attends a meeting with Senegal's President and African Union chair Macky Sall in Sochi.

REUTERS

Are the West’s efforts to isolate Russia doomed?

In response to Russia’s invasion of Ukraine, the US and Europe have launched a concerted campaign to punish Russia economically and isolate it politically. The West wants to send a strong message to other powers that might be tempted to violate the so-called rules-based international order. But many developing countries across Asia, Africa, and Latin America are reluctant to go along, blunting the effectiveness of this campaign. We spoke to Eurasia Group expert Christopher Garman to better understand the reasons for their skepticism, and what the consequences are likely to be.

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Pedestrians cross the street under flags of the China and Hong Kong.

Miguel Candela / SOPA Images/Sip via Reuters Connect

China's Hong Kong turns 25

On Friday, President Xi Jinping will leave mainland China for the first time in more than two years to mark the 25th anniversary of the UK's handover of Hong Kong to the People's Republic. It's the halfway mark for the "one country, two systems" deal with the Brits for the territory to enjoy (limited) democracy for 50 years. We asked Eurasia Group analyst Neil Thomas to shed some light on why this date is such a big deal for Xi and the future of Hong Kong.

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NATO Summit: Most Important Summit Since the Wall Came Down | World In :60 | GZERO Media

NATO Summit most important post-Berlin Wall

Ian Bremmer shares his insights on global politics this week on World In :60:

First, what is the significance of Japan and South Korea's presence at the NATO summit?

First of all, this is by far the most important NATO summit we've seen since the Wall has come down. Japan and South Korea, a very big deal. Trilateral meeting with President Biden, the two American allies most important that have a dysfunctional relationship, fundamentally dysfunctional on the global stage, and increasingly they are trying to align Kishida, the Prime Minister, and Yoon, the President of South Korea, trying to make that happen. Also, we're increasingly seeing a transformation of NATO to not just being a North Atlantic Alliance, but increasingly taking on global security issues. China's more of a focus. Asian allies, more of a focus. Keep in mind, New Zealand and Australia also there.

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How Long Can China's Zero-COVID Policy Last? | GZERO World

How long can China's zero-COVID policy last?

China's tough pandemic response likely saved a million deaths, but former CDC chief Tom Frieden believes the Chinese have two big problems now.

First, their vaccines don't work, he tells Ian Bremmer on GZERO World. And second, hesitancy rates — especially among the elderly — remain high.

So, what should China do now? Get better vaccines to the most vulnerable, and accept "almost" zero-COVID, like Singapore.

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An oil pump is seen at sunset near Reims, France.

REUTERS/Pascal Rossignol

Does the world really need more oil right now?

We’ve heard dire warnings in recent weeks from oil industry analysts and professionals about how already-high oil prices could rise to record levels in the coming months. Goldman Sachs has increased its price forecast for the second half of the year to $135 per barrel. Trading giant Trafigura predicted that prices could rise even higher to over $150 per barrel.

Underpinning these alarms are fears that the war in Ukraine will lead to a big fall in Russian crude production and exports. Ever since Russia invaded its western neighbor, markets have been on alert for signs of acute disruptions that would squeeze crude supplies.

But what if they are looking in the wrong direction? What if the fixation on the risk of a supply shock (losing Russian barrels) is diverting attention from a very real weakening of global demand for oil?

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COVID Zeroes In on Xi Jinping | PUPPET REGIME | GZERO Media

COVID zeroes in on Xi Jinping

The Chinese president thinks his zero-COVID policy can stamp out the disease entirely until a rude awakening changes everything.

Watch more PUPPET REGIME!

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Annie Gugliotta

BRICS vs. the West

Before the heads of the world's most "advanced" economies meet this weekend in Germany for the annual G7 summit, the leaders of the top five "emerging" ones — Brazil, Russia, India, China, and South Africa, aka BRICS — are holding their own (virtual) summit in Beijing on Thursday.

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Chair Jerome Powell faces reporters after the Fed's meeting in Washington, DC.

REUTERS/Elizabeth Frantz

What We’re Watching: Fed ups rates, zero-COVID shenanigans in China, Pakistan’s energy crunch, Russian Davos

Central banks unite vs. inflation

On Wednesday, the US Federal Reserve raised interest rates by 75 basis points — the biggest hike since 1994 — as it scrambled to contain runaway inflation. What's more, new projections show that the Fed plans to hike rates by an additional 1.75 percentage points until the end of the year — the most aggressive pace since Paul Volcker engineered a recession with double-digit interest rates to tame sky-high inflation in the early 1980s. Just hours before the Fed concluded its meeting, the European Central Bank unveiled a new bond-buying tool to protect the Eurozone's weakest economies from higher borrowing costs, as the ECB gets ready to fight inflation by jacking up interest rates next month for the first time in 11 years. In recent days, rising premiums on Italian and Spanish bonds compared to German ones had rung alarm bells throughout the Eurozone, with painful memories of its debt crisis in the early 2010s. The twin announcements sent shockwaves through global financial markets, with investors already panicking that a recession might be unavoidable to ease out-of-control prices due to a combination of the war in Ukraine, pandemic-related supply chain snarls, and massive stimulus spending on both sides of the Atlantic.

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