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Are we entering a new era of nuclear weapons testing?
President Trump misinterpreted Vladimir Putin’s comments about nuclear-powered weapons; he reportedly ordered preparations to test US nuclear weapons, sparking Russia and North Korea to signal they might do the same.
Bildt explains how this confusion could reverse 35 years of progress in limiting nuclear tests and destabilize an already volatile world on GZERO Europe.
Argentina's President Javier Milei gestures after the La Libertad Avanza party won the midterm election, which is seen as crucial for Milei's administration after US President Donald Trump warned that future support for Argentina would depend on Milei's party performing well in the vote, in Buenos Aires, Argentina, on October 26, 2025.
What We’re Watching: Milei sticks to his guns, Putin gets ready to test, Central Asia comes to Washington
Argentina’s Milei says no float just yet
Argentine President Javier Milei says he still won’t float the peso freely, signaling he’ll continue to spend his country’s central bank reserves to artificially manage the exchange rate until the 2027 presidential election. Why is that a big deal? Just last month, ahead of the midterm elections, Milei got $2 billion from the United States – as well as a $20 billion credit line – to shore up dwindling reserves. Keeping the currency strong is part of his broader effort to bring down inflation, which includes taking a chainsaw to government spending. But investors expected that after the midterms – which he won handily – he’d move in a more market- friendly direction, letting the peso float. So much for that. If the policy puts reserves in danger again, will the self-styled “anarcho-capitalist” president get another bailout from Tío Sam?
Putin signals he’s ready to match any new US nuclear tests
Just days after US President Donald Trump announced that the Pentagon would resume nuclear testing – without going into some key details – Russian President Vladimir Putin signaled he is ready to do the same, asking members of his security council yesterday for proposals. Neither country has tested a nuclear warhead in decades, although both still test and maintain delivery systems such as rockets and missiles. A return to actual warhead testing could provoke a dangerous new arms race at a time when arms control agreements are already withering fast. For more, see our recent report here.
The ‘stans come to stan Trump
The leaders of the five Central Asian republics – can you name them? – will meet with Trump at the White House today. Russia has long dominated the resource-rich former-Soviet region, but China has made significant commercial inroads in recent years. Trump is seeking greater US access to critical minerals and other resources there, while the Central Asians – wary of both Russian intentions and China’s heft – are keen to diversify their economic and security ties. (Btw, the five are: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Did you get ‘em all?)
Trump hits oil states
Listen: US President Donald Trump has been piling the pressure on Russia and Venezuela in recent weeks. He placed sanctions on Russia’s two largest oil firms and bolstered the country’s military presence around Venezuela – while continuing to bomb ships coming off Venezuela’s shores. But what exactly are Trump’s goals? And can he achieve them? And how are Russia and Venezuela, two of the largest oil producers in the world, responding?
GZERO reporters Zac Weisz and Riley Callanan discuss.
Russian President Vladimir Putin chairs a meeting with members of the Security Council via video link at the Kremlin in Moscow, Russia, on October 24, 2025.
Will Trump’s new Russia sanctions work?
It’s been a tumultuous couple of weeks for US-Russia relations.
Two weeks ago, US President Donald Trump was considering handing Tomahawk missiles to Ukraine, which would allow Kyiv to strike deep into Russian territory. But, following a phone call with Russian President Vladimir Putin on Oct. 16, Trump decided to chop the Tomahawk plan, and announced a meeting with his Russian counterpart.
That quickly fell apart, though – reportedly because negotiations over a ceasefire deal had stalled – and by Oct. 23, an agitated Trump announced that he was sanctioning Russia’s two largest oil companies, Rosneft and Lukoil, which together produce half of Russia’s oil. This was a step that even the Biden administration refused to take, largely over fears that oil prices would spike, driving up inflation.
Now, combined with Biden-era sanctions on Gazpromneft and Surgutneftegaz, the US has blacklisted Moscow’s four largest crude producers.
There’s just one problem, per Eurasia Group’s Russia expert Alex Brideau.
“The new US sanctions are most likely insufficient to change Putin’s strategy in the war against Ukraine,” said Brideau. “The full effect will depend, in part, on whether the largest importers of Russian oil, India and China, halt these purchases.”
Will China and India halt purchases? Here’s the thing: they just might. This would be devastating for the Kremlin: the two countries combined currently purchase more than 80% of Russia’s crude exports, per the Centre for Research on Energy and Clean Air. What’s more, the oil & gas sector is vital to Russia’s government purse – it’s responsible for 30-50% of total budget revenues.
Even absent any pressure from the government to comply or ignore the sanctions, Chinese refiners are already looking elsewhere, per Eurasia Group’s Practice Head for China David Meale.
“I think there is no chance that China will push its firms to comply with the sanctions for the purposes of improving bilateral relations,” said Meale. “However, their major oil companies have already curtailed purchases due to how the threat of sanctions affects their other international interactions.”
India, meanwhile, has until now resisted Trump’s direct pressure to stop buying Russian oil, in part because it wants Moscow to stay neutral if China-India tensions flare up again. With the new US sanctions in place, though, it could be a different story.
“The sanctions on the two largest Russian oil firms have certainly changed the situation,” said Ashok Malik, partner and chair of The Asia Group’s India practice. “I would expect Russian oil purchases to decline significantly — at least in the medium run — should these measures be carried through.”
It seems the process has already begun: Reuters reported last week that Indian oil refiners are poised to halt purchases of Russian oil.
“A near-total halt in Russian crude imports by late November appears inevitable – not out of political alignment, but because continuing would endanger India’s economy itself,” Ajay Srivastava, founder of the Delhi-based Global Trade Research Initiative, told GZERO.
In a sign that the sanctions are already hurting Russian crude firms, Lukoil unveiled a plan yesterday to sell off its foreign assets.
So it looks like Moscow is in trouble? There are signs that the attritional war is starting to take a toll on the Russian economy, which had been remarkably resilient over the first three years of the war. The International Monetary Fund forecast that the Russian economy will expand by less than 1% this year – it grew over 4% in each of the last two years. Inflation has remained stubbornly high at around 8%. And Russians are becoming less optimistic about whether economic conditions are improving in their area, per a Gallup poll.
“Over a longer period of time,” said Brideau, “these trade-offs may become too difficult for the state to manage.”
A stubborn (Moscow) mule. If there is one last reason that Russia will continue this war, it’s Putin. The Russian leader has displayed an extraordinarily high threshold for pain on the battlefield: his army has suffered huge losses and is advancing in Ukraine at a snail’s pace, yet he has shown no willingness to compromise on his main war objectives. He believes that Ukraine belongs to Russia, and that NATO shouldn’t be continuing to expand along Russia’s border.
If this high pain threshold applies to economic suffering, too, then these sanctions won’t stop the war any time soon.
“Politically, Putin remains strongly committed to his objectives in Ukraine,” said Brideau. “He is willing to risk the long-term health of the Russian economy to pursue these goals.”
A forensic expert examines the premises of a private kindergarten in the Kholodnohirskyi district hit by three Russian Shahed drones in Kharkiv, Ukraine, on October 22, 2025.
What We’re Watching: Russia bombs Ukraine after Trump cancels Putin meeting, US and Qatar object to EU climate law, Ireland expected to elect socialist president
Russia bombs Ukraine after second Trump-Putin date called off
Hours after Russian President Vladimir Putin and US President Donald Trump canceled plans for a second meeting in Budapest, Russian forces hit Ukraine with missiles and drones, killing at least seven people, including two children. Ukrainian President Volodymyr Zelensky argued that the strikes showed Russia hadn’t come under enough pressure for its war, pointing indirectly to the US’s refusal to lend Tomahawk missiles to Kyiv. There had been some momentum for US-Russia talks following last week’s call between Trump and Putin, which the US leader called “very productive.” That has now dissipated, and Trump said yesterday he didn’t want to go ahead with a “wasted meeting.” Trump is, though, meeting with NATO Secretary General Mark Rutte today to discuss the war.
Proposed EU climate rules prompt warning from the US and Qatar
The Trump administration continues to be a thorn in the side of the European Union, this time teaming up with Qatar to warn the customs union of consequences to its trade, investment, and energy supplies if it follows through with a plan to introduce new environmental regulations. The joint US-Qatar letter to the EU referenced not only its supply of liquefied natural gas – a key import for Europe ever since it imposed sanctions on Russia – but also the US-EU trade deal that was struck in July. The proposed EU law will allow member states to impose large fines on firms whose supply chains damage the environment or human rights, and is set to be phased in from 2027. The group is exploring revisions to it this week.
Ireland set to pick opposition candidate for president
Irish voters will head to the polls to elect a new president on Friday, and left-wing contender Catherine Connolly has a resounding lead over the center-right Heather Humphreys in the polls. Connolly has reignited the left-wing opposition after it failed to break the center-right coalition’s century-long grip on power last year. Known for her pro-Palestinian stance and skepticism of the EU, Connolly’s election would put an independent voice – she doesn’t belong to any one party – into the largely ceremonial role.
Displaced Palestinians live in tents near destroyed buildings as they cannot return to their houses, amid a ceasefire between Israel and Hamas, in Gaza City, on October 19, 2025.
What We’re Watching: Tense Gaza ceasefire holding again, Trump pressed Zelensky on Donbas during Friday meeting, Japan to have first female PM
Ceasefire returns to Gaza after weekend exchange of fire
The US and the Israeli military said Sunday that the ceasefire is holding again in Gaza, after the two sides exchanged fire over the weekend in what was the biggest test so far of the peace plan signed last week. The flare up appeared to begin when Hamas militants – reportedly acting independent of the group’s leadership – hit Israeli soldiers with gunfire and anti-tank missiles, killing two soldiers. Israeli forces responded with a wave of airstrikes, killing 26 people, per local authorities. Israel said it bombed Hamas targets in the enclave, but one of the strikes hit a former school that was sheltering some displaced persons. The ceasefire remains a tenuous one, as Israel seeks the return of the remains of the last 16 hostages, while Hamas demands more aid. The next 30 days, per one US official, will be “critical.”
Trump presses Zelensky to cede Donbas in heated meeting
US President Donald Trump urged Ukrainian President Volodymyr Zelensky to give up the Donbas region and accept a ceasefire deal on Friday, during a meeting that reportedly devolved into a “shouting match” where Trump echoed the talking points that Russian President Vladimir Putin made on their call the day before. Zelensky hoped the meeting would result in the US supplying Ukraine with long-range Tomahawk missiles, a request Trump denied. US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov will speak in the coming days to prepare a new Trump-Putin summit in the next few weeks – something Zelensky signaled he would be open to attending if invited.
Japan set to have first female PM
Sanae Takichi, elected leader of the center-right Liberal Democratic Party last week, is set to become Japan’s first female prime minister, after her party penned a coalition deal with the right-wing Japan Innovation Party on Monday. The agreement means Takichi will have just enough support when Parliament votes on her ascension tomorrow. The Japan Innovation Party replaces Komeito as the LDP’s coalition partner following outgoing PM Shigeru Ishiba’s decision to resign, meaning the government will take a more pro-business approach. Takichi won’t be the first female leader of Japan, though: Eight empresses have previously ruled over the island.
People attend a vigil in memory of Mauricio Ruiz, a 32-year-old man who was killed during Wednesday's protest against Peru's President Jose Jeri, days after Jeri took office, in Lima, Peru, on October 16, 2025.
What We’re Watching: Peru declares state of emergency, Trump to meet Zelensky after Putin call, Bangladesh seeks to end political upheaval
Peru declares state of emergency in capital city
It’s been a rough period for the country that is renowned for the stunning and peaceful mountain citadel of Machu Picchu. About a month ago, protests broke out against President Dina Boluarte’s pension reforms, government corruption and rising crime. Last weekend, the Congress impeached Boluarte and removed her from office over her failure to address these issues. Now, the Peruvian government is declaring a state of emergency in Lima after the protests, which haven’t stopped, turned deadly – police shot and killed a 32-year-old man on Wednesday at demonstrations outside the Congress.
With Gaza deal done, can Trump bring peace to Ukraine?
US President Donald Trump said he had a “very productive” phone call with Russian President Vladimir Putin yesterday, the first time they had spoken since their Alaska meeting in August, adding that they would have another in-person meeting in the Hungarian capital of Budapest in the next few weeks. The call, which the Kremlin said came at Putin’s behest, came right before Ukrainian President Volodymyr Zelensky’s White House visit, where he was expected to ask about which weapons systems the US can provide him. Trump had reportedly been mulling sending Tomahawk missiles to the Ukrainians, but he appeared to pour cold water on the idea following his chat with Putin.
Bangladesh’s new charter doesn’t please all
Bangladesh has been engulfed by chaos ever since then-Prime Minister Sheikh Hasina allegedly ordered the use of lethal force on student protesters last year. Trying to find a path forward, the South Asian country’s leading parties came together Friday to sign a new political charter. Yet not everyone is happy: Violent protests broke out in Dhaka amid the signing, as demonstrators felt the charter didn’t have a means to guarantee its commitments, including providing justice for the victims of last year’s killings. Meanwhile Bangladeshi prosecutors are seeking the death penalty for the former leader over her actions during last year’s deadly demonstrations. With elections scheduled for February, can the Bangladeshi government establish some calm among its 173-million-strong population?
Trump shifts on Russia: From carrots to sticks in Ukraine war
For years, US policy toward Russia’s war in Ukraine has swung between extremes. Under Biden, “all stick, no carrot.” Under Trump, “all carrot, no stick.” Ian Bremmer says both approaches failed to change Vladimir Putin’s calculus.
What’s different now? Trump himself admits his personal diplomacy with Putin has failed—a rare concession. Instead, he’s pushing oil pressure: urging Hungary, Turkey, and India to cut Russian crude purchases, and exploring deals with Ukraine on drones and long-range missiles.
“The US is closer today to the Ukrainian and European position than Trump was months ago,” Ian notes. “That’s a shift worth watching.”