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Russian President Vladimir Putin welcomes US envoy Steve Witkoff during a meeting in Moscow, Russia, on April 25, 2025.
What We’re Watching: Another glitch in Russia-Ukraine talks, UK Labour Party to raise taxes to record levels, Tensions spike in Syria’s third-largest city
Witkoff leak is only the latest glitch in Russia-Ukraine negotiations
A leaked recording of an October call between US special envoy Steve Witkoff and a senior Kremlin official is the latest drama to spill into the Ukraine peace talks. In the call, scooped by Bloomberg, Witkoff – already mistrusted by the Ukrainians – gives tips on how Russian President Vladimir Putin can soften up US President Donald Trump in negotiations. This follows the mini-drama in which US Secretary of State Marco Rubio was forced to affirm this week that the White House had “authored” an initial 28-point plan, after he reportedly told US senators that it hadn’t. Meanwhile Russia is still warning that it won’t accept a deal that strays from its red lines, while accusing Europe of “meddling” in the talks. With so much drama and division, we are keenly tuned in to see what plan, if any, emerges in the coming days.
Will the UK’s new budget right the ship?
The UK government will impose record tax hikes in order to balance the state’s finances while supporting more social spending, according to Chancellor of the Exchequer Rachel Reeves’ new budget. The tax burden will reach 38% of GDP by 2030, the highest in UK history, with the help of a de-facto income tax rise and a new tax on homes worth above £2 million. Labour supporters will cheer the increased social spending but the higher overall tax burden, even on less affluent families, could sting at the polls. Markets swung forward and back in response to the announcement, suggesting they weren’t fully convinced by Labour’s efforts to balance its books. We’re watching to see how this bold fiscal move will affect Prime Minister Keir Starmer and his flailing government.
Syria’s sectarian tensions flare again after brutal double killing
The gruesome murder of a Sunni bedouin couple in the Syrian city of Homs has stoked sectarian tensions in one of the country’s largest cities. The husband and wife were found dead in their home, with sectarian epithets scrawled at the scene. The killings set off a brief wave of reprisals against local Alawites, the sect to which the now-ousted Assad dynasty belonged. Since overthrowing the Assad regime a year ago, President Ahmed al-Sharaa, a former jihadist who has remade himself as a statesman, has struggled to contain sectarian violence, some of it stoked by his own men. The situation in Homs, a strategically located city that is home to Sunnis, Shia, Christians, and Alawites, is an important test case.
Ukraine's President Volodymyr Zelenskiy and U.S. Army Secretary Daniel Driscoll attend a meeting, amid Russia's attack on Ukraine, in Kyiv, Ukraine, November 20, 2025.
What We’re Watching: Russia and Ukraine negotiations continue, Trump and Xi make a springtime date, Sudan’s rebels declare unilateral ceasefire
Ukraine and Russia still worlds apart as peace talks continue
Moscow said that it would reject any ceasefire deal that doesn’t meet its core demands for more territory, the large-scale disarmament of Ukraine, and a ban on Ukrainian NATO membership. The Kremlin’s cold water comes after Ukraine was all smiles following a fresh round of ceasefire talks with the US yesterday. While the White House seems keen to strike a deal soonest, the two sides are still worlds apart on what they are willing to agree to – Washington has now abandoned its Thanksgiving “deadline” for a deal. Today, Russian and American negotiators will be meeting in the UAE to see if they can narrow the gaps between the two peace plans, and Ukrainian President Volodymyr Zelensky is calling for a meeting with US President Donald Trump later this week.
Was Taiwan the subject of US-China call?
After talking on the phone Monday, Trump said he will be meeting with Xi Jinping IRL in Beijing in April and that Xi will come to the US for a state visit later in the year. While the White House said that the call had been “very positive” and mainly focused on trade, Chinese state media reported that the call had focused on Taiwan, saying Xi had communicated to Trump that returning Taiwan to return to Chinese control was “integral.” For more on the impact of the US-China rivalry, see our recent piece on how the trade war has hit the US heartland.
Sudan paramilitaries agree to one-sided ceasefire
Sudan’s Rapid Support Forces (RSF) paramilitaries on Monday announced a three month “humanitarian ceasefire” in their brutal, two-and-a-half-year long civil war with the Sudanese military. The plan was brokered by the US, Saudi Arabia, the UAE and Egypt. Good news, maybe, but there’s a huge catch: the RSF announced the move after the army rejected it because of the involvement of the UAE, which has faced persistent accusations that it backs the RSF. The conflict has killed tens of thousands of people and driven 14 million from their homes. Both sides are accused of widespread war crimes.
Ukrainian President Volodymyr Zelensky meets with US Army Secretary Daniel Driscoll amid Russia's attack on Ukraine, in Kyiv, Ukraine, on November 20, 2025.
What We’re Watching: Kyiv gets a nugget US peace plan, Election day in Guinea-Bissau, Two men from Queens meet at the White House
A nugget for Kyiv in the US plan for ending the war
The United States’ 28-point plan for ending the war in Ukraine appears to contain many items from Russia’s wish list, but it has emerged that it also has something for Kyiv: a security guarantee akin to NATO’s Article 5, which says that an attack on one member state is an attack on all. The US and its European allies would be part of this guarantee. Ukrainian President Volodymyr Zelensky, who faces domestic pressure over a corruption scandal, said on Thursday he’s willing to engage with the plan – although he did draft a statement with European leaders that disavowed parts of the proposal. The Kremlin said it hasn’t formally received the plan.
This West African incumbent may struggle to win reelection
Guinea-Bissau, a West African country of two million people that plays a central role in global cocaine trade, is holding the first round of its presidential election this Sunday. One-term incumbent Umaro Sissoco Embalo faces fierce competition from opposition leader Fernando Dias, who has centered his campaign on security and keeping soldiers out of politics – a rather tough challenge in a country that has had several military coups. The issue hasn’t gone away, either: there was reportedly a coup attempt this year. Most incumbents have won reelection on the continent this year, often amid reports of vote-rigging. Will it be different in Guinea-Bissau?
Two men from Queens walk into the Oval Office
New York City mayor-elect Zohran Mamdani is heading to the White House today to meet with Donald Trump, setting the tone for the relationship between the leader of the US’s biggest city and the US president – and there’s plenty that could go wrong. While they both hail from Queens, they represent movements on vastly different sides of the political spectrum. If things go south, Trump holds a more powerful hand: he has threatened to cut off funding for the city, flood its streets with ICE agents, and send in the national guard. While Mamdani may hesitate to provoke the president, he’ll lose his base if he’s seen as cowing to the president.
Argentine President Javier Milei speaks during the America Business Forum at the Kaseya Center in Miami, Florida, USA, on November 6, 2025.
Hard Numbers: US banks’ Argentina bailout plan falls through, Trump threatens Dem lawmakers, India is latest heist site, Saudi investment fund is stretched, & More
$20 billion: Argentine President Javier Milei had a fantastic midterm election last month, but the celebration might be coming to an abrupt end: A group of US banks shelved its $20-billion bailout plan for the South American nation, favoring instead a short-term loan package.
6: A group of six US Democratic lawmakers published a video telling military and intelligence officials that they must disobey illegal orders. The move irked President Donald Trump, who suggested that the move constituted, “SEDITIOUS BEHAVIOR, punishable by DEATH!”
70 million: The Louvre wasn’t the only site of a successful heist in broad daylight this fall, as a group of men posing as Indian central bank officials robbed a vehicle that held 70 million rupees ($800,000) in the southern state of Karnataka on Wednesday afternoon, per police. Law enforcement is still searching for the culprits.
41: Relentless rains and flooding in central Vietnam have killed at least 41 people, left nine missing, submerged over 52,000 homes, and cut power to half a million households. Hard-hit cities like Hoi An and Nha Trang face evacuations, landslides, and infrastructure collapse as typhoons grow increasingly frequent.
10.5: The former leader of Nigel Farage’s Reform UK party was sentenced to ten-and-a-half years in prison this morning for accepting pro-Russian bribes. Nathan Gill was paid thousands of pounds to deliver TV interviews in favor of an ally of Russian President Vladimir Putin. Reform UK has taken a more dovish position on Russia’s invasion of Ukraine than other parties in the United Kingdom.
$1 trillion: During his White House visit this week, Saudi Crown Prince Mohammed bin Salman pledged to increase his investment in US firms to nearly $1 trillion. There’s just one problem: Riyadh’s Public Investment Fund is running low on cash, according to a New York Times report.
Japanese Prime Minister Sanae Takaichi holds talks with Chinese President Xi Jinping in Gyeongju, South Korea, on Oct. 31, 2025.
Hard Numbers: China-Japan spat could hurt tourism, Pro-Russian pair accused of attacking Polish railway, Neo-Nazi pleads guilty to poison plot in NYC, South Africa blocks arrivals of Palestinians
650,000: Roughly 650,000 Chinese tourists visited Japan in September, but those levels are under threat amid a diplomatic rift between the two countries. Japanese Prime Minister Sanae Takaichi suggested that her country would intervene if China attacks Taiwan, prompting Beijing to cancel tour groups to Japan and ban employees of state-owned enterprises from traveling there.
2: Two Ukrainian men, who are believed to have been working with Russia, have been identified as the culprits behind the rail sabotage attacks in Poland over the weekend. The men are believed to have been recruited by Russian intelligence.
18: A Georgian man who hatched a plan to feed poisoned candy to Jewish children in New York City pleaded guilty on Monday to soliciting hate crimes. Prosecutors will seek an 18-year jail sentence. The man led a Russian & Ukrainian neo-Nazi group that has sought to sow violence worldwide.
2,000: The South African government announced that it will block the arrival of any further flights of Palestinians after hundreds arrived by air in recent weeks. Passengers said they paid $2,000 per ticket to an aid agency offering them a route out of the country, but South African Foreign Minister Ronald Lamola denounced the flights as part of “a broader agenda to remove Palestinians from Palestine.”
U.S. President Donald Trump shakes hands with U.S. House Speaker Mike Johnson (R-LA) after signing the funding bill to end the U.S. government shutdown, at the White House in Washington, D.C., U.S., November 12, 2025.
What We’re Watching: Epstein files on the US House floor, Ukraine hits Russia where it hurts, RSF consolidated its grip on Darfur
The US House set to vote to release Epstein files
The House of Representatives will vote next week to compel the Justice Department to release the Epstein files, after a trove of documents this week further linked President Donald Trump with the late sex offender. Trump and House Speaker Mike Johnson have opposed the bill, but are braced for scores of their party to vote for the release – potentially over 100, according to Politico. Their defections signal that representatives fear being seen as implicated in a cover up could come back to bite them ahead of 2026 Midterm elections. Polling shows that 67% of Republicans agree that the administration should release all the documents. However, even if the bill does pass, it is unlikely to make it out of the GOP-controlled Senate, or get the White House signature it needs to become law.
For Ukraine, is offense the best form of defense?
Ukraine is on the verge of losing another town in the eastern part of the country, and at a great cost, raising questions over whether it should spend so much defending these areas. What’s more, Russia hit several residential towers in Kyiv last night. But Ukraine did have a response, using drones and cruise missiles to strike Russia’s Novorossiysk port, which sits on the Black Sea, and halt exports of 2% of the whole world’s oil supply. Fittingly, crude prices rose 2% as a result. With Ukraine struggling to hold onto towns out east, is a better option to halt Russia a continuation of strikes deep inside enemy territory?
World’s worst war is about to get even worse
Sudan’s horrific civil war is set for a fresh escalation as the paramilitary forces battling the army look to open a new front. The Rapid Support Forces, having consolidated power in the West and the South – where they are accused of recent mass killings and acts of genocide – are now eyeing an eastward push to the Kordofan region. Sudan’s civil war, now in its third year, has already displaced at least 13 million people, forcing some four million into neighboring countries. Estimates of the death toll run to 400,000. The US yesterday called for an arms embargo against the RSF, but the effect is unclear: a recent Washington-brokered ceasefire disintegrated within days.
A fruit and vegetable stall is lit by small lamps during a blackout in a residential neighborhood in Kyiv, Ukraine, on November 6, 2025, after massive Russian attacks on Ukraine's energy infrastructure in October.
Lights out in Ukraine, prices up in Europe
As a fourth winter of war approaches, Russia is destroying Ukraine’s energy grid faster than it can be rebuilt. “We lost everything we were restoring,” Centrenergo, one of Ukraine's largest power operators, said on Facebook following a devastating weekend assault that reduced the country's energy capacity to “zero.”
Since Sunday, most of Ukraine has been plunged into intermittent darkness as the government schedules rolling blackouts to preserve what little power remains. Russian drones and missiles have pummeled power plants, substations, and gas infrastructure in a relentless campaign that has intensified as temperatures drop. Further complicating the situation, Ukrainian authorities charged senior energy officials with a $100 million kickback scheme – which has outraged the public and raised concerns that graft could ward off desperately needed energy assistance from the European Union.
“Since the start of the war, Russia’s main objective in attacking civilian energy infrastructure is to demoralize the population and inflict economic damage,” says Eurasia Group analyst Dani Podogoretskaya. The targets extend beyond power facilities to hospitals, apartment buildings, schools, and kindergartens – all aimed at breaking Ukrainian resolve.
More than three years into the conflict, the strategy appears to be working, at least on paper. Some 69% of Ukrainians now say they are ready to settle for a negotiated end to the war, up sharply from just 22% in 2022. “This is exhausting for Ukrainians,” says Eurasia Group Russia expert Alex Brideau. “They are resisting, but it is taking a toll.”
Yet, with Vladimir Putin showing no signs of coming to the negotiating table, Ukrainians are simultaneously growing more resilient and resigned, adapting their lives to sustain the war effort. Many have purchased small generators to keep the lights on.
Ukraine's military isn't surrendering to the initiative either. Though far less frequent than the strikes they endure, Ukrainian forces have landed attacks deep inside Russia, targeting its energy infrastructure to bring the war home to ordinary Russians. “[This weekend’s] strikes have reinforced the imperative of fighting and winning,” says Podogoretskaya.
A chill across Europe. Ukraine’s energy crisis won’t remain contained within its borders. As the country’s ability for power generation collapses, it must turn to European neighbors for electricity and gas imports — a shift already reverberating through EU energy markets strained since Russia’s invasion.
The pressure is showing up in prices. German baseload electricity for January 2026 delivery has climbed nearly €10 per megawatt-hour in recent weeks, now exceeding €105/MWh and up from €94/MWh in November. Ukraine’s increased demand for imported power will continue pushing regional prices upward as winter deepens.
But the longer-term consequences may prove even more significant. Russia’s systematic destruction of Ukrainian energy infrastructure has poisoned any remaining prospects for cooperation. The idea of resuming Russian gas transit to Europe through Ukrainian pipelines – once a cornerstone of the continent’s energy supply – is now politically dead.
“Any transit arrangement would be viewed as rewarding Russia's deliberate targeting of civilian infrastructure,” says Podogoretskaya. Ukrainian politicians, energy officials, and security experts are united in their opposition to serving as a conduit for Russian gas after watching their power sector and domestic production facilities reduced to rubble. This stance will shape European energy policy for years to come, cementing the EU’s pivot away from Russian energy dependence – even as the costs of that transition continue to mount.
Trump escalates sanctions against Russia
In this Quick Take, Ian Bremmer breaks down the changing dynamics of the Russia-Ukraine war, where Europe is taking the lead in military support while the US adjusts its approach.
“This has gone from a war that the United States was providing most of the direct support to Ukraine to one where the Europeans are clearly taking the leadership role, and this is much more of an existential issue for them,” says Ian.
Meanwhile, the US has eased targeting restrictions, expanded intelligence sharing, and placed new oil sanctions on Russia’s two largest oil companies adding pressure even if it won’t shift the battlefield immediately.
But peace remains distant. Ukraine has signaled willingness for a ceasefire; Russia has not. “They’re demanding more territory and Ukrainian disarmament,” Ian warns. He says to expect incremental Russian gains, rising casualties, and the ongoing risk of the conflict spilling into NATO countries.