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President Donald Trump waves as he walks before departing for Florida from the South Lawn at the White House in Washington, D.C., U.S., on March 28, 2025.
Trump scolds Putin over Ukraine after Moscow greenlights his ambitions for Greenland
Is the bloom off the bromance between US President Donald Trump and Russian President Vladimir Putin? On Sunday, Trump took Putin to task over Russia’s foot-dragging on a ceasefire in Ukraine and threatened to tariff Russian oil and impose more sanctions on the country.
“If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault ... I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump said. “That would be, that if you buy oil from Russia, you can’t do business in the United States … There will be a 25% tariff on all oil, a 25- to 50-point tariff on all oil.” So far, there’s been no reaction from the Kremlin, but Trump said he would be talking with Putin this week.
A Greenland connection? Trump’s comments came a day after he reaffirmed his interest in acquiring Greenland for reasons of American and international security – something that Putin seems just fine with. At an Arctic policy forum in Murmansk on Thursday, Putin expounded on the “historical roots” of America’s interest in the island and said it was a matter that did not concern Russia.
But it may concern Ukraine. In the same speech, Putin said he would support a UN-led administration in Ukraine to hold new elections. And Kirill Dmitriev, Putin’s envoy for foreign investment and economic cooperation, said that while Moscow is open for investment cooperation in the Arctic with the US, “before deals can be done the war in Ukraine needs to end.”
Iran without Raisi: What's next?
Ian Bremmer shares his insights on global politics this week on World In :60.
What's the fallout from the death of Iran's president?
Not that much in the near term because he doesn't actually run the country. There will be a new election in 50 days. It'll be a hardline or a loyalist to the Supreme Leader. Almost no one will turn out to vote because people don't see this as legitimate. But the country is still a strong and repressive theocracy and that is not changing with or without President Raisi.
How will allies respond to Zelensky urging them for direct involvement in the war?
We're seeing more of this in part because you have the Americans, the French, increasingly talking about the fact that they might want to send people, boots on the ground, to engage in training. As soon as Zelensky hears that, especially because his troops aren't doing so well on the ground right now, he wants maximum support from everyone he can get in NATO. Also, if you want to be in NATO, that means you've got to have trip wires, that means that NATO has to be involved if the Ukrainians are losing more land. This helps with that. But all of this means that the upcoming 75th anniversary of the NATO summit in Washington in July is going to be a really tough one to navigate. Zelensky wants a lot more than NATO allies are prepared to give him.
Is India's recent rise in Russian oil imports a concern to the West?
Not really. The Indians are actually importing more oil from Russia than China, even though, overall, China's trade is going up faster. But American policy, NATO policy is, squeeze the Russians but not so much that it hurts the Americans and the Europeans, it doesn't hurt their economy that much. What that means is that the Russians continue to export oil, and gas, and uranium, and food, and fertilizer. They basically reveal preferences that the United States isn't prepared to do all that much ultimately for Ukraine, especially not if the American economy takes a hit. That does, of course, matter when you look at what's happening with Russia around the world.
That's it for me. I'll talk to you all real soon.
Solving Europe's energy crisis with Norway's power
Europe's energy security hinges on Norway and its transition from fossil fuels to renewable sources. That has big geopolitical implications for Ukraine and NATO.
On GZERO World, Ian Bremmer delves into Europe's urgent quest for energy independence and the broader geopolitical shifts that could redefine the continent's future. With the specter of reduced US support for Ukraine after November’s election, Europe's resilience, particularly in energy security and military capabilities, takes center stage. Norwegian Prime Minister Jonas Støre joins Ian to discuss Norway's critical role in this transition, emphasizing the need for a swift move from oil and gas to renewables, a monumental task that Europe and Norway are determined to undertake in a remarkably short timeframe. “Norway will transition out of oil and gas. When we pass 2030, there will be declining production, and then we want to see renewables transition upwards,” Prime Minister Jonas Støre tells Ian.
Their conversation delves into the ramifications of the US election outcome on NATO and Ukraine, underscoring Europe's precarious position should American support wane. The discussion reveals the continent's vulnerability to fuel crises and the imperative for a robust energy strategy that lessens dependency on external forces, notably by severing ties with Russian fossil fuels in response to the invasion of Ukraine. “Europe's ability to assist Kyiv on the battlefield will hinge not just on military capabilities but also Europe's own energy security,” Ian explains.
This is a moment of transformation for Europe as it navigates the complexities of energy transition and geopolitical uncertainties, highlighting the interconnectedness of sustainability, security, and solidarity in facing the challenges of the 21st century.
Catch GZERO World with Ian Bremmer every week online and on US public television. Check local listings.
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Why is Julian Assange in the news again?
Ian Bremmer shares his insights on global politics this week on World In :60.
What's left to sanction with Russia and have existing sanctions been effective?
There's very little left to sanction with Russia that the Americans and their allies want to sanction. I mean, you could try to cut off Russian oil exports to, say, India, but no one wants to do that because that would cause a global recession. Food, fertilizer, same thing. At the end of the day, the sanctions that the West can put on Russia without a massive impact to themselves and the world they've already put. But because Biden said there'd be hell to pay if anything happened to Navalny in jail and he's dead now, and it's pretty clear the Russians, the Kremlin killed him. That means they have to sound tough. But ultimately, the only thing that is changing Russian behavior is the provision of significant military support to the Ukrainians, and that is determined by US Congress going forward.
Is Israel preventing humanitarian aid from reaching Gaza?
Certainly that is the case, and they've been very reluctant to allow significant humanitarian aid to get into Gaza. Their view is that a lot of that aid would be taken by Hamas, and there's very limited capacity to stop Hamas from doing it. It's terrorist organization. Most of the rest of the world says, yeah, even if that's the case, you've got a couple of million civilians in Gaza whose homes have been destroyed, who've been displaced, that have no other way to live unless you provide them with support. And in very short order, the principal danger to civilians in Gaza will be humanitarian and will not be the war. That's how bad the humanitarian crisis is getting, even though the war fighting continues to go on.
Why is Julian Assange in the news today?
Well, because he is facing one of his last opportunities to avoid extradition to the United States. He is in the UK right now. He's wanted on almost two dozen criminal charges by the United States in regard to he and his organization putting out classified material and diplomatic cables over ten years ago. Those are serious crimes from the United States. But supporters of Assange are all about, look, this is, you know, putting truth to power and shining a light on massive human rights abuses. And if it wasn't for Assange, people wouldn't know about those abuses. It's kind of the same thing people have been saying about Snowden. There is a massive political debate that we can't finish in 180 seconds, but that's why Assange is in the news. We will see what the high court rules.
That’s it for me and I'll talk to you all real soon.
A worker walks atop a oil tanker wagon
The “yes but” behind Russian oil exports
The International Energy Agency reported Tuesday that Russia’s oil exports hit a post-invasion high in April of 8.3 million barrels per day. That’s up from the monthly average of 7.7 million in 2022. Those with the bad habit of reading only the headlines might think this is good news for Vladimir Putin and his war on Ukraine. Not quite.
Buried among the details and data points in many press reports is the reality that despite the export record, Russia’s monthly oil revenues were down 27% from last year, according to the IEA. And the Russian government’s tax receipts from the oil and gas sector have fallen 64% over the past year. Why is that? In response to Russia’s invasion of Ukraine, Europe has stopped buying Russian oil exports, some 80% of which now go to China and India. But the Asian giants can buy Russian oil at steeply discounted prices.
That’s good news for all the world’s oil consumers because the complete elimination of Russian oil from global markets would send prices everywhere soaring. Instead, oil buyers avoid a price shock, China and India get cheap crude, Europe gets independence from Russian energy, and the Kremlin gets less revenue. You won’t get that from headlines about export records.
OPEC+ vs. the US
Oil prices soared Monday — and continued rising Tuesday — after a group of OPEC+ members (unexpectedly) announced that they'd slash production voluntarily by more than 1 million barrels per day. It’s the crude cartel’s response to expected sluggish demand for crude triggered by the recent financial turmoil in the US and Europe as well as China’s weak economic recovery.
The lion’s share of the slash — which follows a bigger cut of 2 million bpd in October — will come from Saudi Arabia, which pledged a 500,000-bpd reduction until the end of the year, matching an earlier promise by Russia.
Why are the Saudis doing this? Officially, Riyadh says it aims to balance markets, but it clearly wants to stop the price of crude from plunging further as the global economic slowdown hurts oil demand, says Eurasia Group expert Raad Alkadiri.
Saudi Crown Prince Mohammed bin Salman has ambitious spending plans, and he wants to get ahead of the curve before prices drop too much. (Indeed, the price of benchmark Brent oil hit just $73 per barrel last month compared to over $120 in the summer of 2022.)
But there's also a US angle. The Saudis resent the Americans for dragging their feet on replenishing the US Strategic Petroleum Reserve, which the Biden administration has tapped into several times since late 2021 to bring down domestic gasoline prices from a whopping $5 a gallon to today's average $3.50.
Russia’s President Vladimir Putin, for his part, has been itching for a chance to get back at the US for leading the charge to enforce a $60 per barrel price cap on Russian oil among G-7 and EU nations. The cap is finally starting to hurt Russia's economy, although perhaps not as much as the West expected.
Japan's recent move to carve out an exemption to buy some Russian crude above the $60 limit is the first semblance of a crack in Western unity against Moscow. And the more expensive oil gets, the harder it’ll become to enforce the price cap — not to mention that US Republicans will jump at the chance to blame high gas prices on President Joe Biden.
Are the OPEC+ cuts a good or bad thing? As usual, that depends.
If you're in the US, you're probably thinking: Yikes, that’s pretty awful now that gas prices have stabilized. Even though they likely won’t reach last year’s levels, high energy costs are the last thing that Western central banks need as they fight to bring down inflation, which is extremely sensitive to wild swings in energy prices.
Yet, if you're MBS or Putin, you must keep prices above a certain level to keep your oil-dependent economy humming. We all know that the Russians will do whatever they can to push back against the $60 price cap, but Alkadiri says that "the Saudis are now showing that they are determined to keep prices up too — Washington be damned."
Russian President Vladimir Putin shakes hands with Pakistani PM Shehbaz Sharif during a meeting on the sidelines of the Shanghai Cooperation Organization summit in Samarkand, Uzbekistan.
Russia and Pakistan might cut unprecedented oil deal
Cold War rivals Russia and Pakistan are negotiating an agreement for the Russians to start selling cheap oil to energy-starved Pakistan in March.
This will make Islamabad yet another Asian customer of Russian crude at a time when Moscow’s cash inflows are limited by a G7/EU oil cap and sanctions. Also, considering Pakistan is dead broke, payments might be made through a “friendly” country, presumably China – a power play for Beijing, whose yuan will be used for the transactions, giving the currency more sway as an alternative to the US dollar.
How is this deal going to affect American interests in the region? And why is Pakistan, which wants to balance its ties with Washington, giving business to the Russians perhaps through China?
First, some history. Although the agreement isn’t finalized, it’ll be geopolitically novel when it is because Pakistan is an unlikely destination for Russian business. Unlike India, Islamabad and Moscow have had no commercial ties for decades.
Considering Pakistan spent the Cold War spying on the USSR and/or attacking its troops in Afghanistan (the Soviet Union paid back in kind by arming India, Pakistan’s arch-rival), the two sides haven’t exactly behaved like partner-material.
Enter China. Pakistan and China have been “Iron Brothers” for decades. Even though Islamabad was a non-treaty US ally until not too long ago, the Pakistanis and the Chinese have always remained “all-weather friends.”
However, as India settled into the role of becoming America’s strategic partner in the region, displacing Pakistan as the preferred South Asian ally over the last two decades, the Chinese encouraged Pakistan to open up to the Russians, and vice versa. Now, a once hesitant Islamabad doesn’t just want Russian oil, but also natural gas, weapons and more. Still, Islamabad wants to stay aligned with the American camp.
Why is Pakistan doing this? Islamabad’s energy bills make the biggest chunk of its imports. Cheaper oil from Russia will obviously help its escalating balance of payments crisis and ballooning trade deficit.
But the biggest issue is with dwindling foreign exchange reserves. A year ago, Pakistan had $17 billion in the bank. Today, foreign reserves have dwindled to $4.3 billion, which will pay for less than a month of imports.
To manage the dollar crunch, Pakistan could use the Chinese yuan in a swap with China to pay Russia once the oil flows in (it expects to get 35% of its annual crude oil imports from 70 million barrels of Russian crude), putting its import-regime firmly in the China-Russia camp.
Pakistan thus finds itself between a rock and a hard place: It needs the cheap Russian oil but also wants to avoid antagonizing the US and its friends in the Gulf, Pakistan’s main energy suppliers — especially considering that Islamabad has been negotiating bailouts with the Washington-backed IMF and deferred oil payments from the Saudis and the Emiratis.
While the Pakistanis defend their position by citing neighboring India as an example of a country that buys Russian oil even as it tilts towards the US and deals with the Gulf states, Islamabad is in a very different position compared to New Delhi because Pakistan is crawling toward default.
But that’s exactly how Washington and Beijing might find confluence to stop Pakistan from failing. “The US view on this is that countries like Pakistan may at times be strategically important, but in the great power competition between China and US, it doesn’t matter a whole lot,” says Uzair Younus, director of the Pakistan Initiative at the Atlantic Council.
Beyond Pakistan’s limited importance as a partner for counterterrorism in Afghanistan, he assesses that the view from Washington is that if others want to share the burden of propping up Pakistan and stabilizing its economy, so be it.
“The US remains a strategic market for Pakistan and that is not going away any time soon. So there will be a relationship there,” says Younus, with the caveat that Washington is likely to prioritize its strategic interests elsewhere for the time being.
Or maybe the Russia-Pakistan oil deal won’t matter that much to the US and its Gulf buddies. For Tamanna Salikuddin, director of South Asia programs at the US Institute of Peace, although the deal will be watched with much interest in Washington, it is going to reinforce the views of American policymakers who already believe that Pakistan is on the Chinese side versus the US camp.
“That Pakistan is now on the ‘China-Russia side’ versus the ‘US-India side’ will be further evident,” she explains. “Even if we're not trying to create political blocs, they emerge sometimes without any effort on our part.”
Russia's weapon: blocking Ukraine grain exports
Carl Bildt, former prime minister of Sweden shares his view from Bratislava, Slovakia.
What's going to be the effect of the EU sanctions on Russian oil exports?
Well, that's going to be somewhat dependent on what happens primarily with oil price. If the oil price were to go up, then in spite of exporting less quantities, Russia will probably earn more money. If the oil price goes down or stays stable, they will be able to gain less, especially since they will have to export at significant discount prices to the people that are ready to buy their oil. So remains to be seen, but a significant step.
Is there any prospect for really releasing all of the grain for the world markets from Ukraine, that Russia is blocking?
It doesn't look very good. Russia is saying "well, well, well, we can lift the blockage of the Black Sea, but that's only if you lift all of the sanctions on us", so they're playing hardball. But effectively, they are now using the restrictions on grain and other products coming out of Ukraine as a weapon against the rest of the world. And that is of course affecting a lot of people. Different studies say that we have perhaps up to 400 million people, in the poorer part of the world, that's going to be very hardly hit by these particular aspects of the brutal Russian aggression.
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