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Economy

Tariffs, debt, inflation, and markets: who pays the bill, and when.
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NARRATIVE: Russia buys fuel abroad — how Ukraine wins the economic war
Reportage· No. 578

NARRATIVE: Russia buys fuel abroad — how Ukraine wins the economic war

For three years, Russia projected the image of an energy superpower immune to Western pressure — a country that floated on its

COLUMN: Indium and rare earths — Beijing tightens its grip on the minerals that run the world
Column· No. 559

COLUMN: Indium and rare earths — Beijing tightens its grip on the minerals that run the world

In June 2026, amid the noise of the Sino-American trade war over semiconductors and blacklists, a little-known metal entered the conflict: indium.

FACT-CHECK: Trump, 5% of GDP and NATO blackmail — what the numbers actually say
Analysis· No. 552

FACT-CHECK: Trump, 5% of GDP and NATO blackmail — what the numbers actually say

With the NATO Ankara summit only weeks away, statements are multiplying, figures are contradicting one another, and disinformation threatens to cloud the

ANALYSIS: BIOSECURE Act — Trump encircles Chinese biotechs linked to Iran
Analysis· No. 541

ANALYSIS: BIOSECURE Act — Trump encircles Chinese biotechs linked to Iran

In June 2026, the Trump administration crossed a decisive threshold in the economic war against China: WuXi AppTec, a Chinese giant in

OPINION: Russia Running Dry — Ukrainian Drones Create Shortages in 53 Russian Regions
Note· No. 533

OPINION: Russia Running Dry — Ukrainian Drones Create Shortages in 53 Russian Regions

We have long been told that sanctions were not biting, that Russia was holding, that the Russian war economy was resilient. In

INVESTIGATION: Russia's Economy Under Bombs and Sanctions — The Cracks Are Widening
Investigation· No. 488

INVESTIGATION: Russia's Economy Under Bombs and Sanctions — The Cracks Are Widening

On June 20, 2026, the Bank of Russia cut its key rate from 14.5% to 14.25% — a reduction of only 25

PROFILE: Putin facing the mirror — he admits Ukraine's impact and denies his own economy
Profile· No. 479

PROFILE: Putin facing the mirror — he admits Ukraine's impact and denies his own economy

On June 23, 2026, Vladimir Putin spoke words that no one in his circle would have imagined hearing eighteen months earlier. He

ANALYSIS: Moscow's Kapotnya refinery offline until 2027 — Ukraine strikes at the heart of Russia's war economy
Analysis· No. 472

ANALYSIS: Moscow's Kapotnya refinery offline until 2027 — Ukraine strikes at the heart of Russia's war economy

On June 16 and 18, 2026, Ukraine struck the Kapotnya refinery — Moscow's largest — with a precision and persistence that left

INVESTIGATION: NORINCO IN PARIS, THE DRAGON SELLS ITS ASSEMBLY LINE TO THE MIDDLE EAST
Investigation· No. 437

INVESTIGATION: NORINCO IN PARIS, THE DRAGON SELLS ITS ASSEMBLY LINE TO THE MIDDLE EAST

This may be the most unsettling scene from the fortnight that the defense world staged in Paris in June 2026. At the heart of…

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