Executive Summary: Moscow introduced a new accounting scheme enabling European buyers to pay for gas in rubles, circumventing U.S. sanctions and using intermediaries and currency exchanges to bypass restrictions.  Russia has expanded its shadow fleet and increased its oil tanker capacity by 70 percent, helping... MORE

Executive Summary: A new “flash ironmaking” technology invented in the People’s Republic of China (PRC) reduces reliance on imported high-grade iron ore, aligning with Xi Jinping’s push for industrial chain autonomy and supply chain resilience. The technology may mitigate geopolitical risks but is unlikely to... MORE

Executive Summary: Xi Jinping faces challenges to his authority from four main groups: retired party elders such as Li Ruihuan and Wen Jiabao; princelings, especially those based overseas; military leaders, such as Zhang Youxia; and parts of the middle and entrepreneurial classes who are voicing... MORE

Executive Summary: Xi Jinping’s New Year’s speech hinted at weaknesses in the People’s Republic of China. The speech emphasized the many hardships that people are currently facing at home while acknowledging fears about a turbulent external environment. Xi did not mention “national rejuvenation” and he... MORE

Executive Summary: Western sanctions against Russia have hampered northern cargo transportation routes used by most Eurasian states, leading Russia to increase relations with the Taliban government on transport communications to connect to the South Asian market. Extending the International North-South Transport Corridor to Afghanistan and... MORE

Executive Summary: Russia’s arms exports dropped by 92 percent from 2021 to 2024 due to redirected resources for Ukraine, sanctions, inflation, and funding issues. The number of countries purchasing Russian arms has dropped dramatically. Major customers such as India have shown caution or shifted to... MORE

Executive Summary: This year’s second joint aerial patrol between the People’s Republic of China (PRC) and Russia marked the debut of the nuclear-capable H-6N bomber, demonstrating Beijing’s intent to project nuclear deterrence and challenge Western strategic dominance. The two countries have expanded security cooperation this... MORE

Executive Summary: The People’s Republic of China (PRC) is constructing “3D Real-Scene China,” a real-time model of the physical world enabled by advanced telecoms and digital sensing technologies. The low-altitude economy, which is projected to exceed $140 billion by 2026, aligns with national strategy that... MORE

Executive Summary: Xi Jinping’s vocational education reforms, designed to address a skills gap, have been distorted at the local level, with uneven implementation and coercive measures intensifying stress on students. The centralized power structure of the People’s Republic of China (PRC) incentivizes local officials to... MORE

Executive Summary: The People’s Republic of China (PRC) continues to use Hong Kong to test policies and build support for the internationalization of its currency, the renminbi (RMB). The city is now the world’s largest offshore RMB clearing center. The Cross-border Interbank Payment System (CIPS)... MORE