Executive Summary: The All-Russian Cossack Society continues to establish outposts in the occupied territories of Ukraine under Moscow’s direction.  The state-registered Cossack movement is working to deepen the control of loyal structures in the occupied regions and take advantage of existing social beliefs, particularly through... MORE

Executive Summary: Despite the Chinese Communist Party's restrictions on decentralized virtual currencies, the PRC has maintained a significant underground cryptocurrency industry, with investors posting $1.15 billion in gains in 2023. PRC investors are driven to digital assets by practical considerations amid limited traditional investment opportunities... MORE

Executive Summary: The Russian private military company (PMC) Española grew out of a subculture of soccer hooliganism in Russia. Española’s connection to soccer has important implications for using sports to recruit private soldiers for Russia’s war against Ukraine—a trend that has shown signs of spreading... MORE

Executive Summary: Russia has proposed a pause of the fighting in Ukraine in exchange for strategic arms and space negotiations with the West.  The Russian armed forces have been taking Soviet-era arms out of storage as a solution to its dwindling supply of weapons despite... MORE

Executive Summary: Ukraine has disabled roughly one-third of the Russian Black Sea Fleet since the beginning of Russia’s full-scale invasion, relying on “sea drones” and other unmanned capabilities. Kyiv’s offensive measures in the Black Sea have allowed it to deliver larger volumes of grain to... MORE

Executive Summary: Hong Kong’s Article 23 legislation will integrate the PRC's national security framework into Hong Kong's legal system, impacting the city's rule of law and foreign business interests. Broad and vague definitions of national security will create challenges for Hong Kong's common law system.... MORE

Executive Summary: BeiDou enhances both the PRC’s strategic autonomy and its influence across the world. It has signed agreements with numerous countries to expand its use, including for military applications. An interoperability agreement with the US government diminishes the strategic value of GPS by eliminating... MORE

Executive Summary: Minsk is doubling down on military deterrence through asymmetrical means as Belarus finds itself in an increasingly complicated and entangled security situation due to the war in Ukraine. In recent years, Belarus’s military expenditures have fallen significantly lower than its neighbors’ budgets, giving... MORE

Executive Summary: Iran and Russia have steadily strengthened their bilateral cooperation over the past couple of years, primarily based on the destruction of common adversaries, a shared ideological alignment, and expanded military collaboration. Tehran and Moscow have intensified their arms trade and technical assistance on... MORE

Executive Summary: Russia has acknowledged its inability to compete with the West in space and is looking for solutions to shore up the weaknesses of its space program. Moscow views the military satellite systems of the United States and its allies as a significant military... MORE