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Russia’s (actually, Putin’s) demands on returning companies are ratcheting ever upwards and ever tighter. As my grandmother would have said: “They want an arm and a leg and a pint of blood.” From Agentstvo, here: t.me/agentstvonews/…

At the British Library today.

Great to be back in the Monocle Radio studio and sitting opposite Giorgia Scaturro. Thanks to Andrew Mueller for the invite. And yes, very upset not to be in the Signal chats with the kool kidz.

Read this entire 🧵 ⬇️

From the Department of FYI 👀

Lots to unpack here, but a very good read. Note the use of business ties as yet another carrot fed to Moscow. ⬇️ bloomberg.com/news/articles/…

Getting inky fingers reviewing the Sunday papers on Monocle Radio with Emma Nelson and Isabel Hilton, covering #PopeFrancis #TrumpZelensky and #canadianelection2025 among others. Great to be in the studio again, and thanks also to Mariella Bevan behind the glass.

Huge thanks to Georgina Godwin and Chris Cermak for the studio invite. Has it only been 100 days? 🤪😵‍💫🫣🥵

Is this anything more than purely symbolic? Open to suggestions. Ukraine and U.S. Sign Long-Awaited Minerals Deal themoscowtimes.com/2025/05/01/ukr…

Add to the end of this sentence: "...for now." If companies have criteria for staying out, they have criteria for re-entry. Of note: the strength of the push-back awaiting companies that return. McDonald's and Coca-Cola Rule Out Return to Russia themoscowtimes.com/2025/04/30/mcd…

Very smart stuff, as always, from The Bell. Russian business frets over possibility of sanctions relief en.thebell.io/russian-busine…

To this, I would humbly add “startling metaphors,” “humour,” and “shrewd insight.” Very grateful for the kind words on Zero Sum in today’s The TLS. Ben Noble Michael Dwyer

¡Marc, mil gracias!

New rule: all summer broadcasts must be outdoors. Thanks to Georgina Godwin for the studio invite and to Mariella Bevan for the fresh-air tech. In the meantime, let’s all Visit Portugal, or at least the Portuguese summer market Monocle Radio. 🇵🇹

Putin announces that Western companies will be allowed back into Russia only if it is in "the national interest," but leaves that critical concept unexplained. Feels like the 2000s-era confusion about "strategic sectors" and other blurred boundaries. octagon.media/politika/sakra…

When the exit is potentially a revolving door: A great piece from the Financial Times on a company that left Russia with clear plans to return. on.ft.com/45cVAhs

I'm late to this, but very glad I finally got here. A must read. Comprehensive in sweep and resolute in its argument, from Alexander Gabuev 陳寒士. The Russia That Putin Made foreignaffairs.com/russia/russia-… via Foreign Affairs

It looks like talks have started in Istanbul. Manage expectations, bigly.

Wow. Business as a bargaining chip. 😳

Many 🇺🇸 business will be 1) encouraged that trade after a cease-fire is being discussed openly but 2) discouraged in knowing that the reality of a cease-fire is slipping into an increasingly distant future.