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Thursday, June 18, 2026

Who Lost Out And Who Made Big Money From The Iran War? – Analysis


June 18, 2026 
By Richard Rousseau

Since Israeli-American airstrikes against Iran began, speculators and oil companies have been making huge profits. Airlines and consumers, on the other hand, are the ones losing out. In the face of inflation, only the strength of currencies such as the Swiss franc, and of commodities such as gold, silver, copper and oil, is providing a counterbalance.

Generally speaking, there are more losers than winners in a war. The stock market indices reflect this: since the start of the war on 28 February, the S&P 500 fell by around 8% in the initial weeks, but has since surged to new highs and is now trading substantially above pre-war levels, in line with the tech-focused Nasdaq. While companies are generally in a difficult position due to soaring energy prices, institutions based in the Middle East, including banks, have been targeted by the Iranian regime.
Speculative gains on commodities

Oil and gas price volatility has not been this high since the start of the war in Ukraine in February 2022. Following the strikes against Iran, the price of a barrel of Brent crude, which was around $70 in February, neared $150 in the first few days before falling back below $100. Since the peace deal was announced between Iran and the United States on 14 June, the Brent price has fallen to $83, offering opportunities for high returns to speculators. Some hedge funds specialize in betting on volatility and are profiting from instability in the commodities market.

For example, between 1 and 6 March, the commodities fund managed by Doug King, a London-based trader at RCMA Capital, surged by 9.5%. Year-to-date, it has gained 20%, thanks to bets on oil, European gas, base metals, coal and agriculture:

The fund managed by Ron Ozer, a trader at Statar Capital in Florida, gained 6.25% in the first week of the conflict thanks to its natural gas investments. Meanwhile, the energy-focused Saber Capital fund from Barclays Bank also gained 6.7% in the first week, with results reaching 13.5% by the end of April. Others profited from bullish bets on gold, silver, copper and tin. Market commentators anticipate that the gains will continue as commodity volatility shows no signs of abating.


Super profits for oil companies

‘A barrel at $100 is the jackpot,’ said a commentator in Le Monde, referring to the expected profits for TotalEnergies this year. As during the war in Ukraine, oil companies such as the French giant and Britain’s BP have benefited greatly from high oil prices.

As the price per barrel increases, so do these companies’ profit margins. So do their refining margins, which are linked to the prices of diesel and kerosene. TotalEnergies and BP are also major players in the gas market, and gas prices have also skyrocketed. TotalEnergies’ stock price has risen by 28% on the stock market this year, and BP’s by 22%. The stock prices of Exxon, Chevron and Shell are also rising, enriching the portfolios of investors who bought these stocks from the outset.


Gains in the arms industry

As with every war, it is a grim reality that arms stocks are among the big winners. Elbit Systems, an Israeli arms company, has seen its stock rise by 20% since the start of the strikes against Iran, having already gained twice as much during the 2.5 years of war in Gaza as it had over the previous five years.

In the United States, Lockheed Martin, the manufacturer of the F-35, has risen 30% since January. The surge began before the conflict in Iran started, but has continued since then. Northrop Grumman, known for its missile defense systems, was up 26% in March.

In Europe, Leonardo, an Italian group, has seen its value increase by 27%, while Dassault, a French company, has seen its value soar by 25%. In contrast, Germany’s Rheinmetall, the big winner of the war in Ukraine whose market value rose from $4.5 billion to $104 billion between October 2021 and October 2022, is not benefiting from the current conflict outside Europe this time.

Cryptos seen as a safe haven

Bitcoin is one of the winners of the war in Ukraine: after a long downtrend in which it lost 50% of its value over the past year, the leading cryptocurrency has managed to reverse this trend since the start of the Israeli-American strikes, gaining 18%. Ethereum, the other major cryptocurrency, has also benefited from the war, rebounding by 22% since the start of the strikes after declining since January.


The crypto community has always promoted the idea that cryptocurrencies play the role of safe haven during turbulent times. However, the Iranian crisis has not vindicated the idea that Bitcoin is a safe haven, but it has offered the clearest real-world test of this theory in the current cycle.

Furthermore, Reuters reports that significant volumes of cryptocurrency funds were transferred from Iranian platforms such as Nobitex to other parts of the world from the outset of the conflict on Saturday, 28 February. The Iranian government cannot control crypto assets in the same way that it controls traditional money. This allows for secure capital flight, even if the volumes — amounting to a few million dollars — have remained modest.

The consumer is the big loser

American and European consumers were the big losers from the return of inflation following the war against Iran. As a result of the global oil shortage, gas prices in the US have risen sharply, increasing by around 40% since the US and Israel began the war. According to data from motor club AAA, gas prices have risen to an average of over $4 per gallon, putting a strain on household budgets nationwide. Higher fuel costs have led to increased transportation costs, which in turn have driven up food prices and the cost of everyday goods. Electricity and heating bills have also increased, as have grocery prices.
Companies weighed down by energy costs

Many companies sensitive to rising energy prices have been penalized. In Europe in particular, companies are more dependent on energy imports than in the US.

Among the biggest losers are airlines. For groups such as Lufthansa (which also owns Swiss) and Air France-KLM, fuel alone often accounts for 20–35% of costs. Fuel prices are also crucial for shipping companies such as the Geneva-based giant MSC and the Danish container shipping firm Maersk, as well as the French company CMA CGM, which has a strong presence in emerging markets.

The booming data center sector is highly energy-intensive and is currently undergoing a historic AI-driven infrastructure boom. It is therefore highly exposed to rising energy costs.

Finally, not all currency and stock market traders have come out of the armed conflict ahead, with some losing out on inflation. Some were on the wrong side of their bets, particularly those who were betting on an expected decline in inflation this year.


About Richard Rousseau
Richard Rousseau, Ph.D., is an international relations expert. He was formerly a professor and head of political science departments at universities in Canada, Georgia, Kazakhstan, Azerbaijan, and the United Arab Emirates. His research interests include the former Soviet Union, international security, international political economy, and globalization. Dr. Rousseau's approximately 800 books, book chapters, academic journal and scholarly articles, conference papers, and newspaper analyses on a variety of international affairs issues have been published in numerous publications, including The Jamestown Foundation (Washington, D.C.), Global Brief, World Affairs in the 21st Century (Canada), Foreign Policy In Focus (Washington, D.C.), Open Democracy (UK), Harvard International Review, Diplomatic Courier (Washington, C.D.), Foreign Policy Journal (U.S.), Europe's World (Brussels), Political Reflection Magazine (London), Center for Security Studies (CSS, Zurich), Eurasia Review, Global Asia (South Korea), The Washington Review of Turkish and Eurasian Affairs, Journal of Turkish Weekly (Ankara), The Georgian Times (Tbilisi), among others.
View all posts by Richard Rousseau →

Monday, June 15, 2026

Americans split on fluoridation; opposition by MAHA supporters notable


ADA trusted more than 2-1 over RFK Jr. on health effects of fluoride in drinking water



 




Annenberg Public Policy Center of the University of Pennsylvania

Support for using fluoride in public drinking 

image: 

Annenberg Science and Public Health (ASAPH) Survey Apr. 2026, N=1639, MOE=+/-3.5%

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Credit: Annenberg Public Policy Center





As the debate over the value of adding fluoride to public drinking water percolates in communities across the nation, a new nationally representative survey from the Annenberg Public Policy Center (APPC) of the University of Pennsylvania finds Americans sharply divided over the use of fluoride in public drinking water.

The new findings come amid renewed attention to fluoridation following critical remarks by Health and Human Services Secretary Robert F. Kennedy Jr., legal and regulatory developments, and renewed scientific debate over the health effects of different levels of fluoride exposure.

Fluoride, a mineral that naturally occurs in water and food, is commonly added to dental products such as toothpaste and mouthwash. Most major U.S. cities fluoridate their drinking water. But concerns have arisen that for some pregnant women and children, “the combined total intake of fluoride may exceed safe amounts.”

For decades, the Centers for Disease Control and Prevention (CDC) has promoted community water fluoridation as a safe, cost-effective way to reduce tooth decay, calling it a major contributor to declining cavity rates in the 20th century. The agency has said that fluoridated water saves billions annually in avoided dental treatment costs.

However, on April 6, 2025, the U.S. Environmental Protection Agency (EPA) announced that it will be reviewing “new science on fluoride in drinking water.” That day, RFK Jr. announced that he planned to “tell the Centers for Disease Control and Prevention (CDC) to stop recommending fluoridation in communities nationwide” and “said he’s assembling a task force of health experts to study the issue and make new recommendations.” In a news story, the Associated Press noted that “Kennedy cannot order communities to stop fluoridation, but he can direct the CDC to stop recommending it and work with the EPA to change the allowed amount.”

Highlights

APPC’s Annenberg Science and Public Health Survey (ASAPH) survey, conducted April 14-28, 2026, among 1,639 U.S. adults, finds that:

  • 43% of U.S. adults favor the use of fluoride in public drinking water while 26% oppose it and 30% neither favor nor oppose it.
  • When asked whether they’d favor or oppose fluoridation of the drinking water in their community, if the community was deciding whether to do so, 43% would favor fluoridation and 23% would oppose it, with 34% saying neither favor nor oppose.
  • Self-identified supporters of the MAHA movement are more likely to oppose than favor (41% vs. 26%) adding fluoride to their community’s drinking water. Among those who do not support MAHA, most would favor rather than oppose fluoridation (63% vs. 11%).
  • Americans are much more confident that the American Dental Association, or ADA, is providing trustworthy information about the health effects of fluoride in drinking water than HHS Secretary Robert F. Kennedy Jr. (74% to 34%). Among MAHA supporters, there is greater confidence in Kennedy (74%) but also confidence in the ADA (68%).

About a quarter (26%) of respondents in our nationally representative survey sample consider themselves supporters of the MAHA movement, or Make America Healthy Again, the political slogan and health initiative first associated with RFK Jr.’s 2024 presidential campaign. Another 40% do not consider themselves MAHA supporters and 33% are not sure. For this analysis we look at responses from the total population, self-identified MAHA supporters, and self-identified non-supporters of MAHA. (Download the topline.)

“Americans are divided on fluoridation, but what stands out is that supporters of the Make America Healthy Again movement are notably more skeptical,” said Patrick E. Jamieson, director of APPC’s Annenberg Health and Risk Communication Institute, which oversees this survey. “Even so, there is widespread trust in the American Dental Association, which reports that 80 years of research shows community water fluoridation to be safe and ‘the single most effective public health measure to prevent tooth decay.’”

Familiarity with use of fluoride in U.S. water supplies

Though fluoride has been part of water supplies across the United States for decades, many Americans say they are not familiar with this. Nearly half of U.S. adults (46%) say they are not familiar with the use of fluoride in U.S. water supplies, while 54% say they are somewhat (45%) or very familiar (9%) with it. Four in 10 (41%) people are not sure whether their community’s public water supply is fluoridated, while about half (48%) say their community’s is.

Perceived effects of water fluoridation on public health

By more than a 2-1 margin, Americans say the use of fluoride in public water supplies has an overall positive (42%) rather than a negative (17%) effect on public health, while 6% say it has no effect. Yet over a third (35%) are not sure, which could reflect a lack of familiarity with the use of fluoride in water supplies.

MAHA supporters are four times more likely than non-supporters to say fluoride in the water supplies has a negative effect on public health (30% vs. 7%). Non-MAHA supporters are twice as likely as MAHA supporters to say water fluoridation has a positive effect on public health (61% vs 30%).

“Although MAHA supporters favor public water fluoridation less than other groups, MAHA supporters are surprisingly equally likely to say fluoride has a positive effect on public health as a negative effect – 30% in both cases – reflecting their uncertainty about its effects,” said Laura A. Gibson, an APPC research analyst.

Views on fluoridating public water supplies

Asked to choose which among a variety of views on fluoridating public water supplies is closest to their own, in the overall population more people support community fluoridation (43%) than oppose it (22%), while a third (34%) don’t have an opinion:

  • Among supporters of fluoridation, there is a close divide between those who support fluoridation as a community decision (23%) and those who think communities should be required to fluoridate public water (20%).
  • Among opponents of fluoridation, there is an even split between those who think all communities should be banned from fluoridating (11%) and those who oppose fluoridation but think the decision should be left up to each community (11%).

MAHA supporters are more likely to oppose fluoridation, while non-supporters are more clearly in favor of fluoridation:

  • Among MAHA supporters, 21% oppose fluoridation and think communities should be banned from doing so, and 18% oppose it but agree the decision should be left up to the community.
  • Among non-supporters of MAHA, 33% express support for mandated fluoridation and 28% say they are supportive of fluoridation but think the decision to do so should be left up to each community.

Policy positions on ending the use of fluoride in public water supplies

A plurality of respondents oppose a policy to end the use of fluoride in public drinking water (40% vs. 28% favoring). A third (32%) indicate they neither favor nor oppose. MAHA supporters are over three times as likely to say they favor ending the use of fluoride in drinking water than non-supporters of MAHA (50% vs. 15%).

Who is more trustworthy on fluoridating water: RFK Jr. or the ADA?

Overall, the American public is much more confident that the American Dental Association (ADA) is providing the public with trustworthy information about the health effects of fluoride in drinking water than HHS Secretary Robert F. Kennedy Jr.

The survey finds that two-thirds of U.S. adults (65%) are not confident Kennedy is providing trustworthy information on fluoride in drinking water, with 42% who are “not at all confident” and 23% who are “not too confident.” Only a third of adults (34%) are confident in Kennedy, with 8% who are “very confident” and 27% “somewhat confident.”

By contrast, three-quarters of U.S. adults (74%) say they are confident in the ADA, with 28% who are very confident and 45% who are somewhat confident. A quarter of those surveyed (26%) are not confident in the ADA, with 9% who are not at all confident and 17% who are not too confident.

Among the subgroup of MAHA supporters, confidence in Kennedy is much higher. Three in four (74%) MAHA supporters are very (23%) or somewhat (51%) confident in him as a trustworthy source of information about fluoride’s health effects, while only 9% of non-MAHA supporters say they are confident in the health secretary.

The general public and non-supporters of MAHA show greater levels of confidence in the ADA than Kennedy to provide trustworthy information about the health effects of fluoride in drinking water. While most MAHA supporters also express confidence in the ADA (68%), more voice confidence in Kennedy (74%) – and people who are not MAHA supporters have even greater confidence in the ADA (83%).

“When it comes to fluoride, Americans place considerably more trust in the American Dental Association than in Health Secretary Robert F. Kennedy Jr.,” said Ken Winneg, APPC’s managing director of survey research. “These overall numbers obscure the finding that many MAHA supporters express confidence in both sources, reflecting how differently Americans evaluate health information depending on their broader views.”

APPC’s ASAPH survey

The findings come from Wave 29 of the Annenberg Science and Public Health survey (ASAPH), conducted April 14-28, 2026, among 1,639 U.S. adults. It was conducted for the policy center by SSRS, an independent research company. The nationally representative probability-based panel, first empaneled in April 2021, has a margin of sampling error of ± 3.5 percentage points at the 95% confidence level. All figures are rounded to the nearest whole number and may not add to 100%. Combined subcategories may not add to totals in the topline and text due to rounding.

Download the topline and methodology report.

The policy center has been tracking the American public’s knowledge, beliefs, and behaviors regarding vaccination, Covid-19, flu, RSV, and other consequential health issues through the Annenberg Science and Public Health (ASAPH) survey and separate national samples since April 2021. The ASAPH survey is conducted under the auspices of APPC’s Annenberg Health and Risk Communication Institute (AHRCI) by a team that includes Ken Winneg, managing director of survey research; research analysts Laura A. Gibson and Shawn Patterson Jr.; and Patrick E. Jamieson, director of the Annenberg Health and Risk Communication Institute.


Confidence in the American Dental Association vs RFK Jr 

Annenberg Science and Public Health (ASAPH) Survey Apr. 2026, N=1639, MOE=+/-3.5%

Credit

Annenberg Public Policy Center


See other recent Annenberg health survey news releases:

The Annenberg Public Policy Center was established in 1993 to educate the public and policy makers about communication’s role in advancing public understanding of political, science, and health issues at the local, state, and federal levels. Connect with us on Facebook, X, Instagram, and Bluesky.



Thursday, June 11, 2026

Report Details How Climate Crisis Fuels Crop Failure Risk in Global Breadbaskets

“As globally important food-producing regions face growing risks of climate-driven disruption, the effects can ripple through livelihoods, supply chains, food assistance systems, and geopolitical relationships.”



An Indian farmer inspects his destroyed rice crop after floodwaters inundated his field in the Kapurthala district of Punjab state on September 11, 2025.
(Photo by Shammi Mehra/AFP via Getty Images)

Brett Wilkins
Jun 09, 2026
COMMON DREAMS

The climate emergency is sharply increasing the risk of crop failure in regions that produce an outsized share of the world’s staple food grains, according to a report published Tuesday that warns of “serious threats to Europe, the NATO alliance, and global stability” if cooperative resilience initiatives and other mitigation strategies aren’t pursued.

The report, “Global Breadbaskets: Food System Resilience as a Strategic Imperative,” was published by the Center for Climate and Security—part of the Council on Strategic Risks, a Washington, DC-based security policy think tank—and the Woodwell Climate Research Center, an independent nonprofit located in Falmouth, Massachusetts.

“Geopolitical fragmentation, conflict, extreme weather, and global aid cuts already strain food security. Meanwhile, climate change is increasing the likelihood of crop failures in the American, European, and Asian breadbaskets, which produce most of the staple crops underpinning global food security,” the report states.



The publication follows an April report from a pair of United Nations agencies on how extreme heat is impacting food production and food security around the planet. The new report includes a storymap that explores climate change-driven threats to wheat, rice, and maize (corn) crops in France, Germany, and India—three of the world’s “global breadbaskets.”

The analysis’ authors note that compared with 2010 threat levels, by 2040, “the risk of a given year’s crop failing is projected to grow roughly twofold for Indian wheat and German maize, roughly threefold for French wheat, roughly fourfold for French maize, and roughly sixfold for Indian rice, with sharp increases in critical producing regions.”

Climate-driven extreme heat “not only threatens crops, but also the laborers and infrastructure that translate them into food security,” the report continues. “Extreme heat is projected to reduce the suitability of 15-40% of India’s rain-fed rice-growing regions by 2050, and to reduce physical work capacity during the average growing season to as little as 40% of 2000-era levels by 2100.”

“By 2040, southwestern France will average up to 16 additional days per year above 35°C (95°F), exceeding thresholds that reduce yields, impact grain quality, and cause heat stroke,” the paper warns. “Extreme heat also threatens to damage or disable road and rail networks critical to food transportation, agricultural machinery, civil defense, and military mobilization.”

The publication also states that global breadbasket failures in Europe “could open rifts for Russian meddling, fuel instability in key partners, and elevate food production as a geopolitical lever.”

The Council on Strategic Risks operates within the transatlantic security policy community, whose work often overlaps with NATO’s interests.

“We have plenty of examples of how crop failures can contribute to political instability, from the French Revolution to the Arab Spring,” Center for Climate and Security deputy director and report lead author Tom Ellison said Tuesday in a statement. “In today’s environment, global breadbasket failures could strain NATO priorities, prompt unrest in key countries, and upend trade relationships.”

Woodwell Climate Research Center scientist and report co-author Alexandra Naegele warned that “climate change doesn’t just threaten crop yields and grain quality—it destabilizes entire food systems, from labor and livestock to food storage and transport.”

“Quantifying these climate-driven risks is an essential step toward building resilient food systems and safeguarding global food security,” she added.

The report recommends steps countries—specifically members of the European Union and NATO—can take to mitigate risks to food security, including strengthening cooperative resilience, anticipating instability and hybrid warfare, supporting strategic and vulnerable partners, coordinating trade responses, and investing in agricultural research and development.

“Amid climate change, geopolitical uncertainty, food shocks from the war in Iran, and Russian hybrid warfare, investing in a resilient food system isn’t in competition with security—it’s a key part of it,” Ellison stressed.

Monica Caparas, a scientist at the Woodwell Climate Research Center and report co-author, said, “Understanding and preparing for breadbasket failures is both a national security priority and a humanitarian imperative—one that can help protect lives, reduce instability, and strengthen food resilience before a regional shock becomes a wider crisis.”

Tuesday, June 09, 2026

War, economic crisis, and discontent in Putin’s Russia

Monday 8 June 2026, by Ashley Smith, Posle


Vladimir Putin’s regime is beginning to show signs of frailty amidst its ongoing imperialist war on Ukraine. Kyiv has fought the regime to a standoff, Russia’s casualties mount to about 1.2 million dead and wounded, and Russia’s economy, despite the temporary sugar rush of increased oil prices, faces mounting problems. Here Tempest’s Ashley Smith interviews the editors of Posle, a Russian socialist website, about Putin’s war, regime, popular grievances, and the challenges of resistance under autocracy. [1]

As the Tempest editors were preparing this article for publication, the Russian state designated those associated with the website Posle as a “foreign agent.” Russia’s “foreign agent” law is highly repressive, and places the editors at significant risk of criminal prosecution and other threats to their basic civil rights. Russia’s law is a model of what Human Rights Watch has identified as a critical tool in the authoritarian playbook. “The primary target of these laws are civil society and media organizations” whose activities are “aimed at influencing public policy…[and] organizing public debates, events, rallies and demonstrations.” Thus, among other purported sins, the Putin regime has based its decision on Posle’s alleged “promotion” of “LGBT relationships”. This is part of a broader attack on democratic rights internationally. It has its own parallels in the U.S., as the authoritarian creep has been escalated by Trump. Tempest stands in unconditional solidarity with Posle and its editors. We see in Posle fellow “agents”, not of any state, but of a democratic project of international solidarity which is the antidote to a future of unbridled capitalist barbarism. [Tempest]

Ashley Smith: The U.S. and Israel have expanded their joint genocidal war on Gaza into Lebanon and Iran. They expected a quick victory, but it has turned into yet another disastrous forever war. The Iranian regime has launched asymmetrical warfare; it has struck the region’s oil infrastructure, shut down the Strait of Hormuz, and thereby disrupted the flow not only of oil but also petrochemicals, fertilizers, and helium, which is essential for the manufacture of microchips. While stagflation threatens every corner of the world economy, it appears that Russia has benefited from the war: President Trump has lowered sanctions on Russia oil and increased fossil fuel prices have poured profits into Putin’s coffers. Is this an accurate assessment? What impact is this having on the Russian economy?

Posle: Indeed, in the short term, Russia has benefited from the surge in oil prices and lifting of sanctions. For example, Russian budget revenues from oil exports in April doubled compared to March. However, these additional revenues are not enough to halt the catastrophic rise in the budget deficit (for instance, the deficit currently stands at 2.5%, exceeding the government’s planned threshold of 1.6% for this year). This has a negative, knock-on impact on other government spending and the strength of the rouble.This adds further pressure on the creaky financial system.

Furthermore, almost all of the windfall profits were channeled to oil companies to modernise infrastructure (which has been severely damaged by effective attacks from Ukrainian missiles). It is worth noting that Ukraine’s attacks targeting oil refineries and oil loading terminals have seriously undermined Russia’s ability to export raw materials. In recent months, ports on the Baltic Sea, for instance, have reduced oil shipments by a third.

At the same time, a sustained increase in oil prices will inevitably lead to a decline in global oil consumption, which could seriously damage the Russian economy that is already in recession. Therefore, the ongoing war in Iran and the blockade of the Strait of Hormuz are not in Russia’s economic interests, although they undoubtedly offer it political advantages.

AS: Trump’s war on Iran has further disrupted the so-called rules based order, already discredited by the U.S. and Israel’s genocidal war on Gaza and Russia’s imperialist war on Ukraine. Trump launched the attack on Tehran without consulting or even alerting Washington’s NATO allies. Now that alliance is fraying with Trump increasingly threatening to pull U.S. troops out and abandoning support for Ukraine. As a result, Europe, especially Germany, is rapidly re-arming. Given this reality, what do you believe is the current perspective of the Putin regime regarding the inter-imperial rivalry within Europe, and that between NATO and Russia, and Ukraine’s struggle for self-determination?

Posle: In fact, declining support for Ukraine in the U.S. and America’s further distancing from European security issues due to the war in Iran represent Putin’s main political gain to date. In this sense, it is clear how the interests of Russia and its population (suffering from a falling standard of living and intensifying missile attacks) diverge sharply from those of Putin and his regime, which is prepared to prolong the conflict in order to achieve its geopolitical ambitions. These objectives include crushing Ukrainian resistance (at the cost of tens of thousands of Russian soldiers’ lives) and destabilising Europe in order to expand his influence across the post-Soviet space and in Eastern Europe.

Currently, the situation around Armenia is escalating, where President Pashinyan is seeking to gradually withdraw the country from the CSTO (a pro-Russian military bloc) and strengthen cooperation with the EU. Tensions are also rising with the Baltic states, which are becoming increasingly targeted by Russian military sabotage. All these developments are of great significance to Putin, as they raise questions about the reality of NATO’s support for its members and allies.

If aggression against Iran escalates, the U.S. will continue to rapidly reduce its presence in Europe, and NATO risks turning into a “paper tiger,” whose members’ mutual commitments are worthless. It is clear that these challenges not only lead to the remilitarisation of Germany, but also call into question the entire ideological model of the German state, built upon the trauma of Nazi militarism and the colossal sacrifices of the Second World War. All these values are threatened today, as demonstrated by the growing support for the far-right party Alternative für Deutschland (AfD), which has effectively become the country’s most popular party.

In these circumstances, the German Left must certainly fight against the danger of fascism and militarisation, but not by ignoring the Russian threat facing Eastern European countries. On the contrary, only consistent support for Ukraine can curb the ambitions of Putin’s regime and, consequently, the need for Germany’s remilitarisation, which ultimately plays into the hands of the far right.

AS: In another development that impacts Russia, voters kicked out Victor Orbán after 16 years of his increasingly authoritarian rule in Hungary. He was an ally of Putin who had blocked the EU’s $106 billion loan package to Ukraine. What is the significance of Orbán’s defeat for the Putin regime?

Posle: This is certainly a serious setback for the Kremlin, as Orbán served as its chief agent within the EU. Today, the only country remaining in this role is Slovakia, which is led by the right-wing populist Robert Fico. He, like Orbán, holds anti-Ukrainian views and is focused on securing supplies of cheap Russian gas. This model of Russian influence clearly demonstrates how the Kremlin has turned energy supplies into a powerful political weapon that it will continue to wield against other European countries.

Orbán’s defeat resulted from the fatigue of Hungarians (and particularly the youth) with his corrupt and authoritarian rule; however, it does not, in our view, signal the beginning of the end for far-right populists on a pan-European scale. On the contrary, this trend continues to gain momentum, and the Kremlin is placing its main bets on it – including in countries such as Germany and France.

AS: The war in Iran will also impact Russia and China, both of whom have supported Tehran in various ways. With oil supplies disrupted by the closure of the Strait of Hormuz, will China turn more to Russia for its oil and natural gas supplies? What will this do to their so-called “friendship without limits”? What will their policies be toward Iran? How will this scenario impact Russia and China’s rivalry with the U.S. and Europe?

Posle: The loss of Iran as a reliable oil provider (as was previously the case with Venezuela) has indeed made China more dependent on Russian supplies. Furthermore, the failure of “Operation Epic Fury” in Iran has highlighted the vulnerability of U.S. military power. Nevertheless, a distinctive feature of Putin’s position remains his efforts to develop a bilateral dialogue with Trump, despite his “friendship” with China. It is telling that Russian diplomacy, whilst repeatedly condemning the “war started by the U.S. and Israel,” has emphasised “Russia’s commitment to providing goodwill services to the parties.”

Putin and other Kremlin officials have consistently stressed that, despite its alliance with Iran, Russia is distancing itself from the conflict and prefers to play the role of mediator. Just recently, Putin repeated his proposal to transfer enriched uranium from Iran to Russia. It appears that following the fall of the Assad regime in Syria, Russia is not ready to become seriously involved in conflicts in the Middle East and is seeking to focus on Ukraine and European affairs.

AS: What is the impact of these inter-imperial and macro-economic dynamics on Russia’s ability to continue its invasion of Ukraine?

Posle: Almost five years of war in Ukraine have severely undermined Russia’s economic and human resources, but this has not yet affected Putin’s desire to “achieve the objectives of the special military operation” at any cost. Recently, Kremlin spokesperson Peskov stated that the withdrawal of the Ukrainian army from the Donetsk region is not a matter for possible negotiations with Kyiv, but a precondition for them.

In other words, once Ukraine voluntarily cedes part of its territory, further demands are likely to be made. It is clear that the Kremlin is not interested in a ceasefire and is planning a major offensive in the Donbas this summer and fall. The aim of this offensive is not only military but also political – it is necessary to convince Trump that Russia continues to dominate on the battlefield, and therefore the U.S. must increase pressure on Kyiv, forcing it to accept the Kremlin’s terms.

Putin’s plan clearly highlights a conflict between his personal ambitions and the interests of the Russian people. The Russian army’s losses on the front line have reached their highest level this year – for example, in the second half of April alone, around 4,500 soldiers were killed (in total, at least 350,000 Russians have died over the five years of the war). The number of civilian casualties is also rising due to Ukrainian missile strikes on military and energy infrastructure (though this is completely incomparable to the casualties of Russian strikes on Ukrainian cities).

Ordinary Russians are paying this price for Putin’s desire to tell Trump about his army’s advance of a few dozen square kilometres. The gap between the perception of the war in the Kremlin and among ordinary people keeps growing rapidly.

AS: Now, let’s turn to the domestic impact of all this in Russia. Ukraine has persisted in resisting Russia’s invasion and is militarily striking increasingly deep into Russia. As a result, Russian casualties have mounted at what appear to be an escalated rate during the recent spring offensive. Meanwhile, due to sanctions, and the dynamics of the war economy generally, economic conditions have worsened. There are signs of increasing dissent, expressed in a deflected way by quisling politicians and influencers. What is the domestic political situation in Russia? What should we make of the various expressions of discontent by public figures? Is this a sign of mass discontent developing among workers and the oppressed within Russia? How stable is the Putin regime?

Posle: Indeed, the first half of 2026 was marked by rising inflation and a fall in living standards. It is fair to say that the effect of the “military Keynesianism” associated with the sharp rise in public spending at the beginning of the war has now run its course. Even according to government forecasts, inflation this year will stand at 5.2 percent, whilst wages will rise by 2 percent. At the same time, the Kremlin intends to offset the growing budget deficit, as mentioned before, by increasing taxes on small businesses, as well as by cutting welfare programmes and infrastructure projects.

Against this backdrop, earlier this year, the Russian authorities took entirely unprecedented measures to restrict access to the internet in the country. Specifically, they attempted to block Telegram (used by 105 million Russians – that is, the majority of the population) and VPNs (used by around 40% of Russians to bypass blocks on Instagram, YouTube and other platforms). Furthermore, in Moscow and other major Russian cities, wireless internet was frequently cut off entirely, causing immense damage to the economy and resulting in a dramatic increase in cash withdrawals from banks.

Behind all these measures, which have provoked widespread discontent, stands the Federal Security Service with its “sovereign internet” project, entirely controlled by the authorities. The official reason for all these restrictions, according to the authorities, is to prevent attacks by Ukrainian drones, a claim that seems highly implausible given that the increase in internet restrictions has coincided with an intensification of Ukrainian strikes. A mood prevails in the country that those in power are preoccupied solely with their own war and constant prohibitions, and are not interested in how ordinary people live.

These sentiments were further fuelled, in particular, by government attempts to cover up an outbreak of foot-and-mouth disease among cattle in Siberia and other regions. This move was prompted by the fact that Russia remains a significant international meat exporter. As a result, the Russian authorities seized and slaughtered tens of thousands of cattle and pigs belonging to farmers without any explanation or compensation for the damage. In several cases, this has already led to direct clashes between the police and rural communities. Nevertheless, to date, countries such as China and the U.S. have effectively acknowledged the existence of this dangerous epidemic in Russia, which will inevitably lead to a ban of Russian meat exports.

All these factors are clearly leading to a loss of trust in the authorities and increasing discontent. However, by now, any possibility of legally expressing any dissent has been completely eradicated in Russia. For example, young activists who tried to organize a protest against the shutdown of Telegram, as well as dozens of farmers attempting to protect their cattle from slaughter, have been arrested and subjected to heavy police pressure.

Increased repression and government attempts to restrict the flow of information are an answer to the growing discontent. Whereas previously the regime largely enjoyed legitimacy among the population as a guardian of the stability of everyday life, it now relies more and more on fear of the police and secret services. In this sense, Putin may be moving towards the Iranian model, where a regime that does not enjoy the support of the majority retains power through violence.

As for the mood among the political and business elite, they are, of course, dissatisfied with the endless continuation of the war, the economic downturn, internet restrictions, and the growing power of the security services. However, contrary to the rumours being spread by a range of Western media outlets, there is not a conspiracy brewing against Putin.

This is the case for a few reasons. First, the fear of repression among the elite makes them divided and suspicious. It is worth recalling that over the past year, the number of arrests of government officials has risen sharply: dozens of employees of the Ministry of Defence (including several former deputies to Minister Sergei Shoigu) have been arrested, as well as representatives of other departments. In 2024, Transport Minister Roman Starovoit committed suicide due to the threat of arrest, whilst Deputy Minister of Natural Resources Denis Butsaev fled to the US. Several prominent businessmen suspected of political disloyalty have lost their property and their freedom (for example, this happened to Vadim Moshkovich, the owner of one of the country’s largest agricultural companies).

Second, the agenda and prospects of such a conspiracy are unclear in the current circumstances, as this elite has no common clear vision of an alternative foreign policy direction or conditions for ending the war. It also does not possess any legitimacy in the eyes of the population.

Finally, Putin’s disappearance could trigger large-scale conflicts within the Russian elite over control of property. Having destroyed all the country’s political institutions over the 25 years of his rule, Putin himself has become the sole factor maintaining a relative balance of interests within the ruling class. And that is why the elite fears his departure more than the continuation of his destructive military adventures.

1 June 2026

Source: Tempest.

Footnotes

[1] Photo: A rundown residential block in Lorino, Russia. Galaxiid / Alamy Stock Foto