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What We’re Watching: Another glitch in Russia-Ukraine talks, UK Labour Party to raise taxes to record levels, Tensions spike in Syria’s third-largest city
Russian President Vladimir Putin welcomes US envoy Steve Witkoff during a meeting in Moscow, Russia, on April 25, 2025.
Witkoff leak is only the latest glitch in Russia-Ukraine negotiations
A leaked recording of an October call between US special envoy Steve Witkoff and a senior Kremlin official is the latest drama to spill into the Ukraine peace talks. In the call, scooped by Bloomberg, Witkoff – already mistrusted by the Ukrainians – gives tips on how Russian President Vladimir Putin can soften up US President Donald Trump in negotiations. This follows the mini-drama in which US Secretary of State Marco Rubio was forced to affirm this week that the White House had “authored” an initial 28-point plan, after he reportedly told US senators that it hadn’t. Meanwhile Russia is still warning that it won’t accept a deal that strays from its red lines, while accusing Europe of “meddling” in the talks. With so much drama and division, we are keenly tuned in to see what plan, if any, emerges in the coming days.
Will the UK’s new budget right the ship?
The UK government will impose record tax hikes in order to balance the state’s finances while supporting more social spending, according to Chancellor of the Exchequer Rachel Reeves’ new budget. The tax burden will reach 38% of GDP by 2030, the highest in UK history, with the help of a de-facto income tax rise and a new tax on homes worth above £2 million. Labour supporters will cheer the increased social spending but the higher overall tax burden, even on less affluent families, could sting at the polls. Markets swung forward and back in response to the announcement, suggesting they weren’t fully convinced by Labour’s efforts to balance its books. We’re watching to see how this bold fiscal move will affect Prime Minister Keir Starmer and his flailing government.
Syria’s sectarian tensions flare again after brutal double killing
The gruesome murder of a Sunni bedouin couple in the Syrian city of Homs has stoked sectarian tensions in one of the country’s largest cities. The husband and wife were found dead in their home, with sectarian epithets scrawled at the scene. The killings set off a brief wave of reprisals against local Alawites, the sect to which the now-ousted Assad dynasty belonged. Since overthrowing the Assad regime a year ago, President Ahmed al-Sharaa, a former jihadist who has remade himself as a statesman, has struggled to contain sectarian violence, some of it stoked by his own men. The situation in Homs, a strategically located city that is home to Sunnis, Shia, Christians, and Alawites, is an important test case.
What We’re Watching: Russia and Ukraine negotiations continue, Trump and Xi make a springtime date, Sudan’s rebels declare unilateral ceasefire
Ukraine's President Volodymyr Zelenskiy and U.S. Army Secretary Daniel Driscoll attend a meeting, amid Russia's attack on Ukraine, in Kyiv, Ukraine, November 20, 2025.
Ukraine and Russia still worlds apart as peace talks continue
Moscow said that it would reject any ceasefire deal that doesn’t meet its core demands for more territory, the large-scale disarmament of Ukraine, and a ban on Ukrainian NATO membership. The Kremlin’s cold water comes after Ukraine was all smiles following a fresh round of ceasefire talks with the US yesterday. While the White House seems keen to strike a deal soonest, the two sides are still worlds apart on what they are willing to agree to – Washington has now abandoned its Thanksgiving “deadline” for a deal. Today, Russian and American negotiators will be meeting in the UAE to see if they can narrow the gaps between the two peace plans, and Ukrainian President Volodymyr Zelensky is calling for a meeting with US President Donald Trump later this week.
Was Taiwan the subject of US-China call?
After talking on the phone Monday, Trump said he will be meeting with Xi Jinping IRL in Beijing in April and that Xi will come to the US for a state visit later in the year. While the White House said that the call had been “very positive” and mainly focused on trade, Chinese state media reported that the call had focused on Taiwan, saying Xi had communicated to Trump that returning Taiwan to return to Chinese control was “integral.” For more on the impact of the US-China rivalry, see our recent piece on how the trade war has hit the US heartland.
Sudan paramilitaries agree to one-sided ceasefire
Sudan’s Rapid Support Forces (RSF) paramilitaries on Monday announced a three month “humanitarian ceasefire” in their brutal, two-and-a-half-year long civil war with the Sudanese military. The plan was brokered by the US, Saudi Arabia, the UAE and Egypt. Good news, maybe, but there’s a huge catch: the RSF announced the move after the army rejected it because of the involvement of the UAE, which has faced persistent accusations that it backs the RSF. The conflict has killed tens of thousands of people and driven 14 million from their homes. Both sides are accused of widespread war crimes.
In this Quick Take, Ian Bremmer breaks down the controversy around Trump's 28-point Ukraine-Russia peace plan.
He says the proposal was “mostly drafted by the Russians” and loaded with “complete non-starters” for Ukraine, from ceding more territory to reducing troop levels and granting blanket amnesty for war crimes.
Ian explains that while allies publicly “appreciate the American effort,” he notes that few are buying the plan’s substance. With Europe divided and Russia sensing momentum, he warns that “the war is not close to over,” and that the next phase will likely be shaped by battlefield realities, not diplomacy.
All Too Well, indeed. #puppetregime
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What We’re Watching: Kyiv gets a nugget US peace plan, Election day in Guinea-Bissau, Two men from Queens meet at the White House
Ukrainian President Volodymyr Zelensky meets with US Army Secretary Daniel Driscoll amid Russia's attack on Ukraine, in Kyiv, Ukraine, on November 20, 2025.
A nugget for Kyiv in the US plan for ending the war
The United States’ 28-point plan for ending the war in Ukraine appears to contain many items from Russia’s wish list, but it has emerged that it also has something for Kyiv: a security guarantee akin to NATO’s Article 5, which says that an attack on one member state is an attack on all. The US and its European allies would be part of this guarantee. Ukrainian President Volodymyr Zelensky, who faces domestic pressure over a corruption scandal, said on Thursday he’s willing to engage with the plan – although he did draft a statement with European leaders that disavowed parts of the proposal. The Kremlin said it hasn’t formally received the plan.
This West African incumbent may struggle to win reelection
Guinea-Bissau, a West African country of two million people that plays a central role in global cocaine trade, is holding the first round of its presidential election this Sunday. One-term incumbent Umaro Sissoco Embalo faces fierce competition from opposition leader Fernando Dias, who has centered his campaign on security and keeping soldiers out of politics – a rather tough challenge in a country that has had several military coups. The issue hasn’t gone away, either: there was reportedly a coup attempt this year. Most incumbents have won reelection on the continent this year, often amid reports of vote-rigging. Will it be different in Guinea-Bissau?
Two men from Queens walk into the Oval Office
New York City mayor-elect Zohran Mamdani is heading to the White House today to meet with Donald Trump, setting the tone for the relationship between the leader of the US’s biggest city and the US president – and there’s plenty that could go wrong. While they both hail from Queens, they represent movements on vastly different sides of the political spectrum. If things go south, Trump holds a more powerful hand: he has threatened to cut off funding for the city, flood its streets with ICE agents, and send in the national guard. While Mamdani may hesitate to provoke the president, he’ll lose his base if he’s seen as cowing to the president.
Argentine President Javier Milei speaks during the America Business Forum at the Kaseya Center in Miami, Florida, USA, on November 6, 2025.
$20 billion: Argentine President Javier Milei had a fantastic midterm election last month, but the celebration might be coming to an abrupt end: A group of US banks shelved its $20-billion bailout plan for the South American nation, favoring instead a short-term loan package.
6: A group of six US Democratic lawmakers published a video telling military and intelligence officials that they must disobey illegal orders. The move irked President Donald Trump, who suggested that the move constituted, “SEDITIOUS BEHAVIOR, punishable by DEATH!”
70 million: The Louvre wasn’t the only site of a successful heist in broad daylight this fall, as a group of men posing as Indian central bank officials robbed a vehicle that held 70 million rupees ($800,000) in the southern state of Karnataka on Wednesday afternoon, per police. Law enforcement is still searching for the culprits.
41: Relentless rains and flooding in central Vietnam have killed at least 41 people, left nine missing, submerged over 52,000 homes, and cut power to half a million households. Hard-hit cities like Hoi An and Nha Trang face evacuations, landslides, and infrastructure collapse as typhoons grow increasingly frequent.
10.5: The former leader of Nigel Farage’s Reform UK party was sentenced to ten-and-a-half years in prison this morning for accepting pro-Russian bribes. Nathan Gill was paid thousands of pounds to deliver TV interviews in favor of an ally of Russian President Vladimir Putin. Reform UK has taken a more dovish position on Russia’s invasion of Ukraine than other parties in the United Kingdom.
$1 trillion: During his White House visit this week, Saudi Crown Prince Mohammed bin Salman pledged to increase his investment in US firms to nearly $1 trillion. There’s just one problem: Riyadh’s Public Investment Fund is running low on cash, according to a New York Times report.
Hard Numbers: 80 years since the Nuremberg trials, Gazan ceasefire holds despite strikes, US and India inch closer to detente, Epstein files out before Christmas
Senior Nazi figures – Hermann Goering (1893-1946), Rudolf Hess (1894-1987), Joachim von Ribentrop (1893-1946), and Wilhelm Keitel (1882-1946) – stand trial in Nuremberg, Germany, 1945-46.
80: Exactly 80 years ago today, the Nuremberg trials began. One scholar who knows a thing or two about the subject says it’s a reminder that international law – despite the punchline that it sometimes seems to be – can also make a real difference.
25: The Israeli military struck parts of Gaza yesterday, killing at least 25 people, per Hamas-linked local health officials. Israel said the attacks were in response to Hamas militants opening fire on its forces. There were another set of Israeli airstrikes on Wednesday that reportedly killed five. Both sides said they were still committed to keeping the ceasefire, though each side is struggling to move forward with the second phase of the ceasefire deal.
$93 million: In another sign that trade tensions between the world’s richest country and the world’s most populous country are easing, the US approved a $93-million deal to sell arms to India. The purchase also marks Delhi’s latest move away from buying Russian arms and toward purchasing US ones.
30: After US President Donald Trump signed the bill last night, the Justice Department has 30 days to release all of the Epstein files. It remains to be seen whether the release will be comprehensive – the department can withhold documents related to ongoing investigations – but Attorney General Pam Bondi has said that she would “encourage maximum transparency.”