Maximilian Hess
@maxhess.bsky.social
Founder - Enmetena Advisory, Fellow @FPRI & @IISS_org. Eurasia, political economy, sanctions, international affairs, debt & sovereignty.
Buy my book Economic War: Ukraine & The Global Conflict Between Russia & The West:
https://linktr.ee/EconomicWar
Buy my book Economic War: Ukraine & The Global Conflict Between Russia & The West:
https://linktr.ee/EconomicWar
Off to South Africa, Zimbabwe, E-Swatini, Mozambique, Zimbabwe and Zambia for the next 20 Days. Don't @ me please. :)
October 31, 2025 at 5:37 PM
Off to South Africa, Zimbabwe, E-Swatini, Mozambique, Zimbabwe and Zambia for the next 20 Days. Don't @ me please. :)
Big weeks in sanctions developments, but the fate of Lukoil's proposed sale of its foreign assets to Gunvor and belatedly sanctions-afflicted refiner NIS in Serbia will set major precedents, more from me here: conflictandcredit.substack.com/p/sanctions-...
Sanctions Swords of Damocles hang over Lukoil International & Serbia's NIS
A deal laden with political risks, and precedent potential in Belgrade
conflictandcredit.substack.com
October 31, 2025 at 12:16 PM
Big weeks in sanctions developments, but the fate of Lukoil's proposed sale of its foreign assets to Gunvor and belatedly sanctions-afflicted refiner NIS in Serbia will set major precedents, more from me here: conflictandcredit.substack.com/p/sanctions-...
башня Татлина жив! Но, в Англии
(Tatlin’s tower lives, but in England…)
(Tatlin’s tower lives, but in England…)
October 28, 2025 at 5:34 PM
башня Татлина жив! Но, в Англии
(Tatlin’s tower lives, but in England…)
(Tatlin’s tower lives, but in England…)
Quite the geo-economic day in the Caucasus, Russia ships oil to refinery in Georgia for the first time (Georgia didn't have a refinery before)
Kazakh wheat shipped via Azerbaijan to Armenia, a first since USSR's collapse
t.co/31RbvV2HC4
t.co/msA5cowQvx
Kazakh wheat shipped via Azerbaijan to Armenia, a first since USSR's collapse
t.co/31RbvV2HC4
t.co/msA5cowQvx
https://www.reuters.com/business/energy/russia-ships-first-oil-new-refinery-georgia-2025-10-21/
t.co
October 21, 2025 at 2:41 PM
Quite the geo-economic day in the Caucasus, Russia ships oil to refinery in Georgia for the first time (Georgia didn't have a refinery before)
Kazakh wheat shipped via Azerbaijan to Armenia, a first since USSR's collapse
t.co/31RbvV2HC4
t.co/msA5cowQvx
Kazakh wheat shipped via Azerbaijan to Armenia, a first since USSR's collapse
t.co/31RbvV2HC4
t.co/msA5cowQvx
Reposted by Maximilian Hess
Georgian authorities have arrested five Russian nationals involved in a suspected wide-reaching illegal scheme using cryptocurrency.
oc-media.org/five-russian...
oc-media.org/five-russian...
Five Russians arrested in Georgia over alleged money laundering, crypto scheme
The operation reportedly involved the unregulated trade of ‘hundreds of millions of lari’.
oc-media.org
October 17, 2025 at 2:49 PM
Georgian authorities have arrested five Russian nationals involved in a suspected wide-reaching illegal scheme using cryptocurrency.
oc-media.org/five-russian...
oc-media.org/five-russian...
Georgian government has raided home of ex prosecutor general Partskhaladze (US sanctioned for working with FSB), i former head of the State Security Service Liluashvili & former two time premier Irakli Gharibashvili
Falling out been rumored for a while… but wow
tvpirveli.ge/ka/siaxleebi...
Falling out been rumored for a while… but wow
tvpirveli.ge/ka/siaxleebi...
ჩხრეკა ჩატარდა ღარიბაშვილის, ლილუაშვილის, ფარცხალაძის საცხოვრებელი სახლებში | TV პირველი
ამოღებულია ელექტრონული მოწყობილობები
tvpirveli.ge
October 17, 2025 at 2:11 PM
Georgian government has raided home of ex prosecutor general Partskhaladze (US sanctioned for working with FSB), i former head of the State Security Service Liluashvili & former two time premier Irakli Gharibashvili
Falling out been rumored for a while… but wow
tvpirveli.ge/ka/siaxleebi...
Falling out been rumored for a while… but wow
tvpirveli.ge/ka/siaxleebi...
To be fair, Stripe’s publishing arm published a book last year claiming that bubbles are good. I did not find it convincing…
www.stripe.press/boom
www.stripe.press/boom
October 16, 2025 at 7:08 AM
To be fair, Stripe’s publishing arm published a book last year claiming that bubbles are good. I did not find it convincing…
www.stripe.press/boom
www.stripe.press/boom
To quote a colleague, "Tamerlane would be proud"
October 15, 2025 at 2:38 PM
To quote a colleague, "Tamerlane would be proud"
Reposted by Maximilian Hess
Poland captures a GRU agent on terrorist charges. Attacks in Poland, Lithuania and Germany were planned using drones with explosive materials
warszawa.wyborcza.pl/warszawa/0,0...
warszawa.wyborcza.pl/warszawa/0,0...
October 2, 2025 at 10:24 AM
Poland captures a GRU agent on terrorist charges. Attacks in Poland, Lithuania and Germany were planned using drones with explosive materials
warszawa.wyborcza.pl/warszawa/0,0...
warszawa.wyborcza.pl/warszawa/0,0...
Since Russia’s full scale invasion of Ukraine in 2022, Putin has had 3 asks of Xi: military & political support for war, a deal on Power of Siberia 2, & unrestricted access to Chinese financial markets. In the last 10 days, he’s gotten close to clinching latter two on.ft.com/3JJUqBD
China paves way for renminbi fundraising by Russian energy giants
Russian ‘panda bond’ sales would be first since 2017 and reflect deepening ties between Moscow and Beijing
on.ft.com
September 7, 2025 at 9:15 PM
Since Russia’s full scale invasion of Ukraine in 2022, Putin has had 3 asks of Xi: military & political support for war, a deal on Power of Siberia 2, & unrestricted access to Chinese financial markets. In the last 10 days, he’s gotten close to clinching latter two on.ft.com/3JJUqBD
Kazakhstan's foreign minister Murat Nurtleu detained alongside Dagestani-Kazakh businessman Gadzhi Gadzhiev orda.kz/zaderzhany-m... unclear if related but Gadzheiv was accused of involvement in journalist Aydos Sadykov's assassination in Ukraine last year rsf.org/en/journalis...
Задержаны Мурат Нуртлеу и Гаджи Гаджиев
По данным «Орды», задержаны министр иностранных дел Мурат Нуртлеу, бизнесмен Гаджи Гаджиев и несколько высокопоставленных сотрудников КНБ.
orda.kz
September 4, 2025 at 9:54 AM
Kazakhstan's foreign minister Murat Nurtleu detained alongside Dagestani-Kazakh businessman Gadzhi Gadzhiev orda.kz/zaderzhany-m... unclear if related but Gadzheiv was accused of involvement in journalist Aydos Sadykov's assassination in Ukraine last year rsf.org/en/journalis...
Reposted by Maximilian Hess
Rare to hear an EU official speak as candidly as Weyand here
“From the Commission’s perspective this was a strategic trade-off, not an economic policy ideal solution"
“There was a risk that the USA, in return, would question the security partnership. That is the realpolitik of the turning point"
“From the Commission’s perspective this was a strategic trade-off, not an economic policy ideal solution"
“There was a risk that the USA, in return, would question the security partnership. That is the realpolitik of the turning point"
„We have a land war on European continent. We are fully dependent on US. None of the EU members was ready to risk further escalation“.
The way @sabineweyand.bsky.social explains EU-US-deal is exactly right. She explains EU‘s trade-offs & rationale — and doesn‘t put lipstick on a pig.
(SZ-Dossier)
The way @sabineweyand.bsky.social explains EU-US-deal is exactly right. She explains EU‘s trade-offs & rationale — and doesn‘t put lipstick on a pig.
(SZ-Dossier)
August 27, 2025 at 5:37 AM
Rare to hear an EU official speak as candidly as Weyand here
“From the Commission’s perspective this was a strategic trade-off, not an economic policy ideal solution"
“There was a risk that the USA, in return, would question the security partnership. That is the realpolitik of the turning point"
“From the Commission’s perspective this was a strategic trade-off, not an economic policy ideal solution"
“There was a risk that the USA, in return, would question the security partnership. That is the realpolitik of the turning point"
Reposted by Maximilian Hess
⚡️Ukraine hits Russian cruise missile carrier near occupied Crimea, intelligence claims.
Ukrainian military intelligence (HUR) hit a Russian Buyan-M-class small missile ship, a carrier of Kalibr cruise missiles, near Russian-occupied Crimea in the Azov Sea on Aug. 28, HUR reported.
Ukrainian military intelligence (HUR) hit a Russian Buyan-M-class small missile ship, a carrier of Kalibr cruise missiles, near Russian-occupied Crimea in the Azov Sea on Aug. 28, HUR reported.
Ukraine hits Russian cruise missile carrier near occupied Crimea, intelligence claims
Ukrainian military intelligence (HUR) hit a Russian Buyan-M-class small missile ship, a carrier of Kalibr cruise missiles, near Russian-occupied Crimea in the Azov Sea on Aug. 28, HUR reported.
kyivindependent.com
August 28, 2025 at 8:47 AM
⚡️Ukraine hits Russian cruise missile carrier near occupied Crimea, intelligence claims.
Ukrainian military intelligence (HUR) hit a Russian Buyan-M-class small missile ship, a carrier of Kalibr cruise missiles, near Russian-occupied Crimea in the Azov Sea on Aug. 28, HUR reported.
Ukrainian military intelligence (HUR) hit a Russian Buyan-M-class small missile ship, a carrier of Kalibr cruise missiles, near Russian-occupied Crimea in the Azov Sea on Aug. 28, HUR reported.
Reposted by Maximilian Hess
The EU Delegation in Kyiv was damaged by today’s Russian strikes on civilian areas.
I strongly condemn these brutal attacks, a clear sign that Russia rejects peace & chooses terror.
Our full solidarity goes to EU staff, their families, & all Ukrainians enduring this aggression.
I strongly condemn these brutal attacks, a clear sign that Russia rejects peace & chooses terror.
Our full solidarity goes to EU staff, their families, & all Ukrainians enduring this aggression.
August 28, 2025 at 6:23 AM
The EU Delegation in Kyiv was damaged by today’s Russian strikes on civilian areas.
I strongly condemn these brutal attacks, a clear sign that Russia rejects peace & chooses terror.
Our full solidarity goes to EU staff, their families, & all Ukrainians enduring this aggression.
I strongly condemn these brutal attacks, a clear sign that Russia rejects peace & chooses terror.
Our full solidarity goes to EU staff, their families, & all Ukrainians enduring this aggression.
China’s first confirmed purchase of LNG from Russia’s U.S.-sanctioned Arctic 2 LNG site shows Trump’s secondary sanctions threat is weakening in the face of his policy flip-flopping
gcaptain.com/russias-arct...
gcaptain.com/russias-arct...
Russia’s Arctic LNG 2 Delivers First Cargo to China After Year-Long Wait, Signaling Possible Shift in Beijing’s Sanctions Stance
A gas carrier in service of Russia’s sanctioned Arctic LNG 2 project has docked at a Chinese terminal for the first time, ending more than a year of uncertainty for one of Moscow’s most ambitious ener...
gcaptain.com
August 28, 2025 at 7:05 AM
China’s first confirmed purchase of LNG from Russia’s U.S.-sanctioned Arctic 2 LNG site shows Trump’s secondary sanctions threat is weakening in the face of his policy flip-flopping
gcaptain.com/russias-arct...
gcaptain.com/russias-arct...
Doggo enjoying the Holland Park Opera’s practice sessions
August 20, 2025 at 2:28 PM
Doggo enjoying the Holland Park Opera’s practice sessions
Reposted by Maximilian Hess
"In June, 81% of 🇨🇦 exports qualified as USMCA-compliant, up from 56% month before. 🇲🇽 saw a similar move, with 77% of shipments clearing the bar versus just 42% in May. .. helped blunt ... tariffs that technically set rates at 35% for Canada and 25% for Mexco."
www.tradingview.com/news/gurufoc...
www.tradingview.com/news/gurufoc...
U.S. Tariffs Ease With Canada, Mexico Shift
America's effective tariff rate ticked down to 16% in July from 17% earlier in the month, Fitch Ratings said, thanks to a surge in tariff-free imports from Canada and Mexico under the USMCA trade pact...
www.tradingview.com
August 20, 2025 at 1:21 PM
"In June, 81% of 🇨🇦 exports qualified as USMCA-compliant, up from 56% month before. 🇲🇽 saw a similar move, with 77% of shipments clearing the bar versus just 42% in May. .. helped blunt ... tariffs that technically set rates at 35% for Canada and 25% for Mexco."
www.tradingview.com/news/gurufoc...
www.tradingview.com/news/gurufoc...
Almost every year I’ve attended, I’ve noticed at least 2/3rds of all artists exhibiting at the Venice Biennale are based in Berlin
huh I'd never thought about this but Germany's modern cultural output really is strikingly low compared to its size and wealth.
August 20, 2025 at 2:25 PM
Almost every year I’ve attended, I’ve noticed at least 2/3rds of all artists exhibiting at the Venice Biennale are based in Berlin
Reposted by Maximilian Hess
Europe and Ukraine have to change their approach towards Trump or risk ceding more ground to Russia. Read more by @maxhess.bsky.social. buff.ly/0Mchs9j
August 18, 2025 at 4:09 PM
Europe and Ukraine have to change their approach towards Trump or risk ceding more ground to Russia. Read more by @maxhess.bsky.social. buff.ly/0Mchs9j
Idk what’s crazier, the CIA-KGB combined mortgage financing or the $40k upper east side two bedroom apartment
August 11, 2025 at 1:24 PM
Idk what’s crazier, the CIA-KGB combined mortgage financing or the $40k upper east side two bedroom apartment
Trump’s envoy - who has infamously & stupidly relied on the Kremlin’s translators for meetings with Putin - reportedly misunderstood Putin who wasn’t offering Russian withdrawals from Kherson and Zaporizhzhia but restating his maximalist demands. www.bild.de/politik/ausl...
„Friedlicher Rückzug“: Hat Trumps Mann Putin falsch verstanden?
Verwirrung um Ukraine-Friedensgipfel: Witkoff missinterpretiert Putins Forderungen.
www.bild.de
August 9, 2025 at 11:47 AM
Trump’s envoy - who has infamously & stupidly relied on the Kremlin’s translators for meetings with Putin - reportedly misunderstood Putin who wasn’t offering Russian withdrawals from Kherson and Zaporizhzhia but restating his maximalist demands. www.bild.de/politik/ausl...
If Trump agrees to this stupidity, it will be a devastating mistake. There is a zero percent chance Putin would follow through with the second phase.
August 8, 2025 at 10:22 PM
If Trump agrees to this stupidity, it will be a devastating mistake. There is a zero percent chance Putin would follow through with the second phase.
Reposted by Maximilian Hess
A large number of these investigations center on the construction of defensive fortifications in Russian regions bordering Ukraine.
Dozens of Russian Regional Officials Arrested on Corruption Suspicions in 2025 – Report - The Moscow Times
A growing number of Russian regional officials are facing criminal investigations as authorities intensify a crackdown on alleged corruption across regional governments.
www.themoscowtimes.com
July 25, 2025 at 11:32 AM
A large number of these investigations center on the construction of defensive fortifications in Russian regions bordering Ukraine.
Xi set to invite Trump & Putin to meet in Beijing on September 3rd. Incidentally thats deadline day for Trump's 50 day threat for enacting 50% secondary tariff against Russia if no Ukraine deal. My previous max 5% chance Trump would follow through fast approaching 0%
www.thetimes.com/world/asia/a...
www.thetimes.com/world/asia/a...
Why Xi wants Trump and Putin to meet for war commemorations
As China revises its attitudes to the Second World War it is also looking to reset its relationship with the US president and set up a summit with Russia
www.thetimes.com
July 18, 2025 at 3:16 PM
Xi set to invite Trump & Putin to meet in Beijing on September 3rd. Incidentally thats deadline day for Trump's 50 day threat for enacting 50% secondary tariff against Russia if no Ukraine deal. My previous max 5% chance Trump would follow through fast approaching 0%
www.thetimes.com/world/asia/a...
www.thetimes.com/world/asia/a...
A new post from me on emerging structures of financing international litigation - and - in my opinion - what works, and what doesn't
conflictandcredit.substack.com/p/how-not-to...
conflictandcredit.substack.com/p/how-not-to...
How (Not) To Finance International Lawsuits
Risky Litigation Business
conflictandcredit.substack.com
July 14, 2025 at 9:49 AM
A new post from me on emerging structures of financing international litigation - and - in my opinion - what works, and what doesn't
conflictandcredit.substack.com/p/how-not-to...
conflictandcredit.substack.com/p/how-not-to...