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
Reposted by Maximilian Hess
China's energy imports from Russia, volume, 2025 vs 2024
Crude oil -7%
Oil products -24%
Coal -7%
LNG +17%
I guess e.g. imports of Russian crude have hit their ceiling, more or less.
Crude oil -7%
Oil products -24%
Coal -7%
LNG +17%
I guess e.g. imports of Russian crude have hit their ceiling, more or less.
January 21, 2026 at 4:13 PM
China's energy imports from Russia, volume, 2025 vs 2024
Crude oil -7%
Oil products -24%
Coal -7%
LNG +17%
I guess e.g. imports of Russian crude have hit their ceiling, more or less.
Crude oil -7%
Oil products -24%
Coal -7%
LNG +17%
I guess e.g. imports of Russian crude have hit their ceiling, more or less.
Tajikistan's environmentally disastrous dam of corruption, now in its 50th year of construction, reports tens of millions of dollars in losses and hundreds of millions of dollars in 'missing' funds.
Same as it ever was!
eurasianet.org/audit-raises...
Same as it ever was!
eurasianet.org/audit-raises...
Audit raises lots of financial questions about Tajikistan’s Rogun Dam project
Review issues caution about Rogun’s future as ‘going concern.’
eurasianet.org
January 13, 2026 at 9:22 AM
Tajikistan's environmentally disastrous dam of corruption, now in its 50th year of construction, reports tens of millions of dollars in losses and hundreds of millions of dollars in 'missing' funds.
Same as it ever was!
eurasianet.org/audit-raises...
Same as it ever was!
eurasianet.org/audit-raises...
Reposted by Maximilian Hess
9/So what is Europe to do? Not this...It has to wake up and understand that an alternative international order is being put on the table. It is not based on rules but hierarchy and extraction. Tepid finger waging will lead to domination.
www.theguardian.com/world/live/2...
www.theguardian.com/world/live/2...
EU affirms ‘principles of national sovereignty’ in cautious response to Trump Greenland threats – Europe live
European Commission spokesperson also declines to rule on whether US intervention in Venezuela was legal
www.theguardian.com
January 5, 2026 at 1:38 PM
9/So what is Europe to do? Not this...It has to wake up and understand that an alternative international order is being put on the table. It is not based on rules but hierarchy and extraction. Tepid finger waging will lead to domination.
www.theguardian.com/world/live/2...
www.theguardian.com/world/live/2...
Reposted by Maximilian Hess
“Socotra’s unique form of statehood requires a reference point to the outside world. The labels attached to it are less important than the reality of preserving it.”
Amid reports that ≈400 (!) tourists are stranded on the Yemeni island of Socotra, amid Saudi-UAE proxy fights in Yemen, time to reshare this piece I wrote about visiting the island 4 years ago and what de facto Emirati control means for the place & its inhabitants
inkstickmedia.com/the-socotri-...
inkstickmedia.com/the-socotri-...
The Socotri Sovereignty Soliloquy
Breaking down the borders between state, society, and sovereignty on the island where trees bleed.
inkstickmedia.com
January 6, 2026 at 6:16 AM
“Socotra’s unique form of statehood requires a reference point to the outside world. The labels attached to it are less important than the reality of preserving it.”
Amid reports that ≈400 (!) tourists are stranded on the Yemeni island of Socotra, amid Saudi-UAE proxy fights in Yemen, time to reshare this piece I wrote about visiting the island 4 years ago and what de facto Emirati control means for the place & its inhabitants
inkstickmedia.com/the-socotri-...
inkstickmedia.com/the-socotri-...
The Socotri Sovereignty Soliloquy
Breaking down the borders between state, society, and sovereignty on the island where trees bleed.
inkstickmedia.com
January 5, 2026 at 10:39 PM
Amid reports that ≈400 (!) tourists are stranded on the Yemeni island of Socotra, amid Saudi-UAE proxy fights in Yemen, time to reshare this piece I wrote about visiting the island 4 years ago and what de facto Emirati control means for the place & its inhabitants
inkstickmedia.com/the-socotri-...
inkstickmedia.com/the-socotri-...
Russia signed a treaty to defend Venezuela just two months ago but its crickets this morning from the Kremlin. Utter humiliation and evidence of just how weak it is globally.
January 3, 2026 at 9:33 AM
Russia signed a treaty to defend Venezuela just two months ago but its crickets this morning from the Kremlin. Utter humiliation and evidence of just how weak it is globally.
Your regular reminder that any Western comopany reporting its assets in Russia as not marked down to 0 for the last 3 years has been essentially defrauding its investors
www.ft.com/content/616d...
www.ft.com/content/616d...
Putin’s retaliation threat over frozen assets rattles EU capitals
Italy, Belgium and Austria worry about Russia moving against their companies
www.ft.com
December 18, 2025 at 9:31 AM
Your regular reminder that any Western comopany reporting its assets in Russia as not marked down to 0 for the last 3 years has been essentially defrauding its investors
www.ft.com/content/616d...
www.ft.com/content/616d...
Given Putin is obviously going to reject the peace deal (but try and blame it on Kyiv and Europe), more sanctions should be the base case even from the Trump Admin - as I have long argued - rather than the shock so many treated it as in October and will again soon www.bloomberg.com/news/article...
US Readies New Russia Sanctions If Putin Rejects Peace Deal
The US is preparing a fresh round of sanctions on Russia’s energy sector to increase the pressure on Moscow should President Vladimir Putin reject a peace agreement with Ukraine, according to people f...
www.bloomberg.com
December 17, 2025 at 12:12 PM
Given Putin is obviously going to reject the peace deal (but try and blame it on Kyiv and Europe), more sanctions should be the base case even from the Trump Admin - as I have long argued - rather than the shock so many treated it as in October and will again soon www.bloomberg.com/news/article...
The most British way of fighting the British
December 16, 2025 at 12:58 AM
The most British way of fighting the British
Trump’s Special Representative for Belarus John Coale announced after meeting Lukashenko that Washington will lift sanctions on Belarusian Potash. It’s the second step in the Trump Admin’s easing strategy after sanctions on the airline Belavia were lifted. zerkalo-access.space/news/economi...
США снимают санкции с беларусского калия
«Мы снимаем санкции, освобождаем заключенных. Мы постоянно говорим друг с другом».
zerkalo-access.space
December 13, 2025 at 12:08 PM
Trump’s Special Representative for Belarus John Coale announced after meeting Lukashenko that Washington will lift sanctions on Belarusian Potash. It’s the second step in the Trump Admin’s easing strategy after sanctions on the airline Belavia were lifted. zerkalo-access.space/news/economi...
Kazakhmys to be sold, the first potential ding to the major oligarchs outside Nazarbayev family since de-Nazarbayevification? Ogay & Kim the old controlling shareholders are longtime regime insiders, theyre also key stakeholders in the larger KAZ Minerals
www.mining.com/web/kazakhmy...
www.mining.com/web/kazakhmy...
Kazakhmys says it will have new controlling shareholder
Company ranks 20th in the world in terms of copper concentrate production.
www.mining.com
December 10, 2025 at 6:03 PM
Kazakhmys to be sold, the first potential ding to the major oligarchs outside Nazarbayev family since de-Nazarbayevification? Ogay & Kim the old controlling shareholders are longtime regime insiders, theyre also key stakeholders in the larger KAZ Minerals
www.mining.com/web/kazakhmy...
www.mining.com/web/kazakhmy...
Trump Admin extends sanctions deadline for sale of Lukoil's foreign assets by just over one month, until 17 January www.reuters.com/business/aut...
US allows negotiations on Lukoil's foreign assets until January 17
The United States on Wednesday extended a deadline for negotiations on buying the global assets of Russian oil company Lukoil by a little over a month to January 17.
www.reuters.com
December 10, 2025 at 5:32 PM
Trump Admin extends sanctions deadline for sale of Lukoil's foreign assets by just over one month, until 17 January www.reuters.com/business/aut...
I see the ‘defenders of free speech’ are hard at work www.bloomberg.com/news/article...
US Plans to Mandate Social Media Checks for Visa-Free Visitors
The US is proposing that foreign visitors provide their social media history over the last five years to enter the country, including those from Australia, Germany, Japan and the UK who can now enter ...
www.bloomberg.com
December 10, 2025 at 8:46 AM
I see the ‘defenders of free speech’ are hard at work www.bloomberg.com/news/article...
Reposted by Maximilian Hess
Congress NDAA is 2,5k pages but in general seems total opoosition of WH. Bill locks in long-term support for Ukraine, mandates troop levels in Europe, and codifies the Baltic Security Initiative as US strategy hardens against russia.
www.kyivpost.com/post/65767
www.kyivpost.com/post/65767
December 8, 2025 at 2:06 PM
Congress NDAA is 2,5k pages but in general seems total opoosition of WH. Bill locks in long-term support for Ukraine, mandates troop levels in Europe, and codifies the Baltic Security Initiative as US strategy hardens against russia.
www.kyivpost.com/post/65767
www.kyivpost.com/post/65767
Excellent review & essay by @newlefteviews.bsky.social on thinking about capitalism's role today, including this key reminder that the global economic order is itself responsible for the domestic challenges to it in the US that risk undermining its key patron
www.newstatesman.com/ideas/2025/1...
www.newstatesman.com/ideas/2025/1...
How not to talk about capitalism
The more it penetrates our daily lives, the less we seem to understand the “system that runs the world”
www.newstatesman.com
December 8, 2025 at 1:03 PM
Excellent review & essay by @newlefteviews.bsky.social on thinking about capitalism's role today, including this key reminder that the global economic order is itself responsible for the domestic challenges to it in the US that risk undermining its key patron
www.newstatesman.com/ideas/2025/1...
www.newstatesman.com/ideas/2025/1...
Reposted by Maximilian Hess
this is the Dr. Strangelove War Room
Let me introduce you to the very real executive boardroom at FIFA headquarters in Zurich, Switzerland.
December 5, 2025 at 8:42 PM
this is the Dr. Strangelove War Room
Meh this is just the license for the retail stations, not sale of the oversees assets
To those folk saying the latest round of US/Russia talks achieved nothing, delaying the full imposition of US sanctions on Lukoil until April next year is definitely a something.
OFAC extended the time during which financial transaction may still be done with Lukoil International GmbH till April 29th 2026... GUYS WHAT ARE WE DOING HERE!?!?!?
www.kommersant.ru/doc/8251862
www.kommersant.ru/doc/8251862
December 4, 2025 at 5:02 PM
Meh this is just the license for the retail stations, not sale of the oversees assets
Reposted by Maximilian Hess
To those folk saying the latest round of US/Russia talks achieved nothing, delaying the full imposition of US sanctions on Lukoil until April next year is definitely a something.
OFAC extended the time during which financial transaction may still be done with Lukoil International GmbH till April 29th 2026... GUYS WHAT ARE WE DOING HERE!?!?!?
www.kommersant.ru/doc/8251862
www.kommersant.ru/doc/8251862
США продлили разрешение на операции с зарубежным бизнесом ЛУКОЙЛа до 29 апреля
Подробнее на сайте
www.kommersant.ru
December 4, 2025 at 4:54 PM
To those folk saying the latest round of US/Russia talks achieved nothing, delaying the full imposition of US sanctions on Lukoil until April next year is definitely a something.
Can anyone recommend some books on Guinea-Conakry? Preferably ones that aren’t just about Sekou Toure
December 4, 2025 at 4:59 PM
Can anyone recommend some books on Guinea-Conakry? Preferably ones that aren’t just about Sekou Toure
Reposted by Maximilian Hess
Lelo Party member Aleko Elisashvili was arrested this morning. According to the MIA, last night Aleko Elisashvili used a hammer to break the window of Tbilisi City Hall’s chancellery, entered the building, poured gasoline on documents, and attempted to set them on fire. 1/
November 29, 2025 at 9:14 AM
Lelo Party member Aleko Elisashvili was arrested this morning. According to the MIA, last night Aleko Elisashvili used a hammer to break the window of Tbilisi City Hall’s chancellery, entered the building, poured gasoline on documents, and attempted to set them on fire. 1/
Congrats to @joannalillis.bsky.social on the London launch of Silk Mirage: Through the Looking Glass in Uzbekistan
November 20, 2025 at 6:44 PM
Congrats to @joannalillis.bsky.social on the London launch of Silk Mirage: Through the Looking Glass in Uzbekistan
OFAC clarifies that it is Trump Admin’s policy that it will only approve of sales of Lukoil International’s assets (which Gunvor was willing to pay $22 billion for) if that sale does not see money actually flow to Lukoil while sanctions on Lukoil remain
ofac.treasury.gov/faqs/1224
ofac.treasury.gov/faqs/1224
November 19, 2025 at 4:03 PM
OFAC clarifies that it is Trump Admin’s policy that it will only approve of sales of Lukoil International’s assets (which Gunvor was willing to pay $22 billion for) if that sale does not see money actually flow to Lukoil while sanctions on Lukoil remain
ofac.treasury.gov/faqs/1224
ofac.treasury.gov/faqs/1224
Cab driver in Zimbabwe started spontaneously telling me about how he hates Russia for what they’ve done to Ukraine #TakeThatThomasFriedman
November 16, 2025 at 12:39 PM
Cab driver in Zimbabwe started spontaneously telling me about how he hates Russia for what they’ve done to Ukraine #TakeThatThomasFriedman
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-...