We start today's podcast discussing Ukraine and why the US has given its clearest indication yet that it is looking for an exit strategy and why Russia appears to be very quietly continuing to launch its own offensive, primarily to accelerate the end of the war. We then move onto comments Putin made at Valdai which broadly align with our perspective of why and how unipolarity is endling and why multipolarity is now a given. We conclude assessing a few developments associated with China.

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