We start today’s double podcast discussing further Ukraine developments as the west is finally having a rude awakening to the realities on the ground and then discuss the recent NATO meeting. We then move onto Raisi’s state visit to China as the Beijing Tehran strategic relationship continues to flourish. We then discuss the US treasury markets with respect to the TIC report and then move onto the BRICS in terms of the anticipation of the creation of the BRICS+ format and what that might mean. We conclude discussing the resurgence of ISIS in Afghanistan, the US credit markets and how Russia and Turkey are bypassing US sanction threats.