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Short Analysis

A declining power in denial: How Russian media see Europe’s leaders

Russian media portray Europe’s leaders as divided, weak, and in decline, amplifying internal dissent and contradictions to undermine the perception of European unity and strength

Briefing Notes

War in the Persian Gulf and the prospects of a Russian offensive in Ukraine

A brief window of higher revenues and Western distraction may let Moscow increase pressure in Ukraine, but a decisive breakthrough remains unlikely

Short Analysis

What Russians think about the war against Ukraine

Most Russians do not hold strong views on the war: around half express nominal support, but the majority remain passive and defer to the state’s decisions

Briefing Notes

Return to the great game: How Moscow capitalises on the crisis around Iran

Moscow hopes to maximise economic and geopolitical gains from the Iran crisis while avoiding the risks of a prolonged conflict

Short Analysis

An unusual report: Budget constraints and a new rhetoric of war

The Russian authorities are seeking sources of funding for the growing budget deficit, while preparing to tighten fiscal discipline and mobilise resources

Briefing Notes

War in the Middle East: Why Moscow did not come to Iran’s aid

Russia is carefully balancing its Middle East relationships and avoiding confrontation with the US, calculating that a prolonged crisis could benefit Moscow by diverting Western focus from Ukraine and boosting oil revenues

Briefing Notes

Russia after four years of war

After four years of war, Russia has hardened into a more personalist and repressive system, adjusted its economy to prolonged confrontation, and signalled readiness for a sustained standoff with the West

Short Analysis

Key rate, rouble appreciation, and fiscal risks in 2026

The key rate cut comes amid stagnation in the civilian economy and mounting fiscal risks from a stronger rouble and weaker oil revenues

Short Analysis

A declining power in denial: How Russian media see Europe’s leaders

Russian media portray Europe’s leaders as divided, weak, and in decline, amplifying internal dissent and contradictions to undermine the perception of European unity and strength

Briefing Notes

War in the Persian Gulf and the prospects of a Russian offensive in Ukraine

A brief window of higher revenues and Western distraction may let Moscow increase pressure in Ukraine, but a decisive breakthrough remains unlikely

Short Analysis

What Russians think about the war against Ukraine

Most Russians do not hold strong views on the war: around half express nominal support, but the majority remain passive and defer to the state’s decisions

Briefing Notes

Return to the great game: How Moscow capitalises on the crisis around Iran

Moscow hopes to maximise economic and geopolitical gains from the Iran crisis while avoiding the risks of a prolonged conflict

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New Eurasian Strategies Centre

Based in London and Washington, D.C., NEST Centre brings together the best expertise on Russia and the surrounding region. Its mission is to identify the forces shaping Russia’s long-term future, analyse their impact and develop strategies to bring about peaceful and positive development of the country

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Short Analysis

Putin should worry about the Trump-Xi relationship

For Russia, the implications of a U.S.-China rapprochement – even if based on convenience rather than conviction – are profound.

Briefing Notes

A budget without a future: How the Russian economy stays afloat

Russia’s 2026–2028 budget shows managed stagnation: war spending dominates, society adapts to economic pressure, but optimism is starting to fade

Reports

Marriage without love: The Sino-Russian partnership and what it means for the world

The main risk for the West is Russia’s growing structural dependence on China, not the formation of a formal alliance 
Bobo LoJohn LoughSergey AleksashenkoSergei MedvedevAleksei Chigadaev
Bobo Lo, John Lough, Sergey Aleksashenko, Sergei Medvedev, Aleksei Chigadaev

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