Those US "economic sanctions" aren't all they're cracked up to be - see https://www.newsweek.com/putin-selling-us-nearly-billion-dollars-nuclear-fuel-1799788

"Because of this, Rosatom State Nuclear Energy Corporation—Russia's collection of nuclear suppliers—provides a quarter of the U.S.'s nuclear fuel, and the United States continues to pay for the resource, spending a collective $1 billion last year, according to a report by the Wall Street Journal.

The nuclear fuel-for-money exchange is a spin-off of the 1993 Megatons to Megawatts Program that reduced Russian possession of nuclear fuel by converting 500 metric tons of weapons-grade uranium to 15,000 tons of low-enriched uranium, which was then sold to the U.S. for use as nuclear fuel. The program reduced Russian weapons capacity by more than 20,000 nuclear warheads and supplied the United States with much-needed fuel that could provide a cheaper, cleaner form of energy.

Nuclear fuel is experiencing a revival as the world battles the effects and increased concerns of climate change. Nuclear energy is zero-emissions and is the second largest source of low-carbon electricity in the world behind hydropower, according to a website by the U.S. Department of Energy's Office of Nuclear Energy.

In March, the U.S.'s first nuclear reactor in seven years started nuclear reactions in Georgia. CNBC reported that including the new reactor, there are 93 reactors throughout the United States providing a fifth of the nation's energy. A quarter of the nuclear resources needed to power that energy is sourced from Rosatom."

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Sam, thank you for your newsletter, and for this edition. Makes more sense than hundreds of reports, and more succinctly. I saw your recommendations, which I support. I wonder what you make of Yulia N’s plea to the European Parliament to treat Putin as a criminal boss rather than a politician, and investigate and prosecute accordingly.

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Glad your newsletter is back, it's a unique source of good information and food for thought. Looking forward to the new iterations.

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I very much noticed your absence - no weekend emails from you! - and am delighted to access your insights again. I'm finally getting around to reading an article in Foreign Affairs (https://www.foreignaffairs.com/russian-federation/vladimir-putin-forever-putinism ) that reiterates your point about Putin creating and "cement[ing] Russia's futurelessness:

"Putin’s other goal has been to deprive most Russians of the ability to imagine a future without him. Because it is impossible to counter him today, the thinking goes, it will be impossible to counter him tomorrow. No longer hemmed in by a parliament, a constitution, or a political opposition, Putin is at the height of his power. A prevailing sense of “forever Putinism” provides many Russians with a sense of stability; it is the political continuity they know best. For a minority, it induces despair or rage."

The next paragraph presents the downside of this strategy:

"Forever Putinism has its vulnerabilities. Any regime that promises to live forever cannot let itself be perceived as failing. To endure, Putin’s regime must maintain the illusion not just of its inevitability, which it has already achieved, but also of its own immortality, which it cannot achieve. Visible cracks in the myth have the potential to undermine the myth itself. Putin’s presentation of himself as an omnipotent savior—the only one who can steer Russia’s destiny—thus presents a long-term risk for the regime."

I'd appreciate your take on this vulnerability. Thanks for being 'live' again and thanks in advance for any response you can provide.

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As others have noted, it is great to see your newsletter/blog is back. I have missed it. There is nothing else quite like it. Thank you.

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Delighted you're back! (Now if Barry Ritholtz will finish his "book leave") Gotta go read your post...

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