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Russia-Ukraine Conflict

Ukrainian long-range drones struck oil storage facilities in St. Petersburg, Russia, early on June 3, hours before the opening of the St. Petersburg International Economic Forum, Ukrainian President Volodymyr Zelensky confirmed on his Telegram channel that day. 

Russia, Ukraine: Ukrainian Drones Strike St. Petersburg as Economic Forum Opens

United States

Russia launched a barrage of hundreds of drones and dozens of missiles at Ukraine overnight, killing at least 18 people and injuring dozens in strikes on Kyiv, Dnipro, Zaporizhzhia, Poltava and Kharkiv, The Guardian reported on June 2.

Ukraine, Russia: Russian Missile Strikes Test Ukraine's Civilian Resilience

In an interview with CBS's Face the Nation, Ukrainian President Volodymyr Zelensky said Ukraine needs to find a diplomatic path to talks before winter, arguing that Russia began losing the battlefield initiative in December 2025, CBS reported on May 31.

Ukraine, Russia, U.S.: Zelensky Calls for Renewed Talks Before Winter

Sweden

Ukrainian President Volodymyr Zelensky said Ukraine will buy 150 Swedish Gripen fighter jets using part of a 90 billion euro ($105 billion) credit line, during his meeting with Swedish Prime Minister Ulf Kristersson in Uppsala, Sweden, Interfax-Ukraine reported on May 28.

Ukraine, Sweden: Gripen Deal Deepens Kyiv's Nordic-Baltic Defense Ties

Ukrainian President Volodymyr Zelensky sent U.S. President Donald Trump a letter warning that Ukraine's shortage of air defense systems is worsening, with the most acute need being Patriot PAC-3 interceptors and other systems capable of intercepting ballistic missiles, the Kyiv Independent reported on May 27.

Ukraine, U.S.: Zelensky Warns Trump of Critical Patriot Shortages

The U.S. State Department approved a possible $108.1 million Foreign Military Sale to Ukraine for HAWK Missile System Sustainment and related equipment, Reuters reported May 21.

Ukraine, U.S.: Trump Administration Approves HAWK Air Defense Support Package

In a May 21 post on Telegram, Ukrainian President Volodymyr Zelensky said the Ukrainian Security Service's Alpha special forces unit struck a Russian Federal Security Service's (FSB) facility and destroyed a Pantsir-S1 air defense system on occupied Ukrainian territory, killing and wounding about 100 Russian personnel.

Ukraine, Russia: Kyiv Reports Strike on Russian FSB Headquarters in Occupied Territory

China

China's armed forces covertly trained approximately 200 Russian military personnel in drone warfare and combat tactics in late 2025, and some of those soldiers have since returned to fight in Ukraine, Reuters reported on May 19, citing three European intelligence agencies.

China, Russia: Beijing Reportedly Provided Covert Military Training to Russian Troops

Snapshots

United Kingdom

Poland

Britain's Prime Minister Keir Starmer and Poland's Prime Minister Donald Tusk attend a signing ceremony of a UK-Poland defence and security treaty at the Battle of Britain Bunker on May 27 in London, England.

Concerned about the reliability of the United States' security commitments, European nations are increasingly relying on bilateral defense agreements to secure their strategic interests and deter Russian aggression.


U.K. and Poland Hedge Against Transatlantic Uncertainty With Bilateral Treaty

Assessments

Technicians work at the main blast furnace at the Zaporizhstal Iron and Steel Works on Feb. 12, 2024 in Zaporizhzhia, Ukraine.

Part two of this report examines how either a comprehensive peace agreement or a severe escalation of the war would affect Ukraine's investment climate.



Scenarios for the Future of Foreign Investment in Ukraine, Part 2

An employee assembles a long-range drone in a workshop of the Fire Point company, which manufactures FP-1 deep-strike drones and FP-2 strike drones, Jan. 29 in an undisclosed location in Ukraine.

This two-part report outlines how the trajectory of the war with Russia will act as the ultimate determinant of capital allocation and economic recovery in Ukraine.

Scenarios for the Future of Foreign Investment in Ukraine, Part 1

A view taken on Dec. 13, 2023, shows pumping units at the grounds of a fuel tank farm of Russia's oil pipeline giant Transneft.

Energy

The intensifying drone strikes are unlikely to trigger an oil sector crisis or alter Moscow's war calculus, but they will financially drain Russian oil companies, even as high prices buoy the Kremlin's revenues.

Assessing the Impact of Ukrainian Strikes on Russia's Oil Sector

Europe

EU and Ukrainian flags fly outside the European Commission headquarters on Feb. 23, 2025, in Brussels, Belgium.

While a European mediator may unblock frozen peace talks, a durable peace settlement remains unlikely until both Russia and Ukraine conclude that continued war is more costly than compromise.

The Limited Promise of EU Mediation in Ukraine Peace Talks

Russian officers patrol central Moscow on May 5, 2026, in front of the Kremlin, a few days ahead of the Victory Day military parade, to be held at Red Square on May 9. 

While Ukraine is unlikely to attack Moscow during the May 9 parade, its expanding long-range strike capabilities will steadily increase the war's political, economic and psychological toll on Russia ahead of the September elections.

Ukrainian Strikes Put Russia on Edge Ahead of Victory Day Parade

Lithuania

Latvia

Estonia

Eurasia

A soldier from the "Taifun" unmanned aerial vehicle unit prepares a new strike drone for flight on April 7, 2026 in Ukraine. 

Although Moscow is threatening retaliation against Baltic states over supposed involvement in Ukraine's drone attacks on Russian energy infrastructure, the Kremlin will not risk a direct military confrontation with NATO.


Direct NATO-Russia Confrontation in the Baltic Unlikely, Despite Ukrainian Strikes on Russian Energy Infrastructure 

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Israel-Hamas Conflict

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The second quarter will test global resilience as lingering conflicts and energy shocks converge to heighten economic uncertainty and geopolitical volatility.

2026 Second-Quarter Forecast: An Excerpt

Iran

Israel

Denmark

France

Italy

The European Parliament building in 2019 in Strasbourg, France. Parliament is set to hold a plenary vote March 26 on implementing the 2025 EU‑U.S. trade framework agreement.

A look at what the coming week will bring -- and a list of recommended RANE articles from the week that was.

The Weekly Rundown: A Vote on the EU‑U.S. Trade Framework, the Iran Conflict Continues

U.S.-Iran Relations

Russian President Vladimir Putin holds a meeting in Moscow on the global oil and gas market situation on March 9, 2026.

The current surge in demand for Russian oil will likely be short-lived, but weaker sanctions enforcement and higher energy prices could nonetheless buoy Moscow's capacity to fund its war in Ukraine.

In Twist of Fate, Russia Gets a Boost From Iran-Related Oil Shocks

Japan

A large plume of smoke rises March 7 over Tehran after explosions were reported in the Iranian capital during the night.

The Weekly Rundown: The Iran War Continues, Takaichi Meets With Trump

A Ukrainian serviceman stands next to a truck equipped with a machine gun during an air raid alert in Kyiv on Jan. 24, 2026, amid Russia’s ongoing invasion.

Russia's ability to sustain its war efforts despite mounting economic strain, combined with the U.S.'s new focus on Iran, makes meaningful progress in peace talks unlikely anytime soon.

Russia-Ukraine Conflict

SITUATION REPORTS

Russia, Ukraine: Ukrainian Drones Strike St. Petersburg as Economic Forum Opens

Ukraine, Russia: Russian Missile Strikes Test Ukraine's Civilian Resilience

Ukraine, Russia, U.S.: Zelensky Calls for Renewed Talks Before Winter

Ukraine, Sweden: Gripen Deal Deepens Kyiv's Nordic-Baltic Defense Ties

Ukraine, U.S.: Zelensky Warns Trump of Critical Patriot Shortages

Ukraine, U.S.: Trump Administration Approves HAWK Air Defense Support Package

Ukraine, Russia: Kyiv Reports Strike on Russian FSB Headquarters in Occupied Territory

China, Russia: Beijing Reportedly Provided Covert Military Training to Russian Troops

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