Western assets under temporary administration. The moves against Nestlé and Auchan raise questions about how retaliation against Europe interacts with competing interests inside the Russian state. We examine who shapes these decisions and what room remains for companies to protect their position.

The BRICS summit. Russia brought proposals on trade, payments and international institutions to a forum whose members have increasingly distinct priorities. The section assesses what Moscow seeks from BRICS, where its partners place limits on cooperation and how Putin judges the organisation’s value.

A resignation at the FSB. The departure of the head of the Economic Security Service has prompted speculation about a wider reshuffle. We consider the competing explanations, the significance of a recently abandoned prosecution and the tensions surrounding the FSB’s expanding influence over business.

Moscow’s view of the AfD. The party’s gains in German regional elections matter to Russia’s calculations about both Europe and the United States. The bulletin explores the different expectations within Moscow and the place of Germany’s political shifts in Russian efforts to cultivate common ground with Trump’s circle.