Russia continues to undermine Ukraine's independence. Ukraine's leaders--many slavishly pro-Russian--are cooperating by planning to issue ruble-denominated bonds:
Russia has long sought to control Ukraine’s gas pipelines, which transport two thirds of Russian gas, and is pressuring Ukraine to join the CIS Customs Union. These two goals will become more achievable if Ukraine issues ruble-denominated government bonds as Ukraine would be heavily dependent on Russian banks crediting the Ukrainian economy.
Ukraine's new rulers already extended Russia's Black Sea naval base lease, ending the opportunity to get Russia out of Ukraine soon and gain NATO's protection.
I once thought that Russia might try to pry eastern Ukraine away from Kiev based on the more numerous ethnic Russians living there. But why settle for that when the Russians can get the whole place?
Belorus continues to slide into Russia's control. And Belorus retains the institutions and habits of a Soviet police state in case Russia needs a reminder of how it is done.
So the empire expands west once more. That's the empire that threatened to attack NATO recently, by the way.
Ah, the joys of "reset!"
