Bear Market Brief
The Bear Market Brief (BMB) podcast explores politics, economics, and their intersection in Russia, Ukraine, and the post-Soviet space. It is produced by the FPRI Eurasia Program and is available on Substack.
Episodes
The Brief, In Brief
In this episode, the current editor of the Bear Market Brief talks to a former editor of the Brief about an important question: in the big picture, what actually happened in Russia in 2025? Also, they discuss how to go about making a news brief.Subscribe to the Bear Market Brief This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visi
Russia Above Ground, Russia Below Ground
Howard Amos and Nina Zakharkina-Berezner join to discuss the lived reality of modern Russians in the country's periphery and informal, dissident spaces that exist under the radar. Related Links: Howard's bookHoward and Nina's podcast This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Kyiv Dispatch: Third Time's the Charm
A flurry of back-and-forth diplomacy, a renewed Russian offensive, and a rare outburst of protest in Ukraine. The Kyiv Dispatch with Fabrice Deprez returns to break down what's actually happening and most importantly, how people on the ground are feeling about it.For more reporting and stories from Ukraine, be sure to follow Fabrice’s newsletter, Eastern Radar. This is a public episode. If you wo
Whither Strong? Exploring Conceptions of Russian Power
Why does Russia play such an important role in geopolitics? If it's because of 'strength'... what does strength even mean? And why do conceptions of Russia's strength vary so extremely? Seva Gunitsky joins Aaron Schwartzbaum on this week’s Bear Market Brief podcast. Related ReadingRussia is both weak and strong - that's the problem. by Seva Gunitsky This is a public episode. If you would like to
From Russia with Risk
Here on the Bear Market Brief, a lot of what we focus on is, simply put, risk: what might happen, and what might it mean? On this episode, geoeconomic and country risk expert Rachel Ziemba joins Aaron Schwartzbaum to delve in the discipline of Political Risk: how does one "do" the field? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus epi
Rumble in the Oval: Strategy or Spectacle?
The two weeks after Donald Trump and Volodymyr Zelensky’s Oval Office clash have precipitated drastic shifts in transatlantic relations and the potential trajectory of Russia’s war in Ukraine. Now a possible ceasefire is on the horizon. This week on the Bear Market Brief podcast, host Aaron Schwartzbaum and Maximilian Hess make sense of the Oval Office blow-up, discuss President Trump’s strategic
With So Much Drama in the NSC: Trump, Russia, and the Strategic Context
Where does the US stand in the world as Trump (re)assumes office? How is his approach towards Ukraine shaping up? Stephen Wertheim, Senior Fellow in the American Statecraft Program at the Carnegie Endowment for International Peace, joins Aaron Schwartzbaum to explore the broader context and drivers of how policy towards Russia will, and will not, be made. Read Stephen’s latest piece for Foreign Af
The Precipice
Between a Russian offensive and the reelection of Donald Trump, the war in Ukraine hangs in the balance. Janis Kluge joins host Aaron Schwartzbaum to explore how we got here and what might happen next. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Kyiv Dispatch Redux
Kyiv-based journalist Fabrice Deprez returns to the brief for another update on the mood in Ukraine, including a report on his recent trip to the front line city of Pokrovsk.For more reporting from Ukraine, be sure to check out Fabrice’s Eastern Radar newsletter. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbri
Yug Gotta Be Kidding Me: Russia and the Global South
Why has the Global South, historically on the receiving end of colonialism and imperialism, maintained what might be called a neutral stance towards Russia's war against Ukraine? Ivan Grek, Director of the Russia Program at George Washington University’s Institute for European, Russian and Eurasian Studies, joins Aaron Schwartzbaum to discuss. This is a public episode. If you would like to discus
The F-Word: Is Russia Fascist?
Russia has taken an increasingly authoritarian turn over the last decade, but is its political system fascist? Marlene Laruelle and Julian Waller join to discuss the blurry lines between politics, ideology, and terminology. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
No Nukes is Good Nukes
The Bear Market Brief goes nuclear! Andrey Baklitskiy dropped by to discuss all Russia's strategic red lines, what the introduction of hypersonic weapons means for global security, and more. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Russia's Election: It Ain't Vova 'till it's Vova
If we know how Russia's presidential election is going to turn out... why even bother holding the election? Join Aaron Schwartzbaum, András Tóth-Czifra, and Olga Khvostunova for an exploration of electoral autocracy and the political moment. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Has Russia Won the Sanctions War?
Despite Western economic policy, Russia has been able to continue its war against Ukraine, and even seen economic growth. Join as we kick off our season with Nick Trickett and Iikka Korhonen investigating what's driving Russia's economy these days, and whether sanctions are "working." This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes
Why Do Autocrats Make Mistakes?
Almost two years after Russia’s full-scale invasion, Bear Market Brief investigates how we got here in the first place. What does theory say about Vladimir Putin’s decision making? Seva Gunitsky joins to discuss. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Watching Russia
Where does Russian public sentiment on politics and war stand these days? And on a more basic level, how is it measured? Bear Market Brief talked with Isabelle DeSisto of Russia Watcher to learn more!Learn more about Russia Watcher hereExplore more from the Bear Market Brief Podcast here This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episo
Economic War: Ukraine and the Global Conflict Between Russia and the West
On this week's special episode of the Bear Market Brief, Aaron Schwartzbaum sits down with FPRI Fellow Maximilian Hess to talk about his new book "Economic War: Ukraine and the Global Conflict Between Russia and the West" (Hurst, 2023). This episode was recorded live on September 28, 2023. For more on the international economic order and the conflicts shaping it, check out Max's newsletter, Confli
Kyiv Dispatch
Politically and socially, how are Ukrainians contending with a difficult, long war? Fabrice Deprez joins from Kyiv to give us an update.Check out Fabrice's newsletter, Eastern RadarSubscribe to the Bear Market Brief This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
How Do Wars End?
Have you heard calls for Ukraine and Russia to "just negotiate"? What does theory say about how (and why) wars come to an end? Christine Cheng joins to discuss. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Fight or Flight
If you're a Russian against the war in Ukraine, what options do you have? And how has resistance evolved as the war has continued? Colleen Wood joins the Bear Market Brief. Related Reading: Is Russia’s anti-war movement changing people’s minds? by Colleen Wood This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.
Dark Sarcasm in the Classroom
Patriotic education in Russia: how does it work? Is this any different from in the West? And among Russia's young people, are we seeing generational differences as far as political attitudes go? Allyson Edwards joins Aaron Schwartzbaum on the Bear Market Brief. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.
The Struggle Israel
We take a jaunt south to explore the people and politics behind Israel's Ukraine policy. What do Israel's leaders want from this war, and how do more locational considerations fit in? What does the local population with roots in the former Soviet Union make of all this?Subscribe to the Bear Market Brief newsletter This is a public episode. If you would like to discuss this with other subscribers o
Don't Mention the War
How do you make sense of Russia's seemingly contradictory narrative about its invasion of Ukraine? And how is support, or at least assent, for the war generated? Jade McGlynn joins to discuss.Learn more about Jade's new book Russia's War Subscribe to the Bear Market Brief newsletter This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes,
Torn in the USA
How important is the war in Ukraine for the United States? What should Washington do about it? Stephen Wertheim drops by to share some options for your consideration.Learn more about Stephen's book Tomorrow, the World Subscribe to the Bear Market Brief newsletter This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrie
The Helpers
What motivates people who, when Russia invaded, decided to run towards the fire and assist Ukrainians? British Expeditionary Aid and Rescue, an aid organization, joins to share its experience.BEAR's Website: https://www.britishexpeditionaryaidrescue.org/Donation Link: https://www.gofundme.com/f/british-expeditionary-aid-rescue-ukraine This is a public episode. If you would like to discuss this wit
Reflecting on a Year of War
On the anniversary of Russia's invasion, Maria Romanenko shares her experience fleeing Ukraine and reflects on what the war means, both personally and broadly.Link: Fundraiser for building a museum in the village of Yahidne to showcase Russia’s war crimes there. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief
Stop, Hey, What Stat's Sound?
What do the statistics and other indicators coming out of Russia these days actually mean, and which ones should we actually be paying attention to? Chris Miller and Andras Toth-Czifra stop by to discuss. Subscribe to the Bear Market Brief newsletter. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.
Mobilize This
How is Russia's economy doing as we start 2023? And how is mobilization going - if it is even possible? Nick Trickett joins to discuss.Subscribe to the Bear Market Brief This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
War in Ukraine: A Firsthand Account
What has the war actually been like on the ground? How have communities, and the Ukrainian government reacted? Kirill, a Kyiv resident and open source conflict researcher, joins to share his experience.Support Vostok SOS: https://vostok-sos.org/en/i-wanna-help/rekvizyty-dlia-hroshovoho-perekazu/ This is a public episode. If you would like to discuss this with other subscribers or get access to bo
Public Opinion in Russia: What Do We Know, What Can We Know?
What do Russians actually think about the war in Ukraine? How are sanctions being felt locally? And what can we learn - or not - from polls conducted in Russia's current political climate. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Russia's War in Ukraine: The Strategic Picture
FPRI's Phil Wasielewski joins to provide an update on the war and take a step back. What is the broader strategic picture and what does it mean for Putin and Russia? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
How Do You Solve a Problem Like Navalny?
Jan Matti Dollbaum, Morvan Lallouet, Ben Noble, authors of the book "Navalny: Putin's Nemesis, Russia's Future?" and Eilish Hart, editor of BMB Ukraine, join to discuss all things Alexei Navalny. You can purchase the book on https://global.oup.com and use ADISTA5 for a 30% discount! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes,
Parliamentary, My Dear Watson
Felix Light stops by to discuss Russia's upcoming Duma elections, what they mean, who's involved, and what to expect. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Mishustin Impossible
Who is Russia's prime minister, anyway? Dr. Fabian Burkhardt joins to explain PM Mishustin's agenda, and what his role means for governance in Russia. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Wither Democracy?
Nick Trickett and Isabel Linzer join to talk freedom, both on the internet and the ballot box, as Russia prepares for elections this fall. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Hindsight is 2020
So what actually happened in Russia this year? Andras Toth-Czifra takes a look back at key trends and a look forward at what to expect in 2021. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Sber Me: The Details
BMB Russia and Ukraine editor in chief Stephanie Petrella joins for a discussion of fintech in Russia and how state-owned giants like Sberbank (aka Sber) are changing the game. Also, how does one "do" a brief? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Biden: His Time
Lincoln Pigman stops by to explore what U.S. Russia policy might look like under the Biden Administration. And was Trump actually good for Russia? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Check-In Kyiv
The Bear Market Brief podcast returns to Ukraine with Fabrice Deprez and Eilish Hart. We discuss local election results and a worsening constitutional crisis, as well as some political economy. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Double Crisis Double Feature
With Kyrgyzstan and Nagorno Karabakh in crisis, Colleen Wood and Jeff Mankoff join to help us break down both. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Toxic Effect
In light of Alexey Navalny’s recent poisoning, Katrina Keegan interviewed human rights activist Vladimir Kara-Murza about his experiences being poisoned in Moscow in 2015 and 2017. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
The Emperor's New Road
This week BMB Editor Stephanie Petrella and Eurasia Program Director Chris Miller chat with Jonathan Hillman, Director of the Reconnecting Asia Project at the Center for Strategic and International Studies (CSIS), about his new book The Emperor’s New Road: China and the Project of the Century (Yale University Press, 2020). This is a public episode. If you would like to discuss this with other subs
Return of the Macro
So how do we actually *do* political risk? Former EIC of BMB Russia Nick Trickett drops by to talk risk, Nagorno-Karabakh, and Russia after COVID. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Ukraine is Game to You?
BMB Ukraine editors Fabrice Deprez and Eilish Hart drop by to tackle how Zelensky is doing, what is going on at Ukraine's embattled anti-corruption agency, and more! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Politics for Profit
In this week's episode, Chris and Stephanie speak with David Szakonyi about his new book "Politics for Profit: Business, Elections, and Policymaking in Russia" which explores why Russian business people choose to leave the private sector, why they contest elections, and what the consequences are for their firms and for society when they win.Learn more about the book here: https://amzn.to/321Pqib T
Krai and Punishment
What's eating Khabarovsk Krai? Kirill Shamiev helps us explore mass protest after the arrest of its governor on suspiciously timed murder charges. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
The Fiscal Fortress
FPRI Eurasia Director Chris Miller talks with BMB Editor-in-Chief Stephanie Petrella about COVID in Russia, the government’s economic priorities, and the protests in Khabarovsk. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Popular/Populist: Is Putin a Populist?
Brian Taylor joins for the conclusion of the Popular/Populist series. We evaluate what populism even means, and whether Putin fits into the category. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Popular/Populist : Is Putin Popular?
Yana Govokhovskaia joins for the first part of a two part series where we tackle a key question: is Putin popular? And what does popularity even mean in the Russian political context? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
We Can Defense If We Want To
Michael Kofman joins in a foray into all things Russian military. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Comrade COVID
Eurasia Director Chris Miller and BMB Editor-in-Chief Stephanie Petrella talk COVID-19 in Moscow and the regions, the outlook for Russia’s economy, and the Kremlin’s strategy in its constitutional reform campaign. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Macro Polo
Ivan Tkachev joins to help us explore a big question: how has Russia's economy actually been doing the past few years? This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
Brent Out of Shape
Rauf Mammadov joins to chat about global oil markets, Russia's goals in the Middle East, and some Siberian geology. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
3.6 Roentgen
Chris Miller joins to talk about COVID-19 and what it means for Russia. Also: oil markets, the military industrial complex, and big data. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
I See Debt People
Host Aaron Schwartzbaum talks to Maximilian Hess about the Russia-Ukraine credit spat, bonds in geopolitics, and Abkhaz bitcoin(!). This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit bearmarketbrief.substack.com
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