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Ukraine Mismatch: Fearless Putin vs Toothless Europe

As the West wastes time with endless discussions and threats of sanctions, Russian President Vladimir Putin continues to gain ground in Ukraine.

Putin in Moscow last month
Putin in Moscow last month
Daniel Brössler


BRUSSELS — Now that the world is watching Moscow make its next power grab in eastern Ukraine, there is suddenly a lot of talk about Russia’s weaknesses. European politicians point out how much the annexation of Crimea has already hurt Russia economically and how much more suffering is yet to come. They also stress that Moscow in now totally isolated.

But such assessments aren’t much good right now. President Vladimir Putin isn’t concerned with the cost to Russia down the line. He’s interested only in the moment, and he is brutally exploiting every second of it.

Europeans weren’t prepared for the conflict in Ukraine, which is taking place on their own continent. So the EU pays lip service to international law, imposes modest sanctions on Russia, and threatens to impose harsher ones. Meanwhile, Putin puts armed forces in eastern Ukraine and knows the Europeans will waste time with endless discussions about how to react.

Time is the factor that works relentlessly against Ukraine and all those who want to rescue the country from Russia’s aggression. With the best intentions, Americans and Europeans worked to bring Russians and Ukrainians to the same table. And it was also in good faith that EU foreign ministers meeting in Luxemburg Monday urged caution so that impending talks Thursday between all parties in Geneva would not be jeopardized. Which also means that Putin can get on with his destructive work virtually unhindered until then.

Economically, Putin can’t take on the European Union. Halting energy deliveries to the West would be an ineffective, self-defeating weapon because Russia is totally dependent on this revenue. Putin has only two advantages in this situation, and they are not insignificant: his military might and his determination. Since the EU first warned against “further” escalation of the crisis, the Russian president has covered a fair amount of ground.

And the EU is doing relatively little to stop him. Travel sanctions and blocked bank accounts are merely symbolic and political. The threat of economic sanctions has already failed. The thinking was to more or less accept the annexation of Crimea but to make Putin fear dramatic financial consequences were he to continue his incursion into eastern Ukraine. It didn’t work.

The Europeans would be well advised to stop pointing out Russia’s weaknesses right now and start dealing with their own.

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How A Xi Jinping Dinner In San Francisco May Have Sealed Mastercard's Arrival In China

The credit giant becomes only the second player after American Express to be allowed to set up a bank card-clearing RMB operation in mainland China.

Photo of a hand holding a phone displaying an Union Pay logo, with a Mastercard VISA logo in the background of the photo.

Mastercard has just been granted a bank card clearing license in China.

Liu Qianshan


It appears that one of the biggest beneficiaries from Chinese President Xi Jinping's visit to San Francisco was Mastercard.

The U.S. credit card giant has since secured eagerly anticipated approval to expand in China's massive financial sector, having finally obtained long sought approval from China's central bank and financial regulatory authorities to initiate a bank card business in China through its joint venture with its new Chinese partner.

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Through a joint venture in China between Mastercard and China's NetsUnion Clearing Corporation, dubbed Mastercard NUCC, it has officially entered mainland China as an RMB currency clearing organization. It's only the second foreign business of its kind to do so following American Express in 2020.

The Wall Street Journal has reported that the development is linked to Chinese President Xi Jinping's meeting on Nov. 15 with U.S. President Joe Biden in San Francisco, part of a two-day visit that also included dinner that Xi had with U.S. business executives.

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