The 16th BRICS Summit commenced today in Kazan, Russia, uniting the leaders of Brazil, Russia, India, China, and South Africa, alongside new member states such as Iran and the United Arab Emirates (UAE). The summit’s agenda focuses on bolstering multilateralism and expanding the use of local currencies in intra-group trade, addressing some of the most pressing economic and geopolitical challenges facing the bloc today.



Held under the theme Strengthening Multilateralism for Just Global Development and Security, the summit, on until October 24, signals BRICS’ intention to reconfigure global governance structures in a more equitable and representative manner. The symbolic weight of holding this summit in Russia, amidst ongoing geopolitical tensions — particularly the war in Ukraine and escalating conflicts in Palestine and Lebanon — underscores BRICS’ ambition to position itself as a counterbalance to Western dominance, both economically and, potentially, politically.



Brazilian President Luiz Inácio Lula da Silva was notably absent due to a health-related issue, but he commented on the proceedings remotely. Meanwhile, South African President Cyril Ramaphosa, upon arriving in Kazan, met with Russian President Vladimir Putin to discuss mutual interests.



Highlighting BRICS&#8217; strategic importance, Ramaphosa emphasized in a statement, &#8220;BRICS plays an important role in a multipolar world, championing multilateralism, mutually beneficial cooperation, and sustainable development.&#8221;



As Gustavo de Carvalho, a Senior Researcher at the South African Institute of International Affairs, explains to FORBES AFRICA: “For most BRICS members, it&#8217;s not about replacing the U.S. dollar but about creating systems that give members options to trade, particularly using local currencies within the group.” He stresses that the BRICS agenda, while ambitious, aims to build economic resilience without severing ties to the broader global financial system.



Several key issues dominate discussions, including the integration of new members and the push for local currencies in trade. Yet, questions remain about the bloc&#8217;s ability to fully implement its vision amidst internal tensions and external geopolitical conflicts.



Local Currencies in Intra-BRICS Trade: A Practical Shift?



At the core of the summit’s economic agenda is the push for greater use of local currencies in trade between BRICS members — a move aimed at reducing reliance on the U.S. dollar. While this initiative is often misinterpreted as de-dollarization, BRICS members clarify that it is not about replacing the dollar but rather providing greater flexibility in cross-border transactions.



“It’s not about replacing the U.S. dollar outright, but creating systems that provide BRICS members the option to trade in their local currencies,” explains Carvalho. This approach aims to mitigate the risks of exchange rate volatility and external sanctions while allowing BRICS members to strengthen financial independence.



However, the path to local currency adoption is fraught with challenges. For example, Russia&#8217;s surplus of Indian rupees has already raised concerns about how currency imbalances might complicate these efforts. &#8220;There are practical limitations, especially when one country ends up with a surplus of another&#8217;s currency,&#8221; Carvalho adds, highlighting that balancing trade flows will be critical to making local currency trade viable.



In response, BRICS Finance Ministers have been tasked with preparing reports on how to advance the use of local currencies and payment platforms, following a request made at the Johannesburg Summit in 2023. President Ramaphosa reinforced the strategic importance of these initiatives, noting, &#8220;BRICS now covers 43% of the world&#8217;s population&#8230; providing opportunities to develop mutually beneficial cooperation that contributes to sustainable growth.&#8221;



Despite the long-term potential, the shift toward local currencies is expected to be gradual. The focus at this summit is on laying the groundwork for more substantive changes in the years ahead.



Iran’s Inclusion in BRICS: Geopolitical Implications



The inclusion of Iran, especially in the context of ongoing conflicts in the Middle East, adds another layer of complexity to the BRICS dynamic. Iran’s membership brings significant geopolitical weight at a time when the country remains isolated by Western powers, particularly as tensions in Palestine and Lebanon intensify.



BRICS, while not a formal political or military alliance, presents a platform for countries like Iran to engage with global powers outside Western influence. Yet, this inclusion is not without its challenges. &#8220;Geopolitical issues within BRICS tend to be divisive, making coordinated positions on specific disputes challenging,&#8221; Carvalho notes, reflecting the potential for discord over how BRICS members approach contentious global issues.



The geopolitical dimensions of Iran’s membership also raise questions about BRICS’ ability to serve as a counterbalance to Western dominance. While the bloc seeks to promote multilateralism, its capacity to form a unified stance on complex geopolitical matters — especially those involving longstanding regional disputes — remains uncertain. President Ramaphosa, however, remains optimistic, stating, &#8220;A founding value of BRICS is the shared vision of the urgent need to restructure global governance to be more fair, just, and representative.&#8221;



 Expanding BRICS



While the inclusion of new members like Iran and the UAE has been a focal point at the summit, further expansion is unlikely in the near future. Instead, BRICS is prioritizing its outreach program. The BRICS+ format, first introduced at the 2017 Shanghai Summit, allows non-member states to engage in development finance, trade, and infrastructure initiatives without full membership commitments.



Reports from BRICS Foreign Ministers on the development of the Partner Country model will be pivotal in shaping this program’s future. &#8220;While the possibility of expansion exists, it seems unlikely at this stage,&#8221; Carvalho notes, emphasizing that BRICS is more focused on refining its existing framework than rushing toward further enlargement.



The outreach program aims to foster partnerships across Africa, Asia, and Latin America, while maintaining BRICS&#8217; internal cohesion. By clarifying the roles of partner countries, the bloc seeks to expand its global influence without compromising its core mission of promoting economic cooperation among its members.



As the 2024 BRICS Summit progresses, the decisions made in Kazan will set the stage for the bloc’s future, particularly as Brazil prepares to take over the presidency in 2025.

Russian President Vladimir Putin meets with South African President Cyril Ramaphosa in Kazan

Ramaphosa Meets With Putin At BRICS 2024 In Russia: Pushing For Global Governance Reform Amid Shifting Geopolitical Tides

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Microsoft&nbsp;<a href="https://msrc.microsoft.com/blog/2024/03/update-on-microsoft-actions-following-attack-by-nation-state-actor-midnight-blizzard/" rel="noreferrer noopener" target="_blank">says</a>&nbsp;that the Russian-linked group known as Midnight Blizzard or Nobelium has made repeated attempts to access Microsoft’s systems in recent weeks, escalating its efforts against Microsoft since the company first disclosed in January that Midnight Blizzard had&nbsp;<a href="https://msrc.microsoft.com/blog/2024/01/microsoft-actions-following-attack-by-nation-state-actor-midnight-blizzard/" rel="noreferrer noopener" target="_blank">accessed</a>&nbsp;some of its corporate email accounts.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



The group first launched its attack on Microsoft in November, with the company disclosing in January that the group had successfully used a “password spray attack,” trying a large number of potential passwords on known accounts, to finally access “a very small percentage of Microsoft corporate email accounts.”



On Friday, Microsoft announced in both a blog post and an&nbsp;<a href="https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0000789019/000119312524062997/d808756d8ka.htm" rel="noreferrer noopener" target="_blank">SEC filing&nbsp;</a>that Midnight Blizzard was using information lifted from that attack “to gain, or attempt to gain, unauthorized access” to the company’s source code repositories and internal systems.



Microsoft says that Midnight Blizzard has increased the volume of its attacks “by as much as 10-fold” compared to what the company had already seen in January.



While Microsoft maintains that none of its customer-facing systems have been compromised, it noted that Midnight Blizzard may have accessed some emails between customers and Microsoft, and Microsoft has begun reaching out to affected customers.



Midnight Blizzard, as Microsoft refers to it, goes by&nbsp;<a href="https://www.microsoft.com/en-us/security/blog/2024/01/25/midnight-blizzard-guidance-for-responders-on-nation-state-attack/" rel="noreferrer noopener" target="_blank">several names</a>, including Nobelium, APT29 and perhaps most recognizably Cozy Bear—the name that made headlines when it targeted the Democratic National Convention ahead of the 2016 elections, part of the hack which led to the discovery of Russian efforts to manipulate U.S. politics that year.



<h2 class="wp-block-heading" id="h-what-was-midnight-blizzard-s-role-in-the-dnc-hack">WHAT WAS MIDNIGHT BLIZZARD’S ROLE IN THE DNC HACK?</h2>



Midnight Blizzard, reported at the time as Cozy Bear, was one of two&nbsp;<a href="https://www.cnbc.com/2020/07/17/fancy-bear-cozy-bear-russia.html" rel="noreferrer noopener" target="_blank">Russian-linked</a>&nbsp;groups cited for the infamous hack of the Democratic National Convention ahead of the 2016 election. The other group, Fancy Bear, is believed to be linked to Russian military intelligence, also known as the GRU, which likely played a “more active role” in the hack and Russia’s widely reported disinformation campaign, according to Adam Meyers, head of counter adversary operations at CrowdStrike, the cybersecurity firm that&nbsp;<a href="https://www.crowdstrike.com/blog/bears-midst-intrusion-democratic-national-committee/" rel="noreferrer noopener" target="_blank">first investigated</a>&nbsp;the DNC hack. Cozy Bear, on the other hand, is associated with the Russian SVR, which is Russia’s external intelligence agency and was likely doing “intelligence collection” in the hack, Meyers said.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Cozy Bear has a “long operational history” dating back to the 2010s, Meyers told Forbes, often engaging in campaigns targeting diplomatic and political intelligence collection. The DNC hack wasn’t its only high-profile campaign. The group has been pinned for the 2020 hack of&nbsp;<a href="https://www.businessinsider.com/solarwinds-hack-explained-government-agencies-cyber-security-2020-12" rel="noreferrer noopener" target="_blank">SolarWinds</a>, a Texas-based IT firm, which then passed along compromised system updates to thousands of customers—including Microsoft and U.S. agencies, including the Pentagon and the Department of Homeland Security. More recently, the hacks targeting Microsoft and also hacks in January&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-01-24/hpe-says-it-was-hacked-by-group-believed-to-be-midnight-blizzard" rel="noreferrer noopener" target="_blank">targeting&nbsp;</a>Hewlett Packard, have brought the group back into public awareness.



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



Microsoft wrote in its filing that its investigation into the attacks is ongoing, that findings will continue to evolve “and further unauthorized access may occur.”



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



Meyers raised concern about Microsoft’s ability to contain the attack, given its warning about potential further unauthorized access. He noted Microsoft was also breached in the SolarWinds attack and <a href="https://www.reuters.com/world/us/chinese-hackers-stole-60000-emails-us-state-department-microsoft-hack-senate-2023-09-27/" target="_blank" rel="noreferrer noopener">pointed to access</a> from Chinese hackers who accessed emails from State Department officials through Microsoft. He said he believed that Microsoft is a “national security threat” due to this history of breaches, noting the company’s many contracts with governments around the world—many of whom are electing new leaders this year—and its own advanced artificial intelligence models. “Think about what a Russian threat actor like Cozy Bear can do with some of the most advanced AI models known to man,” Meyers told Forbes. Forbes has contacted Microsoft for comment.

Logo Photo Illustration

Who Is Midnight Blizzard? Russian-Linked Group Has Repeatedly Targeted Microsoft, Company Says

South Africa&#8217;s government has concluded its exhaustive investigation into the Lady R incident, an episode that sent shockwaves through the nation and sparked international scrutiny. The final report, released recently, sheds light on the events surrounding the mysterious docking of the Russian cargo ship Lady R in Simon&#8217;s Town last year, and the subsequent economic and diplomatic fallout. 



In December 2022, the Lady R unexpectedly docked at the South African Naval Base in Simon&#8217;s Town. The controversy was brought on in part by the ship&#8217;s abrupt shutdown of its marine tracking system, rendering its presence shrouded in secrecy. The vessel was loaded and unloaded under armed guard, with its arrival and departure leaving both South Africa and the international community baffled as to the purpose and cargo of the vessel.



Speculation ran rife, with many questioning whether South Africa was clandestinely supporting Russia&#8217;s invasion of Ukraine. It took two weeks and persistent queries before Defence and Military Veterans Minister Thandi Modise clarified that the Lady R was, in fact, offloading an old, longstanding order for ammunition. Six shipping containers were reportedly loaded onto the ship before it left, providing some clarity but leaving lingering questions about the nature of the cargo.



In May, United States’ (US) Ambassador to South Africa Reuben Brigety made the claim that the vessel was indeed loading weapons and ammunition, stating that he would “bet his life” that this was the case.



The timing of the Lady R&#8217;s arrival was particularly sensitive, given the heightened tensions between Russia and the West over the ongoing conflict in Ukraine. South Africa, despite its policy of supporting a rules-based international order, had refrained from criticizing Russia&#8217;s actions, raising eyebrows in Western diplomatic circles.



The Lady R incident had profound economic and diplomatic consequences for South Africa. President Cyril Ramaphosa, when announcing the findings of the investigative panel this week, highlighted the damage done, stating: &#8220;The allegations leveled against our country had a damaging effect on our currency, economy, and our standing in the world.&#8221;



After months of rigorous investigation, the independent panel, chaired by Judge PMD Mojapelo, has concluded its work. The investigation confirmed that the Lady R carried equipment destined for the South African National Defence Force, but that despite the Lady R being under US sanctions, these sanctions were not endorsed by the United Nations and were thus not binding on South Africa. Additionally, no South African entity had a say in the choosing of the Lady R as the delivery vessel, and the goods were offloaded at night due to their classified nature and the security risk posed by daylight exposure. The investigation found no evidence to substantiate claims that weapons were loaded onto the Lady R, confirming only the offloading of equipment.



In response to the investigation&#8217;s conclusion, David Feldmann, Mission Spokesperson at the US Embassy in Pretoria, expressed appreciation for the seriousness with which the inquiry was conducted in a press statement. He reiterated the US&#8217;s commitment to advancing progress in various shared priorities with South Africa, including trade, health, and climate. Brigety, as President Joe Biden&#8217;s personal representative in South Africa, retained the confidence of the US leadership and remained focused on strengthening bilateral relations.



The Lady R incident appears to have come to a close with the release of the investigative panel&#8217;s findings. While the economic and diplomatic repercussions were significant, the report has provided clarity on the nature of the cargo and the circumstances surrounding the ship&#8217;s docking, and the US and South Africa have both expressed a willingness to move past the incident.

Russian Registered Cargo Ship Lady R Anchored At Simons Town Naval Base

South Africa Concludes Investigation Into Mysterious Russian Ship Lady R

The Ukrainian air assault forces finally have deployed their most powerful unit. The 2,000-person 82nd Air Assault Brigade, which is stacked with Marder and Stryker fighting vehicles and Challenger 2 tanks, rolled into action around Robotyne, in southern Ukraine’s Zaporizhzhia Oblast, apparently in the last few days.



The deployment is good&nbsp;and&nbsp;bad news for Kyiv’s long-anticipated counteroffensive, which kicked off with a series of coordinated assaults across southern and eastern Ukraine starting on June 4.



The 82nd Brigade and its sister air-assault unit, the 46th Brigade, were some of the last major units that the Ukrainian general staff was holding in reserve. In finally sending those formations into battle, the Ukrainians could significantly boost their firepower along one of the main axes of the counteroffensive—the one stretching 50 miles from Russian-occupied Robotyne to occupied Melitopol, just north of the Black Sea coast.



But no brigade can fight forever. When the 46th and 82nd Brigades pull back for rest, reset and repairs, there might not be any equally powerful&nbsp;fresh&nbsp;brigades to fill in for them. The counteroffensive could lose momentum.



This neither is a new problem, nor one that’s unique to the Robotyne axis. The Ukrainian marine corps, which has focused its efforts along the Mokri Yaly River Valley, 50 miles to the east, has deployed&nbsp;all four&nbsp;of its front-line brigades&nbsp;at the same time&nbsp;along a 10-mile-wide sector.



The concentration of marine forces along the Mokri Yaly River has paid off for Kyiv. The division-size marine force has liberated a chain of settlements on the road to occupied Mariupol, on the Black Sea coast 50 miles to the south. Most recently Urozhaine, where marine gunners firing American-made cluster shells <a href="https://www.forbes.com/sites/davidaxe/2023/08/14/ukrainian-cluster-shells-massacred-russian-troops-fleeing-urozhaine/">massacred retreating Russian troops this weekend</a>.



But the marines eventually will need rest. And it’s not apparent which forces can fill in for them. While Ukraine still has uncommitted territorial and national guard brigades, these formations generally lack the firepower and training that make marine brigades so effective.



The same clock is ticking over in Robotyne, as a powerful Ukrainian air-assault force assembles outside the town. A Russian drone strike on&nbsp;<a href="https://twitter.com/RALee85/status/1691340418590429184" target="_blank" rel="noreferrer noopener">one of the 82nd Brigade’s American-made Stryker wheeled fighting vehicles</a>, apparently earlier this week, places the 82nd Brigade within a mile of the Russian 1430th Motor Rifle Regiment’s positions inside Robotyne.



Russian drones have spotted at least one of the 82nd Brigade’s 90 Strykers as well as&nbsp;<a href="https://twitter.com/JulianRoepcke/status/1691378804688580608" target="_blank" rel="noreferrer noopener">one of its 40 German-made Marder tracked fighting vehicles</a>. The Russians apparently&nbsp;haven’t&nbsp;located the brigade’s 14 ex-British Challenger 2 tanks. But we know the 69-ton tanks are inching toward the line of contact.



The most recent photo of a Ukrainian Challenger 2 to appear online depicts the tank with a turret-mounted cage that the crew clearly hopes will help to protect the vehicle from drone strikes. These “cope cages” are a battlefield expedient that brigades tend to install on their own as they’re getting ready to enter combat.



If the Ukrainian marines’ experience in Urozhaine is any indication, the surge of air-assault troops around Robotyne could result in rapid gains for Kyiv’s forces.&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2023/08/11/ukrainian-scouts-are-inside-robotyne-the-first-russian-strongpoint-on-the-road-to-melitopol/?sh=544fb60010eb">The Ukrainians already were probing</a>, and attempting to flank, the Russian garrison in Robotyne. Now they’ve got two more brigades—and especially heavily-armed ones—to bolster their efforts.



If the Russians in Robotyne can hold their ground, and endure what is likely to be a major but temporary surge in Ukrainian combat power, they might eventually find themselves in a position to strike back at the Ukrainians—once the surge brigades rotate off the front line without replacement.

Ukrainian Armed Forces Train For Critical Spring Counter Offensive

Ukraine’s Powerful 82nd Brigade, Once Held In Reserve, Has Finally Joined The Counteroffensive

The Ukrainian armed forces are attacking along three fronts in the south, east and north, reversing some of the territorial gains the Russian army made in the first six months of Russia’s wider war on Ukraine.



The war’s momentum clearly is shifting—in Kyiv’s favor.



Ukraine’s counteroffensive&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2022/08/29/ukraines-southern-counteroffensive-long-rumored-might-finally-have-begun/?sh=1c42ac4a4b26">began on Aug. 30</a>, in the south. The Ukrainian Southern Theater Command—overseeing around three dozen army, marine and territorial battalions with perhaps 20,000 combat troops—launched assaults across the 100-mile front line stretching along the Inhulets River north of Russian-occupied Kherson, a strategic port on the Black Sea.



The Ukrainians felt out at least three soft spots in the Russian 49th Combined Arms Army’s defenses. The Ukrainian navy’s 35th and 36th Naval Infantry Brigades found the softest spot. In the first week of the counteroffensive, they advanced seven miles south of Ukraine’s main lodgment on the left bank of the Inhulets, <a href="https://www.forbes.com/sites/davidaxe/2022/09/06/russias-main-southern-bridgehead-could-be-ukraines-main-target/?sh=af1872a30b51">seemingly aiming</a> for the 49th CAA’s bridgehead across the Dnipro River in Beryslav, 25 miles south of the Inhulets and 35 miles east of Kherson.



That bridgehead is critical to the Russian defense. In three months of shaping operations starting in late May, Ukrainian artillery, rockets, commandos and saboteurs damaged or dropped all the major spans over the Inhulets and Dnipro in and around Kherson, leaving a handful of pontoon bridges—including the one in Beryslav—as the main lines of communication to the 49th CAA.



Tens of thousands of Russian and allied troops are at risk of starvation and encirclement in Kherson Oblast. The Ukrainians are taking advantage of the occupiers’ worsening fragility, steadily marching south and liberating devastated villages.&nbsp;



In seizing the initiative in the south, Ukraine has forced Russia to react rather than act. The Kremlin since May has shifted around a dozen battalions—a tenth of its force in Ukraine—from the Donbas region in the east to Kherson Oblast.



Conditions are bad enough for the Russians in Kherson that the reinforcing battalions might not make much difference in the south. But pulling those troops from Donbas&nbsp;has&nbsp;made a difference&nbsp;there.&nbsp;



The Russian army this summer captured several small cities in Donbas, expending much of its manpower and firepower reserves in the process. The Russian offensive in Donbas ground to a halt outside Bakhmut last month, apparently signaling to Ukrainian commanders that the time was right for Ukraine to counterattack &#8230;&nbsp;everywhere.&nbsp;



Kyiv’s forces moved on Kherson first. And as the Russians hollowed out their defensive positions in the north and east in order to meet the Ukrainians in the south, the Ukrainians&nbsp;also&nbsp;moved on Donbas and Kharkiv.



Ukrainian president Volodymyr Zelensky on Tuesday&nbsp;<a href="https://te.legra.ph/Dispatch-for-September-5-09-06" target="_blank" rel="noreferrer noopener">confirmed</a>&nbsp;Ukrainian gains in Donetsk Oblast in Donbas when he specifically thanked the 54th Mechanized Brigade and a local territorial brigade for their efforts. Ukrainian troops meanwhile&nbsp;<a href="https://twitter.com/Militarylandnet/status/1567131390260428802" target="_blank" rel="noreferrer noopener">probed</a>Russian positions around Balakliia in Kharkiv Oblast. “Ukraine could give the enemy a few more surprises,” Zelesnky&nbsp;<a href="https://t.me/uniannet/71005" target="_blank" rel="noreferrer noopener">said</a>.



It’s possible that, in the sixth month into the wider war, the Russian and Ukrainian armies are similar in size—each with around 100 battalions. The Russians&nbsp;on paperpossess more artillery, helicopters and warplanes, but the Ukrainians with their smaller air force and artillery corps have leveraged high-end American weaponry—High-Mobility Artillery Rocket Systems and&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2022/08/30/watch-the-ukrainian-air-force-lob-american-missiles-at-russian-radars/?sh=55c2920955e5">High-Speed Anti-Radiation Missiles</a>—to strike Russian supply lines and air-defenses.



The precision of Ukrainian deep strikes, combined with the Ukrainians’ shorter supply lines and superior morale, could give Kyiv key advantages as the war’s momentum shifts and the Russians struggle to keep up with ever-bolder Ukrainian maneuvers.&nbsp;https://060d82c014cb357ad7acde8d2553728b.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html



It’s telling that, just a couple months ago, the Ukrainian military struggled—and ultimately failed—to hold the high ground in the city of Lysychansk on the eastern edge of free Donbas. Today the Ukrainians aren’t just holding territory, they’re actively taking it back along three fronts.



The next few weeks are critical. The early winter months in Ukraine are wet and muddy. Traditionally, offensive warfare in Ukraine halts in October or November and resumes only after the ground freezes around the New Year.&nbsp;



Now is the time for Kyiv to free occupied settlements. Ukrainian commanders clearly understand that. It’s apparent they’ve been waiting, and preparing, for this moment.



By David Axe, Forbes Staff

Russia-Ukraine war

Ukraine Is Attacking Everywhere

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The International Monetary Fund warned on Tuesday of a slowdown in global economic growth as the world economy continues to take a hit from “increasingly gloomy developments in 2022,” including high inflation, a slowdown in China caused by Covid lockdowns and ongoing fallout from Russia’s war in Ukraine.



<h2 class="wp-block-heading">KEY FACTS</h2>



The IMF&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022" target="_blank" rel="noreferrer noopener">slashed</a>&nbsp;its global growth projections, now expecting global GDP to grow 3.2% this year and 2.9% in 2023, down from&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/imf-sounds-alarm-on-significant-slowdown-as-ukraine-war-and-inflation-slam-global-economies/?sh=5a14ef5f469f">previous estimates</a>in April of 3.6% GDP growth for both years.



The group cited a slowdown in the world’s three largest economies—the United States, China and the euro area—as a reason for the revised estimates, warning that the risks to the outlook remain “overwhelmingly tilted to the downside.”



Several “shocks” have hit the global economy as it tries to recover from the pandemic, including higher-than-expected inflation worldwide–especially in the United States and Europe, a worse-than-anticipated slowdown in China caused by Covid lockdowns and “further negative spillovers” from the war in Ukraine.



The IMF also said that high inflation remains a “major problem” as prices have continued to rise in 2022, led by soaring food and fuel costs, arguing that “taming inflation should be the first priority for policymakers” worldwide.



The group now&nbsp;<a href="https://www.imf.org/en/Publications/WEO/Issues/2022/07/26/world-economic-outlook-update-july-2022" target="_blank" rel="noreferrer noopener">expects</a>&nbsp;global inflation to hit 6.6% in advanced economies and 9.5% in developing economies this year, though prices are expected to return to near-prepandemic levels by the end of 2024.



The IMF also slashed its growth estimates for the U.S. economy, now forecasting GDP to rise 2.3% this year and 1% in 2023, down from previous estimates of 3.7% and 2.3%, respectively, amid the impact of tighter monetary policy and reduced household purchasing power.



<h2 class="wp-block-heading">CRUCIAL QUOTE:</h2>



“The outlook has darkened significantly since April,” IMF chief economist Pierre-Olivier Gourinchas said in a <a href="https://blogs.imf.org/2022/07/26/global-economic-growth-slows-amid-gloomy-and-more-uncertain-outlook/" target="_blank" rel="noreferrer noopener">statement</a>. “The world may soon be teetering on the edge of a global recession, only two years after the last one.” 



<h2 class="wp-block-heading">WHAT TO WATCH FOR:</h2>



“The slowdown in China has global consequences,” the IMF said. “Lockdowns added to global supply-chain disruptions and the decline in domestic spending are reducing demand for goods and services from China’s trade partners.” The group now sees China’s economy growing 3.3% in 2022—its lowest pace in four decades and down over 1% from previous estimates.



<h2 class="wp-block-heading">SURPRISING FACT:</h2>



The World Bank similarly slashed its forecasts for the global economy last month, predicting GDP growth in 2022 of just 2.9%, down from an earlier estimate of 4.1%.



<h2 class="wp-block-heading">FURTHER READING:</h2>



<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/04/19/imf-sounds-alarm-on-significant-slowdown-as-ukraine-war-and-inflation-slam-global-economies/?sh=5a14ef5f469f">IMF Sounds Alarm On ‘Significant Slowdown’ As Ukraine War And Inflation Slam Global Economies</a> (Forbes)



By Sergei Klebnikov, Forbes Staff

Stock exchange market display screen board on the street showing stock market crash sell-off in red colour

IMF Warns Of ‘Gloomy Outlook’ For Global Economy, Slashing Growth Estimates

Russia And Technology Companies Photo Illustrations

Netflix, TikTok, Major Accounting Firms Suspend Service—Here’s The List Of Companies Cutting Ties With Russia Over Invasion

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Ukraine’s capital city, Kyiv, witnessed multiple explosions and what government officials called “horrific rocket strikes” early on Friday as Russian forces continued to press deeper into the country in an attempt to capture the city, home to nearly 3 million people.



<h2 class="wp-block-heading">KEY FACTS</h2>



<a href="https://forbes.ua/news/putin-ogolosiv-pro-pochatok-viyskovoi-operatsii-na-donbasi-ta-proignoruvav-zvernennya-zelenskogo-golovni-novini-24022022-3843" target="_blank" rel="noreferrer noopener">According to</a>&nbsp;Forbes Ukraine, explosions were heard throughout Kyiv early on Friday morning.



Ukraine’s Deputy Interior Minister&nbsp;<a href="https://www.cnn.com/europe/live-news/ukraine-russia-news-02-24-22-intl/h_e6c92eba96f9436542099ad74eef40e7" target="_blank" rel="noreferrer noopener">claimed</a>&nbsp;that one of the major explosions heard over the city—videos of which were&nbsp;<a href="https://twitter.com/ChristopherJM/status/1497043832168493067?s=20&amp;t=Mt30Qbyk8uFKyYcIkHgQ7w" target="_blank" rel="noreferrer noopener">circulating</a>&nbsp;on social media—was the result of a Ukrainian air defense system shooting down a Russian missile out of the sky.



Interior ministry adviser Anton Gerashchenko in a separate statement said Kyiv had been hit by Russia “cruise or ballistic missiles,” on Friday and shared several photos of residential buildings on fire.



Ukraine’s Foreign Minister Dmytro Kuleba reiterated these claims of “horrific Russian rocket strikes on Kyiv” in a <a href="https://twitter.com/DmytroKuleba/status/1497058048430460934" target="_blank" rel="noreferrer noopener">tweet</a> and compared the situation to the 1941 invasion of the country by Nazi Germany.



By Siladitya Ray, Forbes Staff



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613.jpg" alt="" class="wp-image-54426" width="720" height="480" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732613-768x512.jpg 768w" sizes="auto, (max-width: 720px) 100vw, 720px" /></figure></div>



A man walks his dog in front of a damaged residential block hit by an early morning missile strike on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. (Photo by Chris McGrath/Getty Images)



<div class="wp-block-image"><figure class="aligncenter size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743.jpg" alt="" class="wp-image-54427" width="700" height="467" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732743-768x512.jpg 768w" sizes="auto, (max-width: 700px) 100vw, 700px" /></figure></div>



A member of the congregation bows their head to pray as Reverend Simon Ckuj delivers a service at St Andrew&#8217;s Ukrainian Catholic Church, Lidcombe on February 25, 2022 in Sydney, Australia. Russia has launched a military invasion of Ukraine, despite facing financial sanctions and condemnation from Australia, the United States, the United Kingdom and several other nations. (Photo by Lisa Maree Williams/Getty Images)



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108.jpg" alt="" class="wp-image-54424" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372731108-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



 A burnt, damaged bedroom of an apartment is seen in a residential block hit by an early morning missile strike on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. (Photo by Chris McGrath/Getty Images)



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109.jpg" alt="" class="wp-image-54423" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238746109-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



Hundreds of residents from a residential building damaged by a missile gather in a bomb shelter in the basement of a school on February 25, 2022 in Kyiv, Ukraine. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. The Ukrainian president said that at least 137 Ukrainian soldiers were killed by the end of the first day. (Photo by Pierre Crom/Getty Images)



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="684" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1024x684.jpg" alt="" class="wp-image-54422" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1024x684.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-768x513.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910-1536x1027.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1238745910.jpg 1616w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



Civilians are seen after a missile struck a residential building during Russiaâs military intervention in left bank Kyiv, Ukraine on February 25, 2022 (Photo by Wolfgang Schwan/Anadolu Agency via Getty Images)



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1024" height="683" src="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824.jpg" alt="" class="wp-image-54428" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/02/GettyImages-1372732824-768x512.jpg 768w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /></figure></div>



 Ukranians gather in protest outside the Russian Consulate on February 25, 2022 in Istanbul, Turkey. Yesterday, Russia began a large-scale attack on Ukraine, with Russian troops invading the country from the north, east and south, accompanied by air strikes and shelling. Turkish President Tayyip Erdogan said this week that his country, which is a NATO member, did not &#8220;recognize any step against Ukraine&#8217;s sovereignty and territorial integrity.&#8221; (Photo by Burak Kara/Getty Images)

UKRAINE-RUSSIA-CONFLICT

Photos Show Devastating Impact Of Rocket Strikes And Shelling On Kyiv

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Global stock indexes and major cryptocurrencies dived on Thursday while commodities like oil and precious metals rallied as Russia’s&nbsp;<a href="https://www.forbes.com/sites/joewalsh/2022/02/23/russia-orders-special-military-operation-in-ukraine/?sh=72e111fc2321">invasion</a>&nbsp;of Ukraine sent shockwaves through international markets.&nbsp;



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



European stocks tumbled as markets opened on Thursday morning, with key indexes including London’s FTSE 100 down 2.46%, Germany’s Dax 3.48%, France&#8217;s CAC40 3.01%, Spain’s Ibex 2.58%, Euronext 100 2.62% and Euro Stoxx 50 3.37%.



The slump mirrors falling stocks in the Asia Pacific region Thursday, with Japan’s Nikkei down 1.81%, Hong Kong’s Hang Seng 3.21%, Australia’s All Ordinaries 2.95% and Shanghai’s Composite 1.70%.&nbsp;&nbsp;&nbsp;



U.S. markets are on a similar path for when markets open, with the Dow down 1.38% in pre-market trading, Nasdaq 2.57% and S&amp;P 500 1.84%, with the latter&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2022/02/23/sp-500-falls-deeper-into-correction-territory-as-ukraine-declares-state-of-emergency/?sh=793035b35e67">continuing</a>&nbsp;a days-long downwards trend.



The Moscow stock exchange, which uses the Russian ruble, suspended all trading Thursday amid enormous volatility in the currency and benchmark index MOEX was down nearly 40%.



Oil prices, meanwhile, jumped past $100 a barrel with the highest prices since 2014—Brent crude rose nearly 7% to $103 a barrel—and safe haven&nbsp;<a href="https://www.reuters.com/markets/europe/gold-rises-escalating-ukraine-crisis-spurs-safe-haven-bids-2022-02-24/" target="_blank" rel="noreferrer noopener">assets</a>&nbsp;like gold, silver platinum and palladium grew between 1.5% and 3%.&nbsp;&nbsp;&nbsp;&nbsp;



Major cryptocurrencies also crashed in the wake of the invasion, with&nbsp;<a href="https://www.forbes.com/digital-assets/assets/bitcoin-btc/?sh=23274a6d4357">bitcoin</a>&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/02/23/bitcoin-falls-below-35000-as-putin-orders-military-operation-in-ukraine/?sh=56d6315f4a3a">down 8%</a>&nbsp;in the last 24 hours,&nbsp;<a href="https://www.forbes.com/digital-assets/assets/ether-eth/?sh=6457a2717b0e">ether 12%</a>, Binance’s&nbsp;<a href="https://www.forbes.com/digital-assets/assets/binance-coin-bnb/?sh=6b8afc44ae78">BNB 11%</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/digital-assets/assets/ripple-xrp/?sh=38a7ebe1535a">Ripple’s XRP 13%</a>.&nbsp;&nbsp;



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



More sanctions. World leaders have&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/02/23/russia-sanctions-tracker-first-barrage-of-penalties-span-japan-to-us/?sh=3379f45c149a">already imposed fresh sanctions</a>&nbsp;on Russian banks, lawmakers and oligarchs and President Joe Biden warned Thursdays’ G7 meeting would yield more “<a href="https://www.forbes.com/sites/siladityaray/2022/02/24/russias-invasion-of-ukraine-draws-international-condemnation-and-threats-of-more-sanctions/?sh=3f2fd15c7b3b">severe sanctions</a>’ on Russia.&nbsp; The sanctions—which could be severe given the scale of Russia’s incursion—could cripple Russia’s economy and bar it from key markets. European&nbsp;<a href="https://www.politico.eu/article/eu-russia-new-sanctions-package-ukraine/" target="_blank" rel="noreferrer noopener">leaders</a>&nbsp;have already scheduled an emergency meeting to discuss the measures on Thursday evening.&nbsp;



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/siladityaray/2022/02/24/russias-invasion-of-ukraine-draws-international-condemnation-and-threats-of-more-sanctions/?sh=3f2fd15c7b3b">Russia’s Invasion Of Ukraine Draws International Condemnation And Threats Of More Sanctions</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/joewalsh/2022/02/23/russia-orders-special-military-operation-in-ukraine/?sh=72e111fc2321">Russia Orders ‘Special Military Operation’ In Ukraine</a> (Forbes)



By <a href="https://www.forbes.com/sites/roberthart/"></a>Robert Hart, Forbes Staff

Oil Prices Moving Down

Global Stocks Plummet And Oil Soars As Russia Invades Ukraine

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



The price of bitcoin dropped below $35,000 for the <a href="https://www.forbes.com/sites/annakaplan/2022/01/22/bitcoin-falls-below-35000-as-selloff-nears-50-from-record-high/?sh=695298aa6079">first time</a> since January on Thursday as Russia began its military operation in Ukraine, a selloff that some analysts have <a href="https://www.forbes.com/sites/jonathanponciano/2022/02/18/bitcoin-tumbles-as-crypto-market-plunge-erases-150-billion-but-worst-may-be-ahead/?sh=4ba8ff604a10">previously warned</a> could continue to worsen until tensions subside in eastern Europe.



<h2 class="wp-block-heading">KEY FACTS</h2>



The price of the world’s most valuable cryptocurrency has slumped more than 7% since Wednesday evening (more than 9% in the previous 24 hours) dropping to about $34,763 by 11.50 pm ET before climbing back over $35,000 after midnight.



Since hitting a record high of more than $69,000 in November, the cryptocurrency has lost more than $600 billion in market value.



Ethereum, the world’s second largest cryptocurrency has taken an even bigger hit losing more than 12% in the past 24 hours.



In contrast, the price of oil continued to shoot up with Brent crude futures jumped more than 4.5%, crossing $100 per barrel for the first time since 2014.



This is a developing story.



By Siladitya Ray, Forbes Staff

Bitcoin and candlestick chart

Bitcoin Falls Below $35,000 As Putin Orders Military Operation In Ukraine

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Russian President Vladimir Putin ordered a “special military operation” in Ukraine early Thursday, a chilling announcement that was immediately followed by reports of explosions across Ukraine, propelling the country into war after months of massive Russian troop buildups.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Russia launched the operation in response to calls for assistance from Russian-backed separatist leaders in eastern Ukraine, Putin claimed in a speech aired on Russian television.



CNN&nbsp;<a href="https://www.cnn.com/europe/live-news/ukraine-russia-news-02-23-22/index.html" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;explosions were audible from Ukraine’s capital of Kyiv and the eastern cities of Kharkiv and Kramatorsk after Putin’s speech.



Ukrainian Foreign Minister Dmytro Kuleba&nbsp;<a href="https://twitter.com/DmytroKuleba/status/1496695889401896964" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;that Putin has “launched a full-scale invasion of Ukraine.”



In a&nbsp;<a href="https://dpsu.gov.ua/ua/news/Derzhavniy-kordon-Ukraini-piddavsya-ataci-rosiyskih-viysk-zi-storoni-RF-ta-RB/" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;issued on its website, Ukraine’s State Border Guard said the country was also facing an attack along its northern borders by Russian troops with support from Belarusian forces.



In&nbsp;<a href="https://www.facebook.com/zelenskiy.official/posts/3017478685169154?__cft__[0]=AZUsWu88Ns6ISNqguybw-W6LiMYzgDov6KnJBFAOkSEVR6FuKs4ggYpmWI8Oa0WsxZM-R-u6bprFJ7QDnHs0XfjWoVWRfslIQS-_JXWjY2X5H1oovMYTf3WwiGj3EIqPCY3NO1xlY_OI35QrjZ8DXBZz&amp;__tn__=%2CO%2CP-R" target="_blank" rel="noreferrer noopener">brief video</a>&nbsp;shared on Facebook, Ukrainian President Volodymyr Zelenskyy declared martial law across the whole territory of Ukraine while urging the country’s citizens to not panic.



Putin called on Ukrainians to lay down their weapons and insisted he doesn’t want to occupy the country, claiming the military action is designed to “demilitarize and denazify” Ukraine.



Putin’s speech also included an ominous warning that he will&nbsp; bring to justice “those who have committed numerous bloody crimes against civilians, including citizens of the Russian Federation.”



The Russian leader also issued a stern warning against any international opposition to the move, stating any attempts to impede Moscow’s actions “let alone create threats for our country” will lead to consequences “never seen in history.”



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



In a statement, U.S. President Joe Biden denounced Putin’s actions and vowed to impose additional sanctions for the “needless act of aggression” on Ukraine. “President Putin has chosen a premeditated war that will bring a catastrophic loss of life and human suffering,” Biden said. “Russia alone is responsible for the death and destruction this attack will bring, and the United States and its Allies and partners will respond in a united and decisive way.”



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



In a statement issued after a call with Zelenskyy, Biden said “I condemned this unprovoked and unjustified attack by Russian military forces. I briefed him on the steps we are taking to rally international condemnation&#8230;Tomorrow, I will be meeting with the Leaders of the G7, and the United States and our Allies and partners will be imposing severe sanctions on Russia.:



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



Putin launched the attack during an emergency meeting of the U.N. Security Council in New York called to deal with the Ukraine crisis. Sergiy Kyslytsya, Ukraine’s ambassador to the United Nations, denounced Russia’s actions in a fiery speech: “There is no purgatory for war criminals. They go straight to hell,” he said. Russian ambassador Vasily Nebenzya—who currently serves as the Security Council’s chair—responded by denying that Russia declared war, insisting Putin’s “special military operation” is somehow distinct from a war.



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



Shortly before Putin announced the invasion, Ukrainian President Volodymyr Zelenskyy made a final plea for peace in a late-night speech. Zelenskyy said he attempted to contact Putin, but the Kremlin didn’t respond.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Russia and Ukraine have been locked in a tense relationship since 2014, when Russia invaded and annexed Ukraine’s Crimean Peninsula, an area roughly the size of Vermont whose 2.4 million inhabitants are mostly ethnic Russians. Russian troops and military hardware were also&nbsp;<a href="https://www.files.ethz.ch/isn/191186/Hiding-in-Plain_Sight_0529.pdf" target="_blank" rel="noreferrer noopener">deployed</a>&nbsp;eight years ago in support of separatists in the Donbas, an area of Ukraine bordering Russia, though the Kremlin&nbsp;<a href="https://www.reuters.com/article/us-ukraine-crisis-denial-idUSKBN0GS22Z20140828" target="_blank" rel="noreferrer noopener">officially denied</a>&nbsp;participating in the conflict. In December, Russia moved about 100,000 troops close to its border with Ukraine, a number that swelled to more than 150,000 by last week according to the U.S., prompting the White House to warn that Russia could launch an attack justified by a&nbsp;<a href="https://www.forbes.com/sites/zacharysmith/2022/02/03/russia-plans-fake-explosion-video-to-justify-ukraine-invasion-us-alleges/">“false-flag” operation</a>&nbsp;portraying Ukraine as the aggressor. Violations of a ceasefire in the Donbas have become more frequent over the last week, a trend U.S. officials viewed as an attempt by Russia to create a pretext for war. On Monday, Putin&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/02/21/putin-reportedly-said-hell-recognize-pro-russia-states-in-ukraine---heres-why-that-matters/">said</a>&nbsp;Russia will recognize the independence of Ukraine’s partially separatist-controlled Donetsk and Luhansk regions, and accused Ukraine of military aggression, a move the White House called a likely prelude to invasion, though the Kremlin has&nbsp;<a href="https://www.cnn.com/2022/01/31/europe/ukraine-russia-latest-news-monday-intl/index.html" target="_blank" rel="noreferrer noopener">dismissed</a>&nbsp;concerns about a Russian invasion of Ukraine as “madness and scaremongering.” American and European officials have searched for a diplomatic solution to the crisis, but Russia has continued to push for Ukraine to be barred from joining NATO, a demand the U.S. and its allies have not accepted.



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



Reactions from Western governments. The U.S. and its allies’ responses to Russian aggression so far have ranged from supplying the Kyiv government with weapons to <a href="https://www.nytimes.com/2022/02/22/business/nord-stream-pipeline-germany-russia.html" target="_blank" rel="noreferrer noopener">halting</a> the activation of Nord Stream 2, an $11 billion natural gas pipeline connecting Russia to Germany—a move that threatens to <a href="https://www.cnbc.com/2022/01/05/nord-stream-2-is-a-major-item-of-leverage-against-russia-ex-german-ambassador.html" target="_blank" rel="noreferrer noopener">deprive</a> Russia of tens of billions of dollars in natural gas revenue. NATO <a href="https://www.nato.int/cps/en/natohq/news_191040.htm" target="_blank" rel="noreferrer noopener">announced</a> January 24 that member states had sent ships and fighter jets to Lithuania and Bulgaria in response to the crisis. Though U.S. troops have been deployed to Eastern European NATO allies, Biden has <a href="https://www.theguardian.com/world/2021/dec/08/russia-talks-of-rapid-ukraine-discussions-after-biden-putin-summit" target="_blank" rel="noreferrer noopener">ruled out</a> the possibility of deploying U.S. troops to defend Ukraine or to evacuate Americans, arguing a clash between U.S. and Russian troops would spark “a world war.”



<a href="https://www.forbes.com/sites/joewalsh/"></a>By Joe Walsh, Forbes Staff



By Zachary Snowdon Smith, Forbes Staff

Ukraine Warns Of Encirclement As Russia Conducts Exercises In Belarus

Russia Orders ‘Special Military Operation’ In Ukraine

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Several members of the U.N. Security Council on Monday condemned Russia’s moves to escalate its crisis with Ukraine in an emergency meeting of the council after Russian President Vladimir Putin recognized two breakaway regions in eastern Ukraine and deployed Russian troops to them in defiance of international law.



<h2 class="wp-block-heading" id="key-facts">KEY FACTS</h2>



Linda Thomas-Greenfield, the U.S. ambassador to the United Nations warned that Putin’s recognition of separatist regions in Ukraine was an attempt to create a “pretext for a further invasion of Ukraine” and termed Russia’s so-called peacekeeping operation in the region as “nonsense.”



U.K. representative Barbara Woodward said that her country will announce a set of new sanctions against Russia adding that there will be “severe economic consequences” to Russia’s actions.



Ukrainian ambassador Sergiy Kyslytsya, who requested the emergency meeting, delivered a defiant statement that Ukraine was not “afraid of anything or anyone” and it will not give away “anything to anyone.”



Despite its&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/02/04/putin-meets-xi-in-show-of-unity-amid-tensions-with-west-heres-what-they-discussed/?sh=144b93531b43">growing closeness</a>&nbsp;with Russia, China delivered a terse statement at the meeting saying that “all parties concerned must exercise restraint and avoid any action that may fuel tensions.”



Kenyan Ambassador Martin Kimani criticized Russia’s actions, calling it part of a trend of powerful nations breaching international laws, adding “multilateralism lies on its deathbed tonight.”



India’s representative TS Tirumurti was more guarded in his comments calling for “restraint” and “constructive diplomacy” but stopped short of outright condemning Russia’s actions.



<h2 class="wp-block-heading" id="chief-critic">CHIEF CRITIC</h2>



Russia’s ambassador to the UN Vasily Nebenzya dismissed the criticism, calling it “emotional.” He added: “Now, it&#8217;s important to focus on how to avoid war. And how to force Ukraine to stop the shelling and provocations against Donetsk and Luhansk.” Nebenzya also accused the U.S. and its allies of “cramming weapons” into Ukraine and said that Russia will not allow a “bloodbath” to take place in the Donbas region.



By Siladitya Ray, Forbes Staff

US-UKRAINE-RUSSIA-CONFLICT-UN

UN Security Council Members Blast Russia After Putin Orders Troops Into Eastern Ukraine

The market finished lower on Tuesday as Big Tech stocks posted declines which offset an initial rally sparked by Russia&#8217;s claims that it approved the world’s first coronavirus vaccine.



KEY FACTS



The Dow Jones Industrial Average was down 0.4%, around 100 points, on Tuesday, while the S&amp;P 500 fell 0.8% and the tech-heavy Nasdaq Composite lost 1.7%.



Although stocks moved higher for most of the day—with the Dow at one point rising over 350 points, all three major indexes turned negative in the final hour of trading.



Investors continued to rotate out of Big Tech stocks, dragging the market lower: Shares of Amazon, Microsoft, Apple, and Netflix all fell between 1% and 2%.



Stocks initially rose following Russian President Vladimir Putin’s overnight announcement that his country was the first to&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2020/08/11/russia-has-approved-worlds-first-covid-19-vaccine-putin-says/#444798ff59a3">grant regulatory approval</a>&nbsp;for a coronavirus vaccine, after less than two months of human testing.



While Russia’s rapid approval of the vaccine has met with skepticism and&nbsp;<a href="https://www.reuters.com/article/us-health-coronavirus-russia-vaccine-put/russia-becomes-first-country-to-approve-a-covid-19-vaccine-says-putin-idUSKCN25712U?il=0" target="_blank" rel="noreferrer noopener">raised concern</a>&nbsp;among medical experts, the news did spark optimism among investors that a vaccine could be available in the U.S. sooner than expected.



Shares of companies that would benefit from a vaccine and a reopening of the economy—including airlines, cruise stocks and retailers—jumped on the news Tuesday.



CRUCIAL QUOTE



“Although the timing is uncertain, the stock market is expressing confidence that the pandemic will end eventually with a vaccine—or multiple vaccines—and with help from better treatments in the interim,” says Jeff Buchbinder, equity strategist for LPL Financial.



WHAT TO WATCH FOR



Ongoing coronavirus stimulus talks, which ended in a stalemate last week. President Trump on Saturday issued several executive orders to extend economic relief programs, such as expanding federal unemployment benefits—at a reduced rate of $400 per week, deferring student loan payments through 2020, extending a federal moratorium on evictions and providing a payroll tax holiday. But Trump’s executive action was met with criticism from both parties and is likely to face legal challenges, since continuing the programs would require federal funding from Congress. Treasury Secretary Steven Mnuchin&nbsp;<a href="https://www.forbes.com/sites/sarahhansen/2020/08/10/mnuchin-says-white-house-is-willing-to-put-more-money-on-the-table-for-next-stimulus-bill/">said</a>&nbsp;on Monday that the White House is open to resuming coronavirus relief talks with Democrats and is willing to provide more relief money in order to make a compromise.



TANGENT



After nine straight weeks of gains, the price of Silver plunged 14% on Tuesday, its biggest one-day loss since 2008. Gold also fell 5.5%, hitting its lowest level since last month.



SURPRISING FACT



So far, 448 companies in the S&amp;P 500 have reported second-quarter earnings, with nearly 82% beating Wall Street expectations—the highest rate on record dating back to 1994, according to Refinitiv data. Just over 16% of companies so far have failed to meet expectations.



FURTHER READING



<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/08/11/goldman-predicts-at-least-one-vaccine-approval-before-the-end-of-2020-raises-gdp-estimate/">Goldman Predicts ‘At Least One’ Vaccine Approval Before The End Of 2020, Raises GDP Estimate</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/siladityaray/2020/08/11/russia-has-approved-worlds-first-covid-19-vaccine-putin-says/">Russia Has Approved World’s First Covid-19 Vaccine, Putin Says</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/08/10/dow-jumps-350-points-after-trump-signs-executive-orders-to-extend-coronavirus-relief/">Dow Jumps 350 Points After Trump Signs Executive Orders To Extend Coronavirus Relief</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/sarahhansen/2020/08/10/mnuchin-says-white-house-is-willing-to-put-more-money-on-the-table-for-next-stimulus-bill/">Mnuchin Says White House Is Willing To Put ‘More Money On The Table’ For Next Stimulus Bill</a>&nbsp;(Forbes)



&#8211;Sergei Klebnikov, Forbes Staff

Russia Has Registered The Covid-19 Vaccine

Stocks Turn Negative After Russia Claims To Have World’s First Coronavirus Vaccine

Analysts predict BRICS could become as big as the Group 7 by 2027. Can the BRICS nations effectively come together promoting inclusiveness, trade and technological collaboration?

The recurring question at the three-day BRICS summit in July, which brought some of the planet’s most powerful leaders to Africa’s richest square mile Sandton, was the importance of the Fourth Industrial Revolution (4IR) when it comes to inter-trade. So what happens next?
The 4IR, like the three revolutions preceding it, has disrupted economies and societies around the globe. In many instances, developing countries have been left behind, perpetuating the exclusion of the past rooted in colonialism and exploitation.
The leaders of Brazil, Russia, India, China and South Africa (BRICS), who are aware of the enormous hurdles, used the gathering in Johannesburg to issue a clarion call for united and concerted action for the impending revolution.
Host president Cyril Ramaphosa of South Africa – which is the current chair of BRICS – said the 4IR presents the world with opportunities and should be embraced.
“As the BRICS forum, we can neither ignore, nor take for-granted, the reality that is the Fourth Industrial Revolution and the impact that it will have on the global economy. There is no area of economic activity that is immune from technological disruption.
&nbsp;
<div id="attachment_37173" style="width: 750px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-37173" class="wp-image-37173 size-large" src="https://www.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL-1024x682.jpg" alt="" width="740" height="493" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL-1024x682.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL-600x400.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Cyril-Ramaphosa_GL.jpg 1241w" sizes="auto, (max-width: 740px) 100vw, 740px" />Cyril Ramaphosa. Photo by Gypseenia Lion</div>
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<blockquote> “It [The Fourth Industrial Revolution] has the potential to solve many of the social problems we face, by better equipping us to combat disease, hunger and environmental degradation.”</blockquote>
The 10th summit, hosted in South Africa for a second time, was held from July 25 to 27. It brought together a galaxy of delegates, government officials, business people and the media at the Sandton Convention Centre.
Roads were barricaded amid heavy police and military presence, with strict no-flying zones applied as Vladimir Putin and Xi Jinping, among some of the world’s most reclusive leaders, spent a night or two under African skies.
Under the theme, ‘BRICS in Africa: collaboration for inclusive growth and shared prosperity in the 4th Industrial Revolution’, the focus of the summit was issues and solutions to achieve inclusive growth through collaboration.
Technology, big data and innovation were amongst the most operative words. Ramaphosa set the agenda by highlighting the role technology will play years from now.
“The technologies of the Fourth Industrial Revolution provide developing and emerging economies with the opportunity to leapfrog the technologies of the preceding revolutions.
“It aims to translate the vision of the second decade of BRICS cooperation into reality through deepened cooperation on industrialization, innovation, inclusiveness and investment,” he said.
India’s Prime minister, Narendra Modi, emphasized the need for shared policies and collaboration in order to unlock the opportunities of the future.
But, he added, the consequences of the revolution may be difficult to predict.
“Whatever happens will be far-reaching. We need to discuss how we will prepare for it. Traditionally, manufacturing will continue being a source of jobs for our youth. We need to make changes in our approach and make sure that schools prepare our youth for the changes,” said Modi.
The BRICS Youth Forum started off as an idea during a meeting between the heads of the five states in South Africa in 2014.
Encouraging dialogue with regard to youth policies and employment, the forum has notched some progress.
<a href="http://www.forbesafrica.com/woman/2018/09/10/why-we-need-hard-cash-into-the-economy/" target="_blank" rel="noopener">READ MORE: Why We Need ‘Hard Cash In The Economy</a>
South Africa’s Minister of Higher Education and Training, Naledi Pandor, said the youth forum consolidated a set of messages that was to be sent to the BRICS leaders.
“The youth have begun to speak, they believe BRICS should be a solid formation and they have ideas on how the youth should collaborate to ensure that the BRICS idea is not just the idea of our generation but one that exists in perpetuity,” she said.
As argued by the South African Minister of Science and Technology, Mmamoloko Kubayi-Ngubane, collaboration between the youth from the five states will take the form of what she called “young researchers’ exchange”.
For Kubayi-Ngubane,“the inclusion of young people especially with regard to new tech and innovations should be prioritized as much as  the formal trade collaboration.
“Innovation [is] becoming the cornerstone for our economy going forward,” she told FORBES AFRICA.
<div id="attachment_37174" style="width: 750px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-37174" class="wp-image-37174 size-large" src="https://www.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km-1024x681.jpg" alt="" width="740" height="492" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km-1024x681.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km-300x199.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km-600x399.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km-768x510.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Family-photo_km.jpg 2048w" sizes="auto, (max-width: 740px) 100vw, 740px" />(left to right) India&#8217;s Prime Minister Narendra Modi, President of China Xi Jinping, South Africa&#8217;s President Cyril Ramaphosa, President of Russia Vladimir Putin and the President of Brazil Michel Temer. Photo by Karen Mwendera.</div>
The BRICS countries, which account for 40% of the world’s population, have not been laggards with regard to technological advancements, with the World Economic Forum noting in 2016 that four of them – South Africa, Brazil, China and Russia – are in the top 100 list of countries with the latest technologies.
The President of BRICS’ New Development Bank, K V Kamath, says that some of their big investments “include power, port and renewable power”.
Analysts predict that BRICS could become as influential as the Group 7 (the USA, Japan, Germany, France, Britain, Canada and Italy) by 2027.
Therefore, the collaboration of BRICS nations is a key strategy to strengthen not just political powers but technological capabilities as well.
However, this collaboration calls for the redefinition of borders and going against the norms of sovereignty.
During the summit, emphasis was placed on establishing open economies. This would help foster easier trade between BRICS countries.
Within the hallways of the convention center, presidents Jinping and Ramaphosa shared a joke as they walked side by side towards the stage. They had caught up earlier.
China has dominated the trade relationship with South Africa, with some analysts going so far as to suggest that the world’s second largest economy is dumping goods in South Africa.
Dressed in black and a blue tie, the Chinese president said he was delighted to visit the Rainbow Nation once again and used his opening address to drive home a message clearly directed at US President Donald Trump.
“We BRICS countries should firmly promote an open world economy, be resolute in rejecting unilateralism and protectionism, promote trade and investment liberalization and facilitation, and jointly steer the global economy toward greater openness, inclusiveness, balanced growth and win-win outcomes for all,” he told the 1,000-plus business leaders present.
Among those present at the summit was Alan Mukoki, CEO of the South African Chamber of Commerce and Industry, which groups approximately 20,000 small, medium and large enterprises.
Mukoki said as desirable as having open economies among the BRICS countries is, it may have negative implications for those members not as developed as the others.
“You need to manage those things correctly, you need to say ‘let’s all start on an equal footing’. We start together and then when we are equal, we can then go and race an open race,” he told FORBES AFRICA.
“Even though I look fit, you can’t say that I should run the same race as Usain Bolt. It is not going to happen…otherwise we will destroy and decimate the economies of the region. South Africa’s economy cannot be big if the economies of the region are actually small,” he said.
Mukoki said the right mechanisms and strategies should be put in place in order for each member state to compete equally.
Others however remain hopeful.
South Africa’s Minister of Trade and Industry, Rob Davies, chose his words carefully when describing what South Africa is looking for regarding trade and investment in an open economy.
“It’s all about building regional value chains allowing us to up the value chain and become more sophisticated producers of industrial products and more value-added products,” he told FORBES AFRICA.
For South Africa, the involvement in BRICS is an opportunity to strengthen intra-Africa ties. A number of countries
<div id="attachment_37176" style="width: 310px" class="wp-caption alignright"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-37176" class="wp-image-37176 size-medium" src="https://www.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL-300x200.jpg" alt="" width="300" height="200" srcset="https://cms.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL-600x400.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2018/09/Break-the-Brics_GL.jpg 1736w" sizes="auto, (max-width: 300px) 100vw, 300px" />Trevor Ngwane, coordinator of the Break the BRICS coalition, hands over a memorandum of demands to South African Minister of Public Works, Thembelani Nxesi. The Group gathered outside the Sandton Convention Centre claiming BRICS in &#8220;anti-poor&#8221;. Photo by Gypseenia Lion.</div>
were invited to an outreach program of the BRICS summit, including Ethiopia, Angola, Zambia, Namibia, Senegal, Jamaica, Gabon, Togo, Uganda and Rwanda. Each presented opportunities to deepen their partnerships with BRICS countries.
&nbsp;
“BRICS is not in competition with anyone, BRICS seeks to work with the entire global community for the betterment of humankind,” said Anil Sooklal, ambassador for BRICS, to FORBES AFRICA.
“The summit is not the end, the summit is the beginning of a process.”
&#8211; By Gypseenia Lion and Karen Mwendera

dps2_gl

Towards An Open World Economy

By the time the next World Cup rolls around, Nigeria captain John Mikel Obi will be 34.
Considering coach Gernot Rohr’s deliberate moves to lower the average age of the Super Eagles (Nigeria’s national football team), it’s doubtful if the silky midfielder will still be suiting up in green-white-green by then.
It would appear that Russia 2018 will mark one final top-level hurrah in Mikel’s illustrious career, one that has seen him win everything in European club football and represent his country at all levels and in every major competition.
Like many former Super Eagles’ captains before him ahead of a major championship, Mikel, who now plays in the Chinese Super League with Tianjin Teda, is coy about his post World Cup plans.
“I don’t know what I will do after the World Cup,” he tells FORBES AFRICA.
“I think we have to focus on doing well first and making the country proud.”
Despite all he has achieved, there is still some debate as to whether the former teenage prodigy has fulfilled his potential, but Russia presents him with an opportunity to forge a legacy and grow his legend further.
It’s a sign of how highly he was thought of when he first burst on the scene that this is even a debate after he has racked up an impressive collection of trophies, including multiple Premier League titles with Chelsea, the FA Cup, UEFA Champions League, Europa League, and the Africa Cup of Nations titles.
<a href="http://www.forbesafrica.com/cover-story/2018/05/02/big-money-big-dreams-africas-chances-at-the-world-cup/" target="_blank" rel="noopener">READ MORE: Big Money, Big Dreams: Africa’s Chances At The World Cup</a>
At Mikel’s first international game, an African Under-17 World Cup qualifier against South Africa in Kaduna, visiting coach Serame Letsoaka said of the emerging starlet:
“Your number 10 is a special player, he has the potential to be a great player.”
Letsoaka was not alone. By the time the country returned from an ultimately unsuccessful 
FIFA Under-17 World Cup Finals in 2003, Mikel was already marked down for greatness in Nigeria.
Less than two years later, that attention went global when he became the subject of a three-way transfer controversy involving Chelsea, Manchester United and Norwegian club Lyn Oslo.
By the time the dust settled, Mikel ended up at Chelsea, where many Nigerians still believe his creative juices were squeezed and stifled by manager José Mourinho.
For Mikel himself, the argument is moot and he seems satisfied with his achievements, though leading Nigeria past the quarter-finals of the World Cup would perhaps even be the highlight.
“I think I have been lucky. I have had a good career, played for one of the best football clubs in the world, with some great players and won a lot of titles. I think that is a great honor for me.”
And he has gone from budding starlet to senior player in a captaincy role that always comes with great expectation and responsibility.
It is something that he has taken on and he knows that leadership on and off the pitch will be as important as anything else in Russia.
“I remember when I came into the national team as a young player, a lot of the older players helped me. Now, we have a young team, time has gone so fast and I have to help these guys too.”
Promoted from the Under-20 squad after helping Nigeria to a silver medal and winning the Silver Ball behind Lionel Messi at the FIFA World Youth Championship in 2005, Mikel was named in Nigeria’s squad for the 2006 Africa Cup of Nations and announced himself with a goal and assist after coming on as a substitute.
Already heightened expectations went into overdrive. With midfield legend Austin Okocha (Nigerian former professional footballer) on his last legs, Mikel was immediately installed as the next Jay-Jay.
Mikel, with a more direct, technical skill-set, is the direct opposite of Okocha’s more flair-oriented toolbox, which not only made that characterization unfair, but also spawned that unending debate about (un)fulfilled potential.
And it is. Since being named captain two years ago, Mikel has shown a level of leadership and drive that few believed he had.
Those qualities, both on and off the pitch, contributed in large parts to Nigeria’s uncharacteristically drama-free World Cup qualification campaign.
On the pitch, and unshackled with the freedom to roam handed to him by Rohr, Mikel drove the team forward almost by sheer force of will, with his goals against Algeria and then Cameroon major turning points in Nigeria’s qualification run.
<a href="http://www.forbesafrica.com/sport/2017/11/29/grounded-super-eagle-wants-fly-next-world-cup/" target="_blank" rel="noopener">READ MORE: The Grounded Super Eagle Who Wants To Fly To The Next World Cup</a>
Off the pitch, Mikel’s quiet diplomatic approach with officialdom to resolve team issues contrasted with the confrontational methods of the past and helped forge harmony within the squad.
“He is our captain and he is very important for us,” Rohr never tires of saying at every opportunity, clearly delighted to be working with a personality he feels is similar to his own.
Such is the respect Mikel commands within the squad that he is almost like a centrifugal force whenever he is present. And even when he is not, his aura still hovers around the team.
In two recent friendlies against Poland and Serbia in March, there seemed to be a general consensus that the team lacked cohesion without the captain.
In his absence, the Super Eagles struggled to maintain any semblance of fluidity or create opportunities.
Which may be why he almost feels a heavy responsibility to guide this young side, who will have one of the lowest squad average ages, to a good tournament.
But it hasn’t just been words. He has done it already, dipping into his own pocket to pay the team costs as they prepared for the Olympic Games in 2016.
Not many expect Nigeria to go beyond their best previous World Cup outing of the Round of 16. But if there is one thing that Mikel’s career has shown, it is that collecting trophies have become second nature.
His first World Cup tournament ended in a first-round exit, albeit by a drawing of lots. What odds that his last, where Nigeria faced Argentina, Iceland and Croatia, would finish at the other end of the spectrum?
&#8211; By Colin Udoh

Tag: Russia

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