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Donald Trump declared on May 27, 2026 that “no one will control the Strait of Hormuz,” challenging longstanding regional power narratives and raising questions about U.S. influence in a vital oil corridor. Trump’s Bold Claim on the Strait of Hormuz The former president’s remark was made during a televised interview where he emphasized that the waterway, which links the Persian Gulf with the Gulf of Oman, is a “global commons” that no single state should dominate. He cited historical disputes between Iran and Saudi Arabia and warned that external attempts to seize control could destabilize international trade. Geopolitical Stakes and Economic Numbers Approximately 20% of the world’s oil and a similar share of liquefied natural gas transit the Strait daily. Disruptions could affect global oil prices by several dollars per barrel, according to market analysts. The United States maintains a naval presence of roughly 1,500 personnel in the region, primarily aboard carrier strike groups. Regional Power Dynamics in Flux Trump’s statement amplifies existing tensions. Iran has repeatedly threatened to close the passage in response to sanctions, while Saudi Arabia and the United Arab Emirates view U.S. guarantees as essential to their security. The declaration may embolden Tehran to adopt a more confrontational posture, prompting allied Gulf states to seek additional diplomatic assurances. What the Declaration Means for Future Maritime Security Experts predict a two‑track outcome: on one hand, heightened rhetoric could lead to increased naval patrols and joint exercises among Western navies; on the other, it may spur diplomatic initiatives aimed at formalizing a multilateral framework for the Strait’s governance. The next six months will likely see intensified diplomatic talks in Geneva and Washington, as stakeholders attempt to balance freedom of navigation with regional sovereignty concerns.

The LeadChinese President Xi Jinping has hailed Beijing's "unbreakable" friendship with Pakistan during a meeting with visiting Prime Minister Shehbaz Sharif, seeking to deepen their "all-weather" strategic partnership. The high-level talks come as Pakistan plays a central role in mediating between the United States and Iran amid the US-Israel war on Iran, with China supporting these peace efforts.Strengthening Strategic TiesGreeting Sharif at Beijing's Great Hall of the People on Monday, Xi called him an "old friend" and emphasized that the two countries had "understood, trusted and supported each other" over decades, forging an "unbreakable traditional friendship." Xi stated that "no matter how the international situation changes, China always prioritizes the development of China-Pakistan relations in its neighbourhood diplomacy," expressing willingness to work with Islamabad to build a more close-knit China-Pakistan community with a shared future.In response, Sharif described China and Pakistan as two "iron brother" countries with a relationship that is "next to none." The visit underscores Pakistan's status as one of an exclusive group of countries China regards as an "all-weather strategic partner," characterized by close economic, trade, and security cooperation.Geopolitical SignificanceThe diplomatic meeting occurs against a backdrop of heightened tensions in the Middle East, with Pakistan emerging as a central mediator between the United States and Iran. Pakistan's army chief, Asim Munir, who has been instrumental in facilitating talks between Washington and Tehran, accompanied Sharif to Beijing.Sharif acknowledged that "the world is passing through a critical moment" while expressing optimism that "things are moving in the right direction" with China's support to promote peace. Pakistan has hosted face-to-face talks between the US and Iran, though these efforts have not yet yielded a lasting agreement.Regional DynamicsChina has maintained a quieter role in the Middle East mediation efforts, focusing on facilitating phone calls and meetings with officials from Gulf countries. Beijing has committed to working with Pakistan to "make positive contributions to the early restoration of peace and stability in the Middle East."For Pakistan, engaging China in its mediation efforts is particularly significant given the close ties between Beijing and Tehran. In March, China and Pakistan issued a five-point initiative during a meeting of their foreign ministers in Beijing, calling for peace talks and the restoration of normal navigation in the Strait of Hormuz—a vital waterway through which approximately 20% of the world's oil and liquefied natural gas typically passes.Future OutlookThe strengthened China-Pakistan partnership is likely to have far-reaching implications for regional stability in both South Asia and the Middle East. As global powers navigate complex geopolitical challenges, the "all-weather" relationship between Beijing and Islamabad may serve as a model for international cooperation based on mutual interests rather than ideological alignment.Moving forward, China's diplomatic support for Pakistan's mediation efforts could enhance Islamabad's standing on the international stage while providing Beijing with greater influence in Middle East affairs. The strategic partnership between these two nations may continue to evolve as both countries seek to balance their relationships with major global powers amid shifting geopolitical dynamics.

The LeadUnited States President Donald Trump has abruptly shifted position on potential negotiations with Iran, telling his representatives not to rush into any deal as the 87-day-old war continues. This reversal comes just a day after Trump had suggested an agreement had "largely been negotiated," including the reopening of the vital Strait of Hormuz, a crucial waterway for global oil supplies.The Diplomatic ShiftThe US blockade on Iranian ships in the Strait of Hormuz would "remain in full force and effect until an agreement is reached, certified, and signed," Trump wrote on Truth Social. This statement significantly downplays the optimism that had been building after Trump's previous comments about a nearly completed deal.A senior Trump administration official, speaking anonymously to Reuters, outlined what he claimed were the latest contours of negotiations: Iran had agreed "in principle" to open the Strait of Hormuz in exchange for the US lifting its naval blockade, and to dispose of Tehran's highly enriched uranium. However, the official criticized the Iranian system for not moving fast enough.Regional ImplicationsThe ongoing conflict continues to have severe consequences across the Middle East. In Lebanon, Israeli air attacks have destroyed houses in southern Lebanon's Tyre area, while Israeli drones were reportedly hovering over the Lebanese capital for a second consecutive day. The Israeli military confirmed one soldier was killed during combat in southern Lebanon.In Iran, the domestic situation remains tense with state media reporting the execution of a man identified as Abbas Akbari over charges related to nationwide antigovernment protests. Meanwhile, some shipping activity has resumed in the Strait of Hormuz, with a liquefied natural gas tanker heading to Pakistan and a China-bound supertanker with Iraqi crude leaving the Gulf after being stranded for nearly three months.Global Economic FalloutThe conflict's impact on the global economy continues to ripple outward. State-owned fuel retailers in India have increased diesel prices by 2.71 rupees ($0.0283) per litre and petrol by 2.61 rupees, marking the fourth hike in May as authorities attempt to recoup losses driven by higher crude costs due to the war.Conversely, Japan's Nikkei Stock Average surpassed the 65,000 threshold for the first time, driven by increased appetite for risk assets amid growing optimism surrounding a potential agreement to end the war. This demonstrates how market sentiment can be highly sensitive to diplomatic developments in the conflict.Political CalculationsSecretary of State Marco Rubio emphasized that "the president is not going to make a bad deal," suggesting a "pretty solid" proposal is on the table. However, Trump is facing intensifying pushback from prominent hawks within his Republican Party, including Senators Ted Cruz and Lindsey Graham, who oppose a negotiated end to the US-Israel war on Iran.The Iranian government has not responded directly to Trump's latest statements, but the Tasnim news agency, linked to the Islamic Revolutionary Guard Corps, claimed the US was still obstructing parts of a potential deal, including Tehran's demand for the release of frozen funds. The two sides remain at odds on several difficult issues, such as Iran's nuclear ambitions, Israel's war in Lebanon, and the lifting of sanctions on Tehran.Path ForwardAs the conflict enters its third month, the prospects for a diplomatic resolution remain uncertain despite the intermittent signs of progress. The fundamental disagreements between Washington and Tehran suggest any potential deal would require significant compromises from both sides.Lebanese President Joseph Aoun observed Resistance and Liberation Day, marking the 2000 end of Israel's 22-year occupation of southern Lebanon, and reiterated that "the path to a complete Israeli withdrawal remains a steadfast national demand." This statement highlights that even if a US-Iran agreement is reached, regional conflicts may continue to complicate the situation.

The Shift in Elon Musk's Energy Strategy Has Elon Musk given up on Tesla’s Master Plans, on the electrified economy, on solar power as we know it? From the SpaceX IPO filing released this week, it sure seems like it. Musk's Changing Approach to Renewable Energy Tesla has released four Master Plans over the years, and while details have varied, the through line has been electrification of the economy. Musk put it best in his first edition: “the overarching purpose of Tesla motors…is to help expedite the move from a mine-and-burn hydrocarbon economy towards a solar electric economy.” The Rise of Fossil Fuels in xAI's Data Centers But recently, one of Musk’s companies, xAI, has embraced the mine-and-burn hydrocarbon economy, using dozens of unregulated natural gas turbines to power its data centers with plans to buy $2.8 billion more, effectively cementing the fossil fuel’s role in the company’s AI operations. Space-Based Solar Power: The Future or a Distraction? Solar power isn’t missing in the SpaceX filing, it’s just all concentrated on space, which the company touts as the future of data center power. Terrestrial solar garners a few mentions — not as a power source for xAI data centers but instead to show how much better SpaceX thinks space-based solar will be. The Challenges of Space-Based Data Centers Even if SpaceX is able to bring down the cost of boosting a data center into orbit, the economics are challenging at best. Power prices for Starlink satellites are multiples higher than what a terrestrial data center typically spends, and protecting chips from the rigors of space won’t be easy or cheap. The Future of AI Compute and Energy Demand It’s likely that Musk considers xAI’s current data centers as stopgaps, that once SpaceX is able to loft gigawatts worth of servers into orbit — probably just a few years away, in his mind — he’ll scrap what’s here on the ground, natural gas turbines included and not have to think about NIMBYs anymore.

The Shift in India's Oil Imports Venezuela has emerged as India’s third-largest crude oil supplier this month, as the war on Iran and the closure of the Strait of Hormuz force countries to scramble for alternative energy sources. Shipments from Venezuela to India are nearly 50 percent higher than they were in April, according to energy tracking data. The Impact of the Strait of Hormuz Crisis Nearly half of India’s crude oil imports are normally shipped from Gulf producers through the Strait of Hormuz, along with large volumes of liquefied natural gas and petroleum gas. But the narrow Gulf shipping route has become inaccessible as the conflict around Iran intensifies. The Data Analysis Venezuela has supplied India with about 417,000bpd so far this month, up from 283,000bpd in April. India's total crude imports have risen this month to about 4.9 million bpd amid the global oil supply crisis. The Impact Analysis Analysts say Washington is attempting to reshape global energy supply chains – reducing Iran’s leverage in any peace talks – while simultaneously tightening its grip over Venezuela’s oil sector. Critics say Washington’s campaign against Maduro was never simply about democracy or human rights, but about restoring US influence over one of the world’s largest oil reserves and replacing Iranian crude with Venezuelan supplies – opening the door to a conflict with Tehran. The Prediction Experts say the parallel visits by Rubio and Rodriguez to India demonstrate how energy diplomacy is increasingly being shaped by the geopolitical fallout from the wars involving Iran and Venezuela. Rodriguez and Rubio will now be hoping to secure a deal that could pave the way for this surge in oil exports to continue.

The LeadEleven weeks after the start of the Iran war, the Strait of Hormuz has remained closed to naval traffic, bleeding the global economy far beyond the Gulf. Iran's Islamic Revolutionary Guard Corps (IRGC) maintains an iron grip over this narrow, strategic waterway, while a corresponding United States naval blockade on Iranian ports has failed to reopen it.Before the war began, between 120 and 140 ships travelled through the strait each day, about half of them oil tankers carrying some 20 million barrels of oil between them. Now, only a few vessels whose owners have negotiated with the IRGC are permitted to pass.The Strategic Control of HormuzOn Wednesday, Iran said it coordinated the transit of 26 vessels through the Strait of Hormuz in 24 hours, two days after announcing the formation of the Persian Gulf Strait Authority (PGSA), a new body to provide "real-time updates" on operations in the strait.Since the announcement of a temporary ceasefire between the US and Iran in April, Iran has been working on formalising a mechanism to charge a transit fee from ships crossing the critical chokepoint, through which 20 percent of the world's oil and liquefied natural gas (LNG) are shipped during peacetime.Tehran has reportedly already charged fees as high as $2m per ship for transit since the war started. Even though countries opposing Tehran say this is illegal, it may still be less expensive than the overall cost of the closure of the strait each day.The Economic Cost of BlockadeNearly one-fifth of global oil and LNG exports were shipped by Gulf producers through the Strait of Hormuz before the US and Israel bombed Iran on February 28, triggering the Iranian closure of the waterway. The strait is the only waterway linking Gulf producers to the open ocean – there is no other route through which they can ship exports.About 20.3 million barrels per day of oil passed through the Strait of Hormuz in peacetime – nearly 27 percent of global maritime oil trade. The lion's share of that crude went to Asian markets.Global LNG trade has been similarly hard hit. On the day before the war broke out, Brent crude – the global benchmark for oil prices – closed at $72.48 per barrel. After Iran closed the waterway on March 4 and began attacks on vessels attempting to sail through, traffic came to a standstill, stranding about 2,000 ships on either side of the strait.In terms of lost oil revenues, this amounts to $114.8bn of losses per day. About 10 billion cubic feet of LNG per day also used to pass through the strait, worth a further $7.8bn.The Cost-Benefit Analysis of Transit FeesFor hundreds of ships stranded in the Gulf with thousands of sailors on board, the cost of remaining anchored is steep, including crew wages, loan repayments, repair and management, coupled with inflated war risk premiums.In turn, Iran has reportedly been charging up to $2m for authorisation to pass. Experts say many will see this as worthwhile purely in terms of monetary cost."There is no doubt that paying Iran is cheaper than a continuous blockade because a sitting tanker bleeds money," said Nader Habibi, an Iranian American economist."It makes sense from an economic point of view, but it is not politically feasible," he added. "The companies are under pressure from the US sanctions and not to make arrangements with Iran. This is not just a purely economic cost-benefit analysis, but long-term considerations that are taken into account."International Legal PerspectivesInternational law protects free transit through strategic waters such as natural straits like Hormuz, barring countries from imposing passage tolls even where the waterways fall entirely into territorial waters, like in the case of Hormuz.However, services such as security controls, inspections and insurance regimes can be charged for. Chargeable fees also partly depend on whether a waterway is a man-made passageway or a natural one.These are three different precedents in maritime traffic flow:Panama Canal: An artificial waterway connecting the Atlantic and Pacific oceans. Vessels pass through a unique system of locks that raise and lower vessels across elevated terrain. Since Panama built, maintains and operates the canal, it can charge transit fees based on vessel size, cargo capacity and booking priority. These range from several hundred thousand dollars per transit to some slots sold for millions of dollars.Suez Canal: Another artificial canal, linking the Mediterranean and Red seas. Egypt charges transit fees for the use of canal infrastructure, maintenance and traffic management services through the narrow waterway. Container ships and oil tankers pay from several hundred thousand dollars to more than one million dollars per voyage.Turkiye's Bosporus Strait and Dardanelles: These are different because they are natural straits, rather than man-made canals. Turkiye charges for navigation-related services such as lighthouse operations, rescue readiness, medical support and traffic management – and tightly controls ship scheduling and navigation.Regional Cooperation PossibilitiesIran's newly-formed PGSA published a new map of Hormuz, stretching from Kuh-e Mubarak in Iran to south of Fujairah, in the UAE, at the eastern entrance of the strait, and from the tip of Qeshm Island to Umm al-Quwain at the western entrance.Given how the Iran war has spilled over into the Gulf region – with the UAE taking the brunt of Iranian strikes – economist Mohammad Reza Farzanegan said "regional cooperation with Iran is the most realistic path to stable transit through the Strait of Hormuz."The UAE, Oman, Qatar and Iran will have to work together because their economies require it, he argued. A workable arrangement could include a joint maritime authority, shared monitoring, emergency coordination, environmental protection and service-based contributions for maintaining safe passage."This would give Iran a recognised role in the security of the waterway while giving Persian Gulf economies more predictability," Farzanegan added. "Such a framework is also more realistic than relying on external military enforcement, which has been more a source of trouble for these states."The Future OutlookWhile it may seem that the economics of the closure of the strait are currently skewed towards Iran, Aniseh Tabrizi, an associate fellow on the Middle East and North Africa Programme at think tank Chatham House, noted that "the economics by itself is not going to be the driver to change calculation or move from the current standpoint."She emphasized that Iran and the US need to reach a "diplomatic compromise, with other calculations linked in to the economic factor", before there can be an end to the energy supply crisis.Farzanegan added that if the world expects stable access to the Strait of Hormuz, then paying Iran could well be accepted as the price of keeping the vital waterway predictable. "From an economic perspective, a negotiated transit arrangement [with Iran] now makes more sense than continued closure," he concluded.

The Green Paradox of Musk’s AI Expansion Elon Musk’s xAI is aggressively expanding its infrastructure to power the next generation of AI, but this growth comes with a significant environmental and legal cost. The company is currently embroiled in a lawsuit over its use of polluting generators while simultaneously planning to spend billions more on the same technology, raising serious questions about the sustainability of current AI data center operations. Legal Battle Over "Mobile" Turbines Intensifies The core of the conflict lies in the interpretation of federal versus state regulations regarding air pollution. The NAACP has filed a lawsuit seeking an injunction against xAI, alleging that the company is operating dozens of unregulated gas turbines in one of the most polluted regions of the United States. Regulatory Loophole Claim: xAI argues that its turbines are "mobile" because they remain on their shipping trailers, claiming they do not require permits under Mississippi law. Federal Ruling: The EPA has ruled that turbines of this size, even if on a trailer, are subject to federal air-pollution regulations and that xAI is currently operating in violation of these laws. Current Status: As of a few weeks ago, xAI was using 46 turbines, with permits granted for only 15, creating a significant gap in compliance. Massive Financial Commitment to Polluting Tech Despite the legal risks, xAI’s financial strategy reveals a heavy reliance on gas turbine technology. The company is not just defending its current operations but is actively expanding them. $2.8 Billion Investment: The SpaceX IPO filing confirms that xAI will purchase another $2.8 billion worth of turbines for its AI infrastructure over the next three years. Specific Deal: A single deal valued at $2 billion is specifically for "mobile gas turbines," the exact technology currently under legal scrutiny. Pollution Impact: Each of these turbines has the potential to emit more than 2,000 tons of NOx pollution annually, a chemical contributor to asthma-inducing smog. Regulatory Clash Threatens AI Infrastructure The situation highlights a critical friction point in the tech industry: the race to build AI capacity versus environmental stewardship. The discrepancy between state and federal interpretations of "mobile" equipment creates a dangerous gray area that allows companies to bypass standard environmental protections. SpaceX acknowledges these risks in its IPO filing, admitting that "we currently rely significantly on natural gas and gas turbine technology to power our data center operations." The company warns that "injunctions or rescinded permits would adversely affect our AI business," suggesting that operational continuity is currently prioritized over regulatory compliance. Future Outlook: Compliance vs. Speed The immediate future for xAI appears to be a high-stakes game of regulatory roulette. While the company is betting on its ability to navigate the legal system and continue operations, the EPA’s stance indicates a potential crackdown. Operational Risk: If the NAACP’s injunction is granted or federal permits are revoked, xAI’s data center operations could be forced to shut down or relocate. Industry Precedent: This lawsuit could set a precedent for how other AI companies handle power generation in environmentally sensitive areas, potentially forcing a shift toward cleaner energy sources or stricter compliance measures.

During the Russia‑China summit on 20 May 2026, Presidents Vladimir Putin and Xi Jinping announced a shared understanding on the main parameters of the Power of Siberia 2 (POS‑2) pipeline – its route through western Siberia, Mongolia and into China, and the construction approach. Detailed commercial terms remain unresolved.Summit Consensus on Route and Construction of POS‑2The leaders confirmed agreement on the pipeline’s alignment and the technical framework, but emphasized that pricing, financing and a detailed timetable still need to be finalised.Pipeline Capacity and Economic Scale Compared to Global BenchmarksThe proposed line will span roughly 2,600 km (1,616 mi) and transport up to 50 billion cubic metres (1.77 trillion cubic feet) of natural gas per year, equivalent to about 525 TWh – almost twice the United Kingdom’s annual electricity consumption. For perspective:Nord Stream 1 capacity: 55 bcm/yrPOS‑1 reached full capacity in 2024 after construction began in 2014Estimated project horizon: up to 10 years from construction start to full outputGeopolitical and Market Ramifications for Russia and ChinaFor Russia, POS‑2 offers a new outlet for gas previously destined for Europe, helping Gazprom recoup revenue lost after the 2022 sanctions. The pipeline also promises multiplier effects for Russian steel and construction firms.For China, the line reduces dependence on seaborne LNG that must navigate chokepoints such as the Strait of Hormuz and the Strait of Malacca, providing a more secure, lower‑cost supply and shielding the market from geopolitical volatility.Outlook: Timeline, Pricing Negotiations and Energy Market ShiftsNegotiations are stalled primarily over price – China seeks rates linked to its heavily subsidised domestic gas, while Russia aims for terms closer to those of POS‑1. No definitive timetable has been set. Analysts project that, if an agreement is reached, the pipeline could begin deliveries in the early 2030s, reshaping global gas flows by:Cutting China’s future LNG import demandSoftening Atlantic‑based LNG price pressuresAccelerating a regionalised gas market centred on long‑term bilateral contractsNevertheless, both sides face risks: Russia may become a price‑taker to a single customer, and China could over‑concentrate supply from a politically volatile partner.

The Lead: A New Global OrderRussian President Vladimir Putin and his Chinese counterpart, Xi Jinping, have signed a joint declaration following their meeting in Beijing, focusing on building a "multipolar world and a new type of international relations". The two countries also announced that they had signed a large package of deals solidifying bilateral cooperation in the future.The meeting came just days after United States President Donald Trump completed his own visit to China for a two-day summit with Xi.Establishing a Multipolar World OrderOn Wednesday, the Chinese Foreign Ministry said: "The two countries will also issue a joint statement on advocating for a multipolar world and a new type of international relations." Russian presidential aide Yuri Ushakov described this declaration as a 47-page policy document.A "multipolar world" is understood as one in which economic, military and diplomatic power and influence are placed in the hands of three or more countries, rather than just one or two."Xi is calling for a more multipolar world, where the US has less power and influence," Al Jazeera's Katrina Yu reported from Beijing as the meeting was under way.Both Putin and Xi have spoken out against the "unipolar" hegemony that they say the US has over the world.In 2022, shortly after the beginning of Russia's war with Ukraine, Putin accused the US of stoking hostilities in Ukraine to maintain its global influence."They need conflicts to retain their hegemony," Putin said during a speech. "The era of the unipolar world order is nearing its end."Chinese state media reported that during the latest meeting, Xi said to Putin: "The tide of unilateral hegemony is running rampant."Russia-China Relations Reach Unprecedented LevelA press statement posted on the Kremlin website said relations between Russia and China had reached "a truly unprecedented level and continue to develop".The Chinese Foreign Ministry statement said: "Both sides should follow the trend of peace, development, cooperation, and win-win results to promote higher-quality development of China-Russia relations."The statements added that bilateral cooperation extends to the worlds of economics, sport, education and the media.The Kremlin statement adds that this year marks the 70th anniversary of partnership between the Russian TASS news agency and the Chinese Xinhua news agency.Deepening Economic Cooperation and Moving Away from the US DollarThe Kremlin statement said Beijing and Moscow had signed around 40 intergovernmental, interagency and corporate documents. "Many of these focus on the further deepening of our economic cooperation," it noted.The statement added that, last year, trade between the two countries reached almost $240bn, while the Chinese statement said bilateral trade grew by 20 percent in the first four months of this year.Since the war in Ukraine broke out in February 2022, Russia has become increasingly reliant on Chinese technology and manufacturing. Last month, Bloomberg reported that Russia now imports more than 90 percent of the technology targeted by US and European Union sanctions via China, using Chinese suppliers and intermediaries to obtain components with military and dual‑use applications vital to drone production and other defence industries."Both sides should build on this momentum, deepen the alignment of China's 15th Five-Year Plan with Russia's development strategy until 2030, promote the upgrading of mutually beneficial cooperation in various fields, and serve the development and revitalization of both countries," the Chinese ministry statement said.The Kremlin statement said that nearly all import and export transactions between Russia and China are in roubles and yuan. "In other words, we have actually created a stable system of mutual trade that is protected from external influence and negative trends in the global markets," it said.Securing Energy Supplies Through Siberia 2 PipelineThe Kremlin said on Wednesday that an understanding had been reached for the route and construction of the long-delayed joint Siberia 2 pipeline, but details are still being negotiated. Once completed, the pipeline will transport 50 billion cubic metres of Russian gas annually to China via Mongolia, significantly expanding energy flows between the two countries.The Kremlin's statement said that Russia and China are actively cooperating in the sphere of energy."Our country is one of the largest exporters of oil, natural gas (including LNG) and coal to China. We are definitely ready to continue to ensure reliable and uninterrupted supplies of these types of fuel to the rapidly growing Chinese market," the statement said.As European markets have largely closed to Russia as a result of the war in Ukraine, China has emerged as a crucial buyer of Russian oil and other energy products, benefitting from steep discounts on Russian products.In December 2022, the Group of Seven (G7), the EU and Australia placed a cap on the price of Russian oil at $60 per barrel, ostensibly to reduce Russia's ability to fund its war in Ukraine. The cap was later reduced to around $48 by the EU and the United Kingdom.Expanding Educational and Scientific TiesBoth statements said Xi and Putin had agreed to expand student exchange programmes and cooperation between universities and research platforms to boost joint scientific research.