We have some detailed Russia analysis this week, with an economic overview of the Russian economy and its impact on a possible end to the Ukraine conflict. We also deep-dive Putin’s wide ranging Victory Day speech given on May 9 and the global implications of what was said. Internationally, we examine the key role the Caspian Sea is now taking in terms of Russia-Iran logistics, with NATO powerless to prevent its development. We also look at the frozen regions of Europe, with Putin meeting with the Presidents of Republika Srpska, Abkhazia and South Ossetia. Russia has also been engaging with ASEAN leaders this week, we examine the increasing trade and investment with Malaysia and Laos. Elesehere, we feature developments affecting Eurasia, Africa, and Latin America.