U.S. President Trump is prioritising strategic competition with China and seeking stability with Russia. This approach involves sanctions relief, sidelining Ukraine, and fostering economic ties with Moscow to weaken its reliance on China and reshape global power dynamics. Europe is divided on the outreach to Russia, but the U.S. wants to leverage energy markets and investment opportunities to expand its influence over Moscow.

A shift is taking place in the business of global dominance and hegemony, from the model of expressing force through troop presence to financial sanctions. But China and Russia, in concert, may provide a way out of the sanctions regime.