Putin’s waiting game

Ukraine leader Zelenskiy travels to Washington to appeal for war funds [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Future historians may come to judge President Volodymyr Zelenskiy’s visit to Washington this week as a turning point for the US and its allies in the fight to help Ukraine repel Russia’s invasion. Zelenskiy will meet President Joe Biden and appeal to the US Congress to free $61 billion in military assistance that’s held up in disputes between the White House and Republicans over toughening the border with Mexico. Biden’s spokeswoman called it a “critical moment.” With lawmakers leaving Washington for the holidays at the end of the week, failure to agree a deal risks the US running out of money to aid Ukraine and further discussion getting caught up in next year’s presidential election race. That would be a huge Christmas [gift to Vladimir Putin](. The Russian president announced Friday he’ll seek another six-year term in March elections, and later boasted to soldiers that Ukraine is running out of weapons while the Kremlin has ramped up its defense production. A US stumble would also bolster opponents of support to Ukraine in the European Union, particularly Hungarian leader Viktor Orban, who’s blocking nearly $54 billion in aid and demanding the EU drop membership talks with Kyiv. Zelenskiy and Orban met in Argentina yesterday at President Javier Milei’s inauguration. There’s widespread fatigue after nearly two years of war with no end in sight. Ukraine’s military counteroffensive failed to break through Russian lines and there’s a stalemate on the battlefield as winter sets in. The US and its European allies committed to back Ukraine for as long as it takes to defeat Putin’s aggression. If they blink in defending a democracy, they know the message that sends would reverberate around the world. For all the geopolitical debate and electoral calculation, they face a simple choice. Are they ready to let Putin win? Ukrainian soldiers during an anti-drone drill on Nov. 11. Photographer: Sergei Supinsky/AFP/Getty Images Global Must Reads Putin and Benjamin Netanyahu spoke at length yesterday as tensions between the two leaders mount over the Israel-Hamas war and Russia’s growing ties with Iran. In a 50-minute call, the Israeli prime minister “strongly criticized the [dangerous cooperation]( between Russia and Iran” and “expressed his displeasure” with Moscow taking sides against Israel at the United Nations and other international bodies. Rishi Sunak faces a critical test of his authority over his own party this week with lawmakers set to decide on his bill to [deport asylum seekers to Rwanda](. The vote tomorrow represents the first time the House of Commons will take a position on the legislation, which the UK prime minister argues would lift most of the legal barriers that have blocked the government’s plan. Argentina’s libertarian new president took office yesterday with an unconventional message to the nation: Life is going to get much worse under him before it gets better. Milei promised a [program of shock therapy]( comprising drastic public spending cuts to tackle rampant inflation and rescue the economy, saying that there’s “no alternative, nor much time.” Milei supporters outside the National Congress during his inauguration ceremony in Buenos Aires. Photographer: Erica Canepa/Bloomberg German Chancellor Olaf Scholz and top officials in his governing coalition broke off overnight talks on a revised 2024 budget [and are reconvening today](. Social Democrat Scholz and his partners from the Greens and Free Democrats have been wrangling over next year’s finance plan for days as they continue to grapple with the fallout from last month’s court ruling limiting the use of special off-budget funds. The government of Poland’s nationalist Law & Justice Party is poised to be replaced this week by its pro-EU opponents, returning the country to the continent’s political mainstream. Following their victory in October's election, unpicking the previous leaders’ grip on the organs of state [won’t be so straightforward]( for the group led by former European Council President Donald Tusk. Hong Kong’s local council elections drew their lowest turnout in nearly three decades, as residents snubbed a system [lacking political diversity]( after a revamp to cement China’s control. The Philippines will summon Beijing’s envoy in Manila after President Ferdinand Marcos Jr. slammed China’s [“dangerous actions”]( in the South China Sea over the weekend. Ethiopia is set to become Africa’s latest defaulter, with an interest payment falling due to its bondholders today that the state [says it won’t meet](. Washington Dispatch The US House returns today for its final week before the Christmas recess with shutdown deadlines lurking in January, assistance to Ukraine and Israel unresolved, and the Republican majority preparing to initiate impeachment proceedings against Biden. Speaker Mike Johnson has said a vote is necessary to secure the inquiry’s legal standing, yet the resolution doesn’t spell out specific potential articles of impeachment. The investigation chiefly revolves around allegations Biden benefited from the [business activities of his son Hunter](. Although no evidence of wrongdoing by Joe Biden has emerged and White House spokesman Ian Sams labeled the resolution a “baseless stunt,” the vote would take place after Hunter Biden was indicted on tax evasion charges, a case that will unfold as his father runs for reelection. Republicans have been eager to portray the president as corrupt even as predecessor Donald Trump, the frontrunner for their party’s nomination, faces several criminal trials. One thing to watch today: The Federal Reserve Bank of New York releases its latest survey of consumer expectations. [Sign up for the Washington Edition newsletter]( for more from the US capital and watch Balance of Power at 5pm ET weekdays on Bloomberg Television. Chart of the Day Supercharging crop seeds to better withstand drought and breeding cows that burp out [less methane]( are part of the arsenal the world needs for food’s contribution to the climate fight. They’re getting a big cash boost, with more than $3 billion in finance pledged for food and agriculture since the start of the COP28 summit in Dubai. And Finally Agnes Chow was one of Hong Kong’s most famous female protest leaders until her arrest by the city’s authorities. Now, after she jumped bail to stay in Canada, the former pro-democracy activist has [given rare insight]( into the methods used by Hong Kong’s national security police. Read how she says she was offered a deal to renounce her past in return for her passport, and was escorted into mainland China where she was documented showing appreciation for its achievements under Communist Party rule. Agnes Chow following her release from prison on June 12, 2021. Photographer: Lam Yik/Bloomberg Thanks to the 20 people who answered Friday’s quiz and congratulations to Bill Peterson, who was the first to name Senegal as the African nation where civil liberties have deteriorated so much that it now ranks alongside countries run by military juntas. More from Bloomberg - [Economics Daily]( for what the changing landscape means for policy makers, investors and you - [Green Daily]( for the latest in climate news, zero-emission tech and green finance - Check out our [Bloomberg Investigates]( film series about untold stories and unraveled mysteries - [Bloomberg Opinion]( for a roundup of our most vital opinions on business, politics, economics, tech and more - [Next Africa](, a twice-weekly newsletter on where the continent stands now — and where it’s headed - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? 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