Putin wants revenge against the West

Vladimir Putin wants to avenge a loss of respect since the Soviet Union’s collapse [View in browser]( [Bloomberg]( Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up [here](. Vladimir Putin grew up as a young hoodlum on the streets of Soviet Leningrad, now St. Petersburg. At 71, he’s still spoiling for a fight. The Russian president is aiming for a knockout punch against the US and its NATO allies with his war in Ukraine. Driven by a mix of resentment and anger, he’s out to restore Russia as the neighborhood tough and avenge what he sees as a loss of respect since the Soviet Union’s collapse. It’s the defining fight of his life and victory would reshape the global order to Putin’s advantage. Presidential elections next month will surely hand him six more years to try. [Our in-depth profile]( today traces the arc of his evolution over a quarter-century from eager partner to implacable foe of the West. It’s a drama of disillusionment, deceit and, ultimately, of destructive violence that has killed or wounded hundreds of thousands of people. And the ending has yet to be written. Ukraine is fighting for its existence in the war that enters its third year next week. So far, its US and European allies have stepped up with billions of dollars in weapons to help resist Putin’s aggression. But Republican opposition in the US to continuing to arm Ukraine is growing, fueled by Donald Trump’s campaign to reclaim the White House in November’s presidential elections. Elon Musk weighed in yesterday, saying there’s [“no way in hell”]( Putin can lose in Ukraine and urging an end to US funding for Kyiv. That came after Trump indicated he’d let Russia do [“whatever the hell they want”]( to NATO allies not meeting their defense-spending pledges if he’s reelected. For Putin, it’s all an encouraging sign that his opponents in the West may throw in the towel in the battle of wills over Ukraine. — [Anthony Halpin]( A rescue operation at a residential building following Russian shelling in Slovyansk, Ukraine, on April 14, 2023. Photographer: Ihor Tkachov/AFP/Getty Images Global Must Reads Joe Biden is pushing for a six-week pause in fighting between Israel and Hamas to allow for the release of hostages, saying those conditions could [lay the groundwork for a broader peace](. The US president’s comments following a meeting with Jordan’s King Abdullah II at the White House were his most detailed yet about the ongoing negotiations for a cease-fire in the war in Gaza. Agriculture is becoming a key political battleground across the world. Read [this deep dive]( into how government leaders are trying to tame farmers while opponents from Trump to far-right groups in Europe are trying to harness their anger in a year of heightened political risk because of elections in the European Union, India, the US and dozens more places. WATCH: Why are Europe’s farmers so angry? Photographer: Alessia Pierdomenico/Bloomberg French President Emmanuel Macron’s goal of reaching “full employment” in 2027 is [looking increasingly unlikely](, raising concerns in his team that his record as an economic reformer can’t counter the already rising popularity of far-right opposition leader Marine Le Pen. Macron is worried more job cuts at large companies will worsen the public perception of his policies ahead of European Parliament elections in June, sources say. Pakistan’s two main family-controlled political parties hit a snag in their talks to form a new government: [They can’t agree who would become prime minister]( in their coalition designed to thwart jailed ex-leader Imran Khan. The development suggests it could take weeks for an administration to be formed. The UK Labour Party withdrew support for its candidate to fill a vacant parliamentary seat in northern England, caving to pressure to cut ties with Azhar Ali [over antisemitic remarks]( he was reported to have made last year. Ali was recorded at a local party meeting suggesting Israel deliberately allowed the Oct. 7 attacks by Hamas to happen, and blaming Jewish people in the media for criticism of pro-Palestinian lawmakers. Trump endorsed his daughter-in-law, Lara Trump, to help lead the Republican National Committee, a move that would [tighten his hold on the party]( as the 2024 nominating contest continues. The EU has proposed new trade restrictions on about two dozen firms, including three based in China, [accused of supporting Russia’s war]( in Ukraine. Beijing called the measures [“illegal.”]( Thaksin Shinawatra, Thailand’s convicted ex-prime minister, is set for an [early release from prison]( after the justice ministry included him in a list of 930 prisoners eligible for suspended jail terms. Washington Dispatch US Defense Secretary Lloyd Austin continues to recover after [undergoing a procedure]( to address a bladder problem, which led to his second hospitalization in a month. Austin, who was put under general anesthesia at Walter Reed National Medical Center, transferred his duties to Deputy Defense Secretary Kathleen Hicks. He also canceled a trip to Brussels, where he was to meet with other defense chiefs. Austin’s staff and physicians sought to play down the most recent hospitalization, saying he would soon be able to return to the office. But concerns and questions about his health persist. The 70-year-old secretary was released from Walter Reed on Jan. 15 after about two weeks. He later apologized for his secrecy around the illness, including his failure to notify Biden of the cancer diagnosis for several days. Austin returned to work at the Pentagon on Jan. 29 for the first time in almost a month. He hasn’t spoken to the president about his latest health problem, according to National Security Council spokesman John Kirby. When asked if Biden had any concerns of his ability to serve Kirby said, “not at all.”  One thing to watch today: Voters in a New York congressional district that includes parts of Nassau County and the borough of Queens will select a successor to George Santos, who was expelled from the US House in December. [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 Part of the vast fleet of tankers Russia uses to deliver its crude oil [is grinding to a halt]( under the weight of US sanctions. About half of the 50 vessels that the US Treasury began sanctioning on Oct. 10 have failed to load cargoes since they were listed, according to tracking by Bloomberg. And Finally Houthi militants in Yemen yesterday fired missiles at a cargo ship, the MV Star Iris, that was carrying corn through the Red Sea to a port in [one of their key supporters: Iran](. The group says it’s targeting ships linked to Israel and its allies to pressure them over the war in Gaza in attacks that have continued despite airstrikes by the US and the UK. The Houthis, along with Hamas in Gaza, Hezbollah in Lebanon and other groups in Iraq and Syria, are part of Tehran’s so-called axis of resistance. A pro-Houthi protest against US and UK airstrikes on Jan. 24 in Sana’a, Yemen. Photographer: Mohammed Hamoud/Getty Images  More from Bloomberg - 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 - [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 - Explore more newsletters at [Bloomberg.com](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Balance of Power newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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