The episode investigates Russia's "shadow fleet" of aging oil tankers that has emerged to evade Western sanctions and the G7 oil price cap imposed after Russia's 2022 invasion of Ukraine. A Danish maritime pilot, Bjarne Cesar Skinnerup, describes guiding increasingly numerous, poorly maintained tankers carrying Russian oil through the Danish Straits, while maritime intelligence specialist Michelle V.C. Bachman explains how the fleet is structured using opaque ownership, fake insurance, and permissive or fraudulent flags. The hosts explore how this underground shipping network reshapes global oil flows, sustains Russian revenues, raises geopolitical tensions, and creates severe environmental and financial risks for coastal nations, while leaving individuals like Bjarne in a moral bind.
On the second anniversary of the October 7 Hamas attacks on Israel, political scientist Ian Bremmer speaks with Helen Walters about a new 20‑point peace plan announced by U.S. President Trump to end the Gaza war. They examine the behind‑the‑scenes diplomacy with Gulf states, the leverage Washington is now exerting on Israel, the proposed interim governance structure for Gaza, and the fading prospects of a Palestinian state. Bremmer outlines what Hamas, Israel, and regional actors would need to agree to, as well as the risks, timelines, and political consequences that could cause the plan to collapse.