Finance & economics | Oil and beyond

How China, Russia and Iran are forging closer ties

Assessing the economic threat posed by the anti-Western axis

Illustrations of Xi Jinping, Vladimir Putin and Ebrahim Raisi as Russian dolls going from big to small.
Illustration: Alberto Miranda

Vladimir Putin, Russia’s president, and Ebrahim Raisi, his Iranian counterpart, have several things in common. Both belong to a tiny group of leaders personally targeted by American sanctions. Even though neither travels much, both have been to China in recent years. And both seem increasingly fond of one another. In December they met in the Kremlin to discuss the war in Gaza. On March 18th Mr Raisi was quick to congratulate Mr Putin on his “decisive” election victory.

Explore more

This article appeared in the Finance & economics section of the print edition under the headline “The anti-Western axis”

From the March 23rd 2024 edition

Discover stories from this section and more in the list of contents

Explore the edition

Discover more

illustration of a stern-faced man in a suit with a green tie, set against a bright green background. A small building with a flag is depicted in the pocket of his suit

The great-man theory of Wall Street

Why finance is still dominated by bold individuals

Hong Kong’s property slump may be terminal

Demographics and geopolitics will make a recovery harder


A float is inflated in preparation for the Macy's Thanksgiving Day Parade.

Why everyone wants to lend to weak companies

An unanticipated side-effect of Donald Trump’s election victory


American veterans now receive absurdly generous benefits

An enormous rise in disability payments may complicate debt-reduction efforts

Why Black Friday sales grow more annoying every year

Nobody is to blame. Everyone suffers

Trump wastes no time in reigniting trade wars

Canada and Mexico look likely to suffer



Discover more

The war in Ukraine is straining Russia’s economy and society

Despite advances on the battlefield, pressure is growing

How to make a success of peace talks with Vladimir Putin

The key is robust security guarantees for Ukrainians


View of the snow-covered Kyiv Pechersk Lavra, Kyiv, Ukraine

How will Donald Trump handle the war in Ukraine?

And how will Ukraine, Russia and Europe respond?


Vladimir Putin fires a new missile to amplify his nuclear threats

The attack on Ukraine is part of a new era of missile warfare

The Caspian Sea is shrinking rapidly

This has big implications for Russia, which has come to rely on Central Asian ports

The World Ahead Diplomacy in 2025

The perils of the world’s third nuclear age

Donald Trump must decide how to compete in a new arms race