The Russia-Ukraine war and rise in interest rates are some of the key risks facing the global economy. But an American think tank, the Eurasia Group, has identified Russia’s President Vladimir Putin and China's President Xi Jinping as the top global risks in 2023.

In an exclusive interview with CNBC-TV18, Ian Bremmer, Founder and President of the group, said that Russia now poses a greater threat to global security as a rogue state. With the possibility of the use of weapons of mass destruction, Russia's actions are increasingly unpredictable and dangerous.

Furthermore, Bremmer believes that Russia will lose out on the global stage as it will no longer do significant business with Europe. As the EU continues to impose sanctions on Russia for its aggressive actions, the economic and political consequences for the country are likely to be severe.

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Bremmer said, “Even if Russians are able to win in Ukraine, they will lose on the global stage. NATO will be expanded, Russia will be treated as a rogue state by all the wealthy democracies in the world, their assets will continue to be frozen, they will no longer do significant business with Europe, and all of that is a feeling of humiliation for Russia and Putin. So that means that the danger that Russia poses to the rest of the world as the most powerful rogue state, has to be on top of everyone’s geo-political concerns right now.”

Turning to China, Bremmer believes that both the US and China are eager to avoid a cold war, despite rising tensions between the two countries. Bremmer is fairly confident that President Joe Biden and Xi Jinping want stable ties and will work to find common ground on issues such as trade, security, and climate change.

First Published:Feb 15, 2023 6:19 PM IST