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Date: Tue, 11 Jul 2023 18:40:55 +0000
To: Andrew Sterling <andrew@sterlingcal.com>
From: The Signal <newsletter@thesgnl.co>
Reply-To: The Signal <newsletter@thesgnl.co>
Subject: Too Quiet
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<p><span style=3D"display:none !important;font-size:0px;line-height:0;color=
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ry, geography, and non-Western strategies for a changing global order.</spa=
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eight:24px;color:#333333;font-size:16px">Why are most countries not taking =
sides in the Ukraine war? <strong>Richard Gowan</strong> on history, geogra=
phy, and non-Western strategies for a changing global order.</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
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=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0;font-size:0px"><a href=3D"https://c19gz9zr.r.us-east-2.a=
wstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FA=
kgiMm9eT6zVAVk2loHg3g%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8d10=
1-724e-4f62-9dd8-355dce8f9d07-000000/zM3x1gybll-N4zvPCPG6OomtZB8=3D115" sty=
le=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-heig=
ht-rule:exactly;text-decoration:underline;color:#B7985E;font-size:16px" tar=
get=3D"_blank"><img alt=3D"" class=3D"adapt-img" src=3D"https://ajwcbt.stri=
pocdn.email/content/guids/CABINET_2fb1448b31ee95ea8c580243491e8e3048f3db3cc=
6de480607bb7338aa649c4f/images/banner1_FcI.jpg" style=3D"display:block;bord=
er:0;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic" widt=
h=3D"560" /></a></td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#969892;font-size:16px">Bacila Vlad</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"pa=
dding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>As news organizations arou=
nd the world</strong> followed the Wagner Group&rsquo;s mutiny in Russia on=
 June 24, the United States and Ukraine held a meeting on the war in Copenh=
agen with a group of regional powers&mdash;including Brazil, India, South A=
frica, Saudi Arabia, and Turkey. Before the meeting, U.S. National Security=
 Advisor Jake Sullivan said he&rsquo;d push for greater support for Kyiv. T=
he other states in attendance had yet to impose sanctions on Moscow or prov=
ide military aid to Ukraine&mdash;apart from Turkey, which had sold it some=
 drones.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">Yet the neutrality of these countr=
ies is actually the <a href=3D"https://c19gz9zr.r.us-east-2.awstrack.me/L0/=
https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FUCFX763X7SrSJrM=
HV07631ccGQ%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8d101-724e-4f6=
2-9dd8-355dce8f9d07-000000/KmUrSVT8B4fj8TqrLgoVftGZATk=3D115" style=3D"-web=
kit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:ex=
actly;text-decoration:underline;color:#B7985E;font-size:16px" target=3D"_bl=
ank">most common approach</a> to the war outside the West, despite 141 UN m=
ember states voting last year to reprimand Russia for its invasion. The lis=
t of capitals sanctioning Russia or arming Ukraine includes none from Afric=
a, one from the Middle East, one from Central and South America, and three =
from Asia. Altogether, these countries represent two-thirds of the global p=
opulation. Why are they staying non-aligned?</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>Richard Gowan</strong> is =
the UN director for the international nonprofit Crisis Group. For Gowan, it=
&rsquo;s a question with a lot of different answers, depending on where you=
 look. The incentives of non-Western states vary by country and region, and=
 they&rsquo;ve changed over the course of the war. Some non-Western leaders=
 maintain a historical resentment of Western colonialism, for example, or a=
 more contemporary opposition to sanctions as a tool of diplomacy. But more=
 broadly, as Gowan sees it, these countries are hedging for strategic reaso=
ns&mdash;to pursue specific foreign-policy goals or to manage critical unce=
rtainties, like where U.S.-China competition is going or who&rsquo;ll win n=
ext year&rsquo;s American presidential election. More broadly still, they&r=
squo;re hedging against the uncertainty of a changing international order&m=
dash;which could end up either distributing power widely around the world o=
r dividing it in a new Cold War between Washington and Beijing.</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:20px;Margin:0;font-size:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" height=3D"100%" role=3D"presentation" style=3D"ms=
o-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;border-spa=
cing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td style=3D"padding:=
0;Margin:0;border-bottom:1px solid #969892;background:unset;height:1px;widt=
h:100%;margin:0px">&nbsp;</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"pa=
dding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>Michael Bluhm</strong>: Ho=
w do you interpret the non-alignment of the majority of the world&rsquo;s c=
ountries?</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>Richard Gowan</strong>: Th=
ere&rsquo;s a consensus now that this is hedging behavior&mdash;but despite=
 how widespread it is, it&rsquo;s striking that there isn&rsquo;t a single =
set of explanations for it.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">For example, even China, which see=
ms very close to Russia, is <a href=3D"https://c19gz9zr.r.us-east-2.awstrac=
k.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FDdsHEjK=
sSJXJk9OY1cmgZw%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8d101-724e=
-4f62-9dd8-355dce8f9d07-000000/2uQ4W8PrV7RGlItHKzlWFMWQnuQ=3D115" style=3D"=
-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rul=
e:exactly;text-decoration:underline;color:#B7985E;font-size:16px" target=3D=
"_blank">walking a fine line</a>&mdash;solidifying its relationship with Mo=
scow without throwing in its lot with Russia altogether. China&rsquo;s inte=
rest here is in gaining leverage over Russia.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">India is also hedging, deepening e=
conomic ties with Russia by buying far more Russian oil than it used to&mda=
sh;but mainly to keep Moscow from aligning against New Delhi in its conflic=
ts with Beijing. China is getting closer to Russia, so that means strategic=
 reasons for India having to stay close to Russia, too. As you can imagine,=
 the geopolitical incentives here are very complicated.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>Bluhm</strong>: When <a hr=
ef=3D"https://c19gz9zr.r.us-east-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl=
.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FUCFX763X7SrSJrMHV07631ccGQ%2F763gkvBESl6=
QWXxWN5L0xNUw/2/010f01894641a7bd-39f8d101-724e-4f62-9dd8-355dce8f9d07-00000=
0/jtVv7FGsOcsacou09lZgTXChxIU=3D115" style=3D"-webkit-text-size-adjust:none=
;-ms-text-size-adjust:none;mso-line-height-rule:exactly;text-decoration:und=
erline;color:#B7985E;font-size:16px" target=3D"_blank">we spoke</a> in Apri=
l of 2022, most non-Western countries were already hedging. Do you see thei=
r incentives having changed since then?</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
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=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
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=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
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lm7IC05Iwz8djTAY8920Xlg%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8d=
101-724e-4f62-9dd8-355dce8f9d07-000000/rz9sefcT5DXh2QLH6hzI2LP4KzY=3D115" s=
tyle=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-he=
ight-rule:exactly;text-decoration:underline;color:#B7985E;font-size:16px" t=
arget=3D"_blank"><img alt=3D"" class=3D"adapt-img" src=3D"https://ajwcbt.st=
ripocdn.email/content/guids/CABINET_2fb1448b31ee95ea8c580243491e8e3048f3db3=
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=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
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eight:24px;color:#969892;font-size:16px">Advertisement</p>
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adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"pa=
dding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><strong>Gowan</strong>: I see two =
things having changed. First, the conflict in Ukraine is turning into a lon=
g war. In 2022, a lot of countries were hedging on the assumption that the =
conflict would end fairly quickly. These countries were torn: On a moral le=
vel, they sympathized with Ukraine, and they were convinced that Moscow had=
 breached the UN Charter by invading a sovereign state. But they also figur=
ed Moscow was going to win the war.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">It&rsquo;s a different situation n=
ow. Many non-Western countries are worried today about a potential Russian =
defeat. Brazil has articulated a fear that a peace deal could humiliate Rus=
sia and cause long-term, destabilizing effects.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">So non-Western countries are now t=
rying to adapt to a long war&mdash;that Russia could lose. One symptom of t=
hat adaptation is that many non-Western countries are launching peace initi=
atives, which they weren&rsquo;t seriously doing last year.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">The West&rsquo;s attitude toward n=
on-Western hedging behavior has changed, as well. Especially in the first m=
onths of the war, Western countries took a very moralistic line, condemning=
 countries that weren&rsquo;t fully backing Ukraine. European governments e=
ven hinted that they could cut off development aid to countries that sat on=
 the fence.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">But, having tried and failed sever=
al times to get the fence-sitters on Ukraine&rsquo;s side, Western countrie=
s see this quite differently today. The U.S. and the Europeans are now send=
ing out the message that they can live with other countries hedging. It was=
 evident in the incredibly positive welcome that U.S. President Joe Biden r=
ecently gave Indian Prime Minister Narendra Modi in Washington&mdash;there =
was a clear message that the U.S. was going to ignore India not supporting =
the West on Ukraine, because the U.S. needs India to balance China.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">The Biden administration has also =
been warm toward Brazilian President Luis In&aacute;cioLula da Silva since =
he took office, even though Lula has irritated the U.S. by moving Brazil cl=
oser to Russia in some ways. But from a U.S. perspective, it&rsquo;s better=
 to have Lula hedging on a European war from afar than to have former Presi=
dent Jair Bolsonaro threatening to bring an end to democracy in Brazil.</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">Western countries have sent out si=
gnals to major non-Western players that there&rsquo;ll be no real cost for =
hedging&mdash;and that&rsquo;s now going to be part of what&rsquo;s shaping=
 their behavior.</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
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=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0;font-size:0px"><a href=3D"https://c19gz9zr.r.us-east-2.a=
wstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FA=
kgiMm9eT6zVAVk2loHg3g%2F763gkvBESl6QWXxWN5L0xNUw/2/010f01894641a7bd-39f8d10=
1-724e-4f62-9dd8-355dce8f9d07-000000/H0UqAdbyeuQs7CKwJJgBPG53hjE=3D115" sty=
le=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-heig=
ht-rule:exactly;text-decoration:underline;color:#B7985E;font-size:16px" tar=
get=3D"_blank"><img alt=3D"" class=3D"adapt-img" src=3D"https://ajwcbt.stri=
pocdn.email/content/guids/CABINET_2fb1448b31ee95ea8c580243491e8e3048f3db3cc=
6de480607bb7338aa649c4f/images/body1_SxI.jpeg" style=3D"display:block;borde=
r:0;outline:none;text-decoration:none;-ms-interpolation-mode:bicubic" width=
=3D"560" /></a></td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#969892;font-size:16px">Sander Crombach</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
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=09=09=09=09=09=09=09=09=09=09=09</tr>
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adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
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;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
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=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"pa=
dding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><em>More from Richard Gowan at The=
 Signal:</em></p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&ldquo;<strong>A lot of non-Wester=
n countries</strong> have a deep-seated suspicion about the U.S. and EU san=
ctions. The U.S. has been using sanctions as a foreign-policy tool more, as=
 it uses its military power less. That worries a lot of countries. Fewer th=
an 4 percent of the states in the world were subjected to sanctions imposed=
 by the U.S., the EU, or the UN in the early 1960s. Today, that number&rsqu=
o;s risen to 27 percent. Nearly a third of the world is under sanctions now=
. So they aren&rsquo;t just a concern for Russia; it&rsquo;s a much broader=
 thing. A lot of people outside the West thought that the Americans and Eur=
opeans were being weaselly about the issue. Western countries were creating=
 exemptions to the sanctions for their own economic advantage while demandi=
ng others join the sanctions in full. The ones on Russian diamond exports, =
for example, were limited because Belgium has a huge diamond trade and didn=
&rsquo;t want to see it strangled.&rdquo;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&ldquo;<strong>Last year, official=
s&nbsp;around the world</strong> were hedging by both condemning Russia&rsq=
uo;s aggression and preparing for a world where Russia wins the war. They s=
aw it as necessary to balance those demands. But now, as the war draws out,=
 states see other reasons to hedge&mdash;and other things to hedge on. One =
important condition is the very rapid deterioration in relations between th=
e U.S. and China, despite the&nbsp;<a href=3D"https://c19gz9zr.r.us-east-2.=
awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2F=
CGRvqm7k6JptbQ892Qy2OgaA%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8=
d101-724e-4f62-9dd8-355dce8f9d07-000000/qKXYSFGL3AEPsZnpOQZuSJKO0Tg=3D115" =
style=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-h=
eight-rule:exactly;text-decoration:underline;color:#B7985E;font-size:16px" =
target=3D"_blank">Biden administration&rsquo;s recent efforts</a> to slow t=
hat slide. Policy makers around the world aren&rsquo;t only hedging over ho=
w far to go in supporting the U.S. or Russia; they&rsquo;re also trying to =
maintain some flexibility and independence in the context of a possible con=
flict in the Pacific between Washington and Beijing. The other strategic ph=
enomenon behind the global hedging pattern is the potential re-election of =
Donald Trump. Many countries want to work with the Biden administration but=
 worry about what would happen if Trump, or a Trump-like alternative, were =
to win in 2024&mdash;and start ripping up the international rulebook. So th=
ey&rsquo;re hedging over Ukraine, the Asia-Pacific, and U.S. domestic polit=
ics. There are lots of good strategic reasons for them to keep their option=
s open right now.&rdquo;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&nbsp;</p>

=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px">&ldquo;<strong>The governments of =
non-Western countries</strong> tend overwhelmingly to see the war as a peri=
od of risk but also of opportunity. Western diplomats have been working to =
get non-Western support for Kyiv, which has given non-Western countries a c=
hance to lay out more clearly their own concerns about the state of the int=
ernational system and what they want out of it. As a result, Western countr=
ies are indicating they&rsquo;re willing to consider changes to the way int=
ernational institutions work, in order to recognize the interests of the no=
n-Western world. Biden has been talking about the need for UN Security Coun=
cil reform, to give states like India and Brazil a greater say over interna=
tional peace and security. The Europeans are talking about rewriting the ru=
les that govern how the International Monetary Fund and World Bank lend mon=
ey to poor countries, to make it easier for poor countries to get financing=
. That&rsquo;s partially a response to many poor countries being trapped in=
 a very serious debt crisis. But it&rsquo;s also because policy makers in W=
estern capitals realize they need to revise the rules of international coop=
eration if they&rsquo;re going to maintain some goodwill with non-Western p=
owers.&rdquo;</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
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=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
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=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
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=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
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=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0"><!--[if mso]><a href=3D"https://c19gz9zr.r.us-east-2.aw=
strack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FAk=
giMm9eT6zVAVk2loHg3g%2F763gkvBESl6QWXxWN5L0xNUw/3/010f01894641a7bd-39f8d101=
-724e-4f62-9dd8-355dce8f9d07-000000/4gw6wNUuQqOuZqiZ7GaxZtenm1s=3D115" targ=
et=3D"_blank" hidden>
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as-microsoft-com:office:word" esdevVmlButton href=3D"https://sendy.thesgnl.=
co/l/47QrwdESMr6NDlbHE4k9mA/AkgiMm9eT6zVAVk2loHg3g/763gkvBESl6QWXxWN5L0xNUw=
"=20
style=3D"height:41px; v-text-anchor:middle; width:218px" arcsize=3D"50%" st=
roke=3D"f" fillcolor=3D"#b7985e">
<w:anchorlock></w:anchorlock>
<center style=3D'color:#ffffff; font-family:arial, "helvetica neue", helvet=
ica, sans-serif; font-size:15px; font-weight:400; line-height:15px; mso-tex=
t-raise:1px'>Continue reading ...</center>
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style=3D"border-style:solid;border-color:#b7985e;background:#b7985e;border-=
width:0px;display:inline-block;border-radius:30px;width:auto;mso-hide:all">=
<a class=3D"es-button" href=3D"https://c19gz9zr.r.us-east-2.awstrack.me/L0/=
https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2FAkgiMm9eT6zVAVk=
2loHg3g%2F763gkvBESl6QWXxWN5L0xNUw/4/010f01894641a7bd-39f8d101-724e-4f62-9d=
d8-355dce8f9d07-000000/F0ThoCs1neRrev2XeWrT7_Qe8iM=3D115" style=3D"mso-styl=
e-priority:100 !important;text-decoration:none;-webkit-text-size-adjust:non=
e;-ms-text-size-adjust:none;mso-line-height-rule:exactly;color:#FFFFFF;font=
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20px 10px 20px;mso-padding-alt:0;mso-border-alt:10px solid #b7985e" target=
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=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
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er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
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=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
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t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
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=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:20px;Margin:0;font-size:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<table border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" height=3D"100%" role=3D"presentation" style=3D"ms=
o-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;border-spa=
cing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td style=3D"padding:=
0;Margin:0;border-bottom:1px solid #969892;background:unset;height:1px;widt=
h:100%;margin:0px">&nbsp;</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
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=09=09=09=09=09=09=09=09=09=09</tbody>
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adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"=
padding:0;Margin:0;font-size:0px"><a href=3D"https://c19gz9zr.r.us-east-2.a=
wstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k9mA%2Fj=
DRdn3SzsnAMpLcFap7892yg%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7bd-39f8d=
101-724e-4f62-9dd8-355dce8f9d07-000000/oxDMDbACzk8qyJdiomN05FkPMMU=3D115" s=
tyle=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;mso-line-he=
ight-rule:exactly;text-decoration:underline;color:#B7985E;font-size:16px" t=
arget=3D"_blank"><img alt=3D"" class=3D"adapt-img" src=3D"https://ajwcbt.st=
ripocdn.email/content/guids/CABINET_2fb1448b31ee95ea8c580243491e8e3048f3db3=
cc6de480607bb7338aa649c4f/images/ig_music_15_up009_58g.jpeg" style=3D"displ=
ay:block;border:0;outline:none;text-decoration:none;-ms-interpolation-mode:=
bicubic" width=3D"560" /></a></td>
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=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"center" style=3D"padding:0=
;Margin:0;width:560px" valign=3D"top">
=09=09=09=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D=
"0" role=3D"presentation" style=3D"mso-table-lspace:0pt;mso-table-rspace:0p=
t;border-collapse:collapse;border-spacing:0px" width=3D"100%">
=09=09=09=09=09=09=09=09=09=09=09=09=09<tbody>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"pa=
dding:0;Margin:0">
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09<p style=3D"Margin:0;-webkit-t=
ext-size-adjust:none;-ms-text-size-adjust:none;mso-line-height-rule:exactly=
;font-family:helvetica, 'helvetica neue', arial, verdana, sans-serif;line-h=
eight:24px;color:#333333;font-size:16px"><a href=3D"https://c19gz9zr.r.us-e=
ast-2.awstrack.me/L0/https:%2F%2Fsendy.thesgnl.co%2Fl%2F47QrwdESMr6NDlbHE4k=
9mA%2F892DyhQBvUJurR96tWJZ4yVQ%2F763gkvBESl6QWXxWN5L0xNUw/1/010f01894641a7b=
d-39f8d101-724e-4f62-9dd8-355dce8f9d07-000000/9H96rayWGMAgIPR29mkBcv4so8M=
=3D115" style=3D"-webkit-text-size-adjust:none;-ms-text-size-adjust:none;ms=
o-line-height-rule:exactly;text-decoration:underline;color:#B7985E;font-siz=
e:16px" target=3D"_blank"><strong>The Signal</strong></a>&nbsp;explores urg=
ent questions in current events around the world&mdash;to support it and fo=
r full access:</p>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09=09=09</tbody>
=09=09=09=09=09=09=09=09=09</table>
=09=09=09=09=09=09=09=09=09</td>
=09=09=09=09=09=09=09=09</tr>
=09=09=09=09=09=09=09=09<tr>
=09=09=09=09=09=09=09=09=09<td align=3D"left" style=3D"padding:0;Margin:0;p=
adding-top:20px;padding-left:20px;padding-right:20px">
=09=09=09=09=09=09=09=09=09<table cellpadding=3D"0" cellspacing=3D"0" style=
=3D"mso-table-lspace:0pt;mso-table-rspace:0pt;border-collapse:collapse;bord=
er-spacing:0px" width=3D"100%">
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