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National

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Axios Pro Rata

Chamath Palihapitiya is seeking to raise billions of dollars in outside capital for his venture capital firm, Social Capital, Axios has learned from multiple sources.

Why it matters: This comes four years after Palihapitiya effectively turned Social Capital into a family office, controversially shunning longtime limited partners and slimming down the firm's investment and operations teams.

Social Capital was known for its early bets on companies like Slack, while Palihapitiya later became a major player in the SPAC market.

Palihapitiya, an early Facebook employee and former minority owner of the Golden State Warriors, recently chose to close a pair of tech-focused SPACs, while keeping two biotech-focused SPACs operational. 

Details: Palihapitiya is said to expect to hold a first close on the new fund sometime in early 2023, and currently is speaking with large investors about commitments in excess of $100 million. One source says that Palihapitiya is speaking with investors around the globe, including in the U.S. and the Middle East.

One source familiar with the situation says that Palihapitiya sees lots of private market investment opportunity, but that his personal wealth isn't sufficient to support too many large deals. 

It's unclear if Palihapitiya plans to deviate from the data-driven investment model that caused so much of the earlier friction at Social Capital. 

Scoop: Chamath Palihapitiya reopens Social Capital to outside investors

Social Capital is back in market, four years after turning into a family office.

 David Paul Morris/Bloomberg via Getty Images.

Chamath Palihapitiya

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Ukrainian President Volodymyr Zelensky said Friday that Ukraine is making an "accelerated" bid to join NATO.

Driving the news: The announcement comes on the same day Russia annexed four Ukrainian territories after a series of referendums that most western governments have labeled a "sham."

At the outset of the invasion, Zelensky reiterated Ukraine’s aim to join the defensive alliance, which Finland and Sweden began the process of joining earlier this year.  

What he's saying: "We are taking our decisive step by signing Ukraine's application for accelerated accession to NATO," Zelensky said on his Telegram channel.

"De facto, we have already proven compatibility with alliance standards. They are real for Ukraine — real on the battlefield and in all aspects of our interaction," Zelensky said. "We trust each other, we help each other, and we protect each other. This is the alliance."

What's happening: On Friday, Russian President Vladimir Putin formally annexed four Moscow-occupied areas of Ukraine on Friday: Donetsk, Luhansk, Zaporizhzhia and Kherson.

Most western governments — including the U.S. and the European Union — say they won't recognize the annexed territory as Russian.

Zelensky's announcement in the response followed his previous warnings that annexation would cease diplomatic negotiations between the countries.

Our thought bubble via Axios' Laurin-Whitney Gottbrath: A speedy accession for Ukraine into NATO is unlikely.

It would not only need unanimous support from all 30 NATO members, upon accession, it would also immediately thrust the alliance directly into a conventional conflict with a nuclear power.

Editor's note: This story has been updated with details throughout.

Zelensky: Ukraine submits "accelerated" NATO application

His announcement comes on the same day Russia annexed Ukrainian territory.

Ukrainian President Volodymyr Zelensky is seen during his joint press conference with Polish PM Mateusz Morawiecki and Latvian President Egils Levits on Sept. 9. Photo: Alexey Furman/Getty Images

Ukraine

Conflicts, policies and powers are intersecting and shaping the world. Breaking news and analysis of national security, foreign policy and global crises.

World

The Biden administration announced new sanctions on Russia for its purported annexation of regions of Ukraine.

Why it matters: The sanctions come in response to Russian President Vladimir Putin laying claim to four regions in Ukraine, which Russia only partly controls. The Kremlin helped stage referendums that most western governments labeled a "sham."

Driving the news: Hundreds of Russian government officials and their family members, Russian and Belarusian military officials and defense procurement networks, including international suppliers supporting Moscow's military effort, are targets of the new sanctions.

"Russia is violating international law, trampling on the United Nations Charter, and showing its contempt for peaceful nations everywhere," President Biden said.

The details: A crucial target is Elvira Nabiullina, the head of the Central Bank of Russia, who has played a big role in helping to keep Russia's economy afloat in the face of Western sanctions.

The Department of Treasury sanctioned 14 international suppliers for supporting Russia's military supply chains, and 278 members of Russia’s legislature for enabling Russia's attempt at annexation.

The State Department is imposing visa restrictions on Russian national Ochur-Suge Mongush for torturing a Ukrainian prisoner of war.

It's also imposing visa restrictions on another 910 persons, including members of the Russian military, Belarusian military officials and proxies acting in Russia-held portions of Ukraine.

The Department of Commerce is also adding 57 entities to the Entity List for violating U.S. export controls.

Between the lines: The Department of Commerce is warning that current U.S. export controls can be applied to entities in third countries trying to provide material support for Russia's military and industrial sectors.

What they're saying: "We will not stand by as Putin fraudulently attempts to annex parts of Ukraine," Treasury Secretary Janet Yellen said in a statement.

"We will continue the United States' powerful, coordinated efforts to hold Russia to account, cut Russia’s military off from global commerce and severely limit its ability to sustain its aggression and project power," Secretary of State Antony Blinken said in a statement.

Biden admin slaps new sanctions on Russia after annexation

The new sanctions have been imposed on hundreds of Russian government officials and their family members.

President Biden speaks about Ukraine in the Roosevelt Room in February.

President Biden speaks about Ukraine in the Roosevelt Room in February. Photo: Alex Wong via Getty Images

Russian invasion of Ukraine

Joe Biden

Russia

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

Russian President Vladimir Putin announced in a major speech on Friday that Russia would annex four regions of Ukraine, a dramatic escalation that leaves no clear path to peace.

The big picture: Russia partially occupies the four Ukrainian oblasts — Donetsk, Luhansk, Kherson and Zaporizhzhia — and held staged referendums over the past few days that most western governments labeled a "sham." 

What he's saying: Putin claimed the results of the referendums had been "unequivocal." 

Putin said Ukraine and "its real masters in the West" must know "the citizens of Luhansk, Donetsk, Zaporozhia, and Kherson have become our citizens forever."

Putin called on Ukraine to negotiate, but said the annexations were final. "There is no turning back, Russia will not let them down." He added, "We shall defend our territory with all means available to us."

Putin claimed the territories had historically been part of Russia, before turning his attention to the "collective West" which he claimed "simply cannot accept the existence of Russia, with its huge territory, its huge resources."

State of play: Russian forces have been on the defensive as Ukrainian forces conduct counteroffensives in the east and Kherson in the south. As Putin spoke, Ukrainian forces were in the process of encircling Russia's positions in the city of Lyman in northern Donetsk.

With his annexations, which Western governments have universally rejected, Putin will be claiming that fighting is taking place on Russian soil — an apparent attempt to recast this as a defensive war.

Crucially, the Kremlin has already suggested that the territories will now be under Russia's nuclear umbrella, and thus attacks there could be met with a nuclear response. Ukrainian and Western officials have said they won't be deterred by "nuclear blackmail."

Ukrainian President Volodymyr Zelensky continues to define victory as removing Russian forces from all territories of Ukraine, and previously warned that annexing Ukrainian territory would make peace negotiations impossible.

Following the annexation announcement, Zelensky said Ukraine is making an "accelerated" bid to join NATO.

A speedy ascension for Ukraine into NATO is unlikely. 

President Biden warned Putin later Friday that "America is fully prepared with our NATO allies to defend every single inch of NATO territory, every single inch."

"Mr. Putin, don't misunderstand what I'm saying. Every inch," Biden added. 

Between the lines: With the annexation move, Putin seems to hope, mistakenly, that by putting nuclear weapons on the table he can convince the U.S. to pressure Ukraine to agree to back down, says Carnegie's Alexander Gabuev.

But by laying claim to so much Ukrainian territory, he has also raised the bar for victory.

"Putin views this war as existential for himself, for his personal survival maybe, for his legacy and for his country. And that's why it's just unattainable that he will back down. There is no diplomatic offramp that is visible for him," Gabuev says.

Russia is also in the process of drafting an estimated 300,000 men in an attempt to stabilize the precarious military position.

Putin acknowledged mistakes" in the mobilization process on Thursday, and said anyone who was called up despite not meeting the draft criteria “must be sent home.”

70% of Russians say they felt fear or alarm as a result of Putin's partial mobilization, and 66% believe full mobilization is possible, according to the Levada Center independent pollster. 

The proportions of Russians believing the war isn't going well (31%) and wanting peace talks (48%) also increased in the new poll.

Editor's note: This story has been updated with additional details throughout. 

Putin claims 15% of Ukraine is now part of Russia

Putin's military position has weakened dramatically.

The U.S. is using multilateral talks in Montreal to seek stronger emissions targets for aviation — and the new climate law is providing diplomatic leverage, Transportation Secretary Pete Buttigieg said in an exclusive interview with Axios.

Why it matters: Aviation accounted for just 2% of global energy-related greenhouse gas emissions in 2021, but it is growing quickly.

Aviation, along with marine shipping, is exempt from the Paris climate agreement.

Context: Countries oversee the sector through international cooperative organizations, primarily the UN International Civil Aviation Organization (ICAO). 

Driving the news: The ICAO has moved slowly to set emissions reduction goals for the industry. The U.S. is working with other countries to speed things up during an ongoing ICAO meeting in Montreal.

The development of new technologies, from sustainable aviation fuels (SAFs) to electric planes, has helped spur a new push for tougher, albeit nonbinding, targets.

What they're saying: Buttigieg said the recent policy steps the U.S. has taken, such as passing the bipartisan infrastructure law and the Democrats' climate bill, have given the country more credibility as a climate leader at the aviation summit.

"The last time I saw some of the ministers who are here was in Glasgow for the cop talks," Buttigieg said. "And at the time, there were a lot of questions about whether the US was going to be in a position to actually support the kind of goals that we were setting."

Now, he said, "There's enormous momentum coming into this conversation. And it's really energizing for us to be in a leadership position now."

The big picture: The administration has come to the latest ICAO meeting with a sense of urgency, he said, working to get other countries to jump on board its own 2050 net zero target for aviation emissions.

Buttigieg said achieving this target requires a mix of using SAFs, advancing new propulsion technologies, air traffic control and routing reforms that provide flights with more direct, fuel-saving paths, and other measures.

Through the new laws, the Biden administration has incentivized SAF production through FAA grants and federal tax credits.

Between the lines: The ongoing talks are among the first international climate meetings since the new law passed, and could provide early signs of whether it carries weight with other countries.

While SAFs are not a zero carbon fuel, they can reduce the life cycle carbon footprint of flying, and are part of a portfolio of solutions, Buttigieg said.

He noted that SAF production has to be dramatically scaled up to make a dent in aviation's greenhouse gas emissions, and said the U.S. is taking steps to do that.

"SAFs is probably the single biggest tool that we have to advance the decarbonization of this sector but it is not the only one," he said. "We have to recognize that while there are remarkable things being done in terms of new kinds of aircraft and new forms of propulsion that will be making a big difference by the middle of this century, we can't wait that long."

The ICAO proposal the U.S. is backing would also adopt a lower baseline for a carbon offsetting and reduction program, known as CORSIA, to make it more stringent.

Yes, but: The closely followed Climate Action Tracker examined the ICAO proposals, including net zero by 2050, compared to what is needed to achieve the Paris Agreement's 1.5-degree temperature target.

The group rated them as "highly" to "critically" insufficient.

What's next: The climate package is likely to be formally considered early next week.

U.S. pushes for aviation emissions cuts at key summit meeting

Pete Buttigieg is aiming for a net zero proposal by 2050.

Photo illustration of Pete Buttigieg and a graphic of airplanes

Photo illustration: Annelise Capossela/Axios. Photo: Erin Kirkland/Bloomberg via Getty Images

Climate change

Illustration of Transportation Secretary Pete Buttigieg and an airplane.

Breaking climate science and policy coverage as extreme weather events reshape communities. Keep tabs on the race to a low carbon economy, which may be bumpy as governments, climate tech startups and major oil and gas companies race to find their niche amid the changing energy landscape.

Energy & Climate

Russian strikes killed 25 civilians and injured at least 50 others overnight in the Ukrainian province of Zaporizhzhia, Ukraine's prosecutor general said.

Why it matters: The attack was one of the deadliest targeting Ukrainian civilians in recent weeks, according to the New York Times. It comes as the Kremlin plans to declare the area a part of Russia Friday following a series of sham referendums that have drawn wide condemnation from western governments.

Russian attack kills 25 in Ukraine on eve of planned annexation

It was one of the deadliest targeting Ukrainian civilians in recent weeks.

Axios

Friday's top stories

Scoop: Chamath Palihapitiya reopens Social Capital to outside investors

Zelensky: Ukraine submits "accelerated" NATO application

Biden admin slaps new sanctions on Russia after annexation

Putin claims 15% of Ukraine is now part of Russia

U.S. pushes for aviation emissions cuts at key summit meeting

Russian attack kills 25 in Ukraine on eve of planned annexation

Scoop: Trump threatened to go after Maggie Haberman's phone records

Iran protests spark wider adoption of anti-censorship tools

Tomorrow's car dealership might look more like the Apple Store

Global M&A just suffered its worst Q3 in a decade

Zelensky: Annexation of Ukraine "will not mean" what Russia hopes for

Congress barrels toward "extremely busy" lame-duck session