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Russia's booming stock market and currency, China's second quarter bounce and Nicolás Maduro's ability to hold power in Venezuela this year have all flown directly in the face of conventional wisdom about the power of the U.S. to cajole bad actors on the international stage through sanctions.

Why it matters: As the Trump administration mulls further punitive actions on China, Iran and a growing list of countries, there's growing evidence the U.S. is losing its coercive power.

That's been particularly notable in the case of Russia, which has been delivering solid returns to investors, despite facing U.S. sanctions for years.

  • Russia's stock market is booming this year, near record highs in ruble terms, with investors expecting fresh all-time highs by year-end.
  • Its ruble currency rose to its highest value against the dollar in 10 months last week.
  • Russian GDP is growing and its unemployment rate is near a historic low.

"They're supporting their economy by adjusting who they're trading with and the markets that they're going into," Chris Gaffney, president of world markets at TIAA Bank, tells Axios. "We're seeing some of that with China too, where China is establishing more trade with Europe because of the ongoing trade spat with the U.S."

  • Gaffney says this has also been true of Iran and Venezuela, which were expected to crumble under the weight of U.S. economic sanctions earlier this year.

What to watch: The common thread is China, which has become the top trading partner with many of the world's countries and essentially ignores U.S. sanctions. Russia is in talks with Iran and has deepened its trading relationship with China while it profits from cheap Venezuelan oil imports the rest of the world is barred from receiving.

  • This could color the reaction Trump gets from China, Turkey and Iran at this week's G-20 meetings.

Go deeper: The grand fall of Venezuelan oil

Go deeper

Updated 1 hour ago - Energy & Environment

Ransomware attack forces shutdown of major U.S. fuel pipeline

A police officer stands guard inside the gate to the Colonial Pipeline Co. Pelham junction and tank farm in Pelham, Alabama, in 2016. Photo: Luke Sharrett/Bloomberg via Getty Images

A major U.S. fuel pipeline running from Texas to New York has been taken offline by its operator because of a ransomware attack, Colonial Pipeline said Saturday.

Why it matters: It's a significant breach of critical infrastructure and comes on the heels of multiple other major cyberattacks on both U.S. companies and the federal government.

Erica Pandey, author of @Work
2 hours ago - Economy & Business

The wealthy exodus from superstar cities

Pandemic-induced remote work is chipping away at a recent trend of Americans staying put — but only for the well-off.

Why it matters: Telework has been lauded as a geographic equalizer, allowing talented people from all over the country to go for jobs in superstar coastal metros. But the benefits have largely been limited to wealthier workers — so far.

Updated 4 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: The end of quarantine — CDC updates guidance on airborne COVID-19.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations.
  5. World: Asia faces massive new COVID surge.
  6. Variant tracker: Where different strains are spreading.

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