The Globalist – October 24, 2025

Podcast: The Globalist
Host: Monocle (Georgina Godwin)
Episode Theme: EU and US Sanctions on Russia, Art Basel Paris, Tariffs’ Impact on the Superyacht Industry

Episode Overview

This episode of The Globalist delves into significant international headlines: the deepening economic conflict between Russia and the West, including coordinated sanctions and delayed EU funds for Ukraine; trade tensions overshadowing the upcoming APEC summit in South Korea; a forward-looking take on Art Basel Paris’ evolving cultural influence; the surreal state of superyacht luxury amid sanctions and tariffs; and a dose of witty, incisive commentary on the political week from Andrew Muller. Rich with expert interviews and global perspectives, the episode offers both high-level analysis and memorable details on today’s biggest stories.

Key Discussion Points & Insights

1. EU & US Sanctions on Russia: Impacts and Divided Approaches

Guest: Jenny Mathers, Senior Lecturer in International Politics, Aberystwyth University
Segment Start: 04:00

• Delayed EU Funding for Ukraine

  • The EU agreed to guarantee two more years of financial support for Ukraine but delayed use of frozen Russian assets (approx. €140 billion) until December, citing Belgian legal reservations.
  • Mathers: “Belgium is very concerned about the legal implications... they want more sort of cast iron guarantees.” (04:10)
  • The delay is a significant blow to Ukraine, both materially and in terms of public morale.

• Coordinated Sanctions on Russian Oil Giants

  • The US imposed sanctions on Rosneft and Lukoil, with coordination from EU partners, aiming to pressure Moscow toward peace negotiations.
  • Mathers: “It reflects the fact that the European supporters of Ukraine have been developing their ability to manage the Trump administration...” (05:02)

• Russia’s Reaction

  • Moscow’s tone is defiant, with President Putin labeling the sanctions as “an act of war” and Medvedev using the escalation to justify intensifying military actions in Ukraine.
  • Mathers: “Putin has described these sanctions as... an act of war.” (05:29)

• Will the Sanctions Work?

  • Russia’s ability to continue funding the war is questioned. Success depends on enforcement, especially whether major buyers like China and India comply.
  • Mathers: “If everything falls into place... it will definitely create huge problems for Russia’s ability to finance the war.” (06:12)

• Risks of Economic Contagion & Fragile Western Resolve

  • Sanctions could spike energy prices, testing the West’s patience and unity; secondary impacts on commodities are possible.
  • India may seek workaround strategies rather than stop buying Russian oil outright.

• Peace Prospects?

  • The combination of sanctions and the delayed EU funding offers hope but no guarantees for a push toward negotiations.
  • Mathers: “There’s hope, at least, that it will. But... we just don’t know how stable, how long-lasting this position is...” (08:58)

Notable Quotes

• “The challenge for Kyiv is to try and hold on... in terms of money and morale at home.” – Jenny Mathers (09:39)

2. South Korea, APEC, and Global Trade Tensions

Guest: Robert E. Kelly, Professor of Political Science, Pusan National University
Segment Start: 11:17

• $350 Billion US-Korea Investment Dispute

  • Disagreement over whether investment in US industries should be a cash payment or loans is delaying tariff talks and overshadowing next week’s APEC summit.
  • Kelly: “Donald Trump is asking for something in the order of $200 billion in investment guarantees... that's 10% of South Korea's entire GDP!” (14:34)

• Gyeongju Declaration: Substance vs Symbolism

  • The summit’s concluding statement risks being empty if real trade disputes remain unresolved, especially between US and China.
  • The outcomes will be more about optics than actual resolution.

• South Korea’s Position: Caught Between US & China

  • Seoul struggles to balance its deep security alliance with the US and substantial economic ties to China.
  • Kelly: “South Korea is really kind of stuck between the United States and China... that’s probably the biggest foreign policy split in the country.” (15:57)

• Broker Role Unlikely for South Korea

  • Despite aspirations, South Korea can’t be a neutral broker given the US military presence; China’s distrust and domestic constraints further limit its flexibility.

Notable Quotes

• “Trump is asking for a payoff... at that scale, I’d imagine it’s going to take a long time to work it out.” – Robert E. Kelly (14:34)
• “If you’re China, the South Koreans can say they’re a broker... but empirically, that’s just not accurate.” – Robert E. Kelly (17:41)

3. World News & Press Review

Guests: Theo Usherwood, Political Journalist and Broadcaster
Segment Start: 20:00

• US-Canada Trade Talks Collapse

  • Trump halts negotiations over a Canadian ad mocking tariffs, a move costing a $928 billion deal.
  • The US president’s impulsive, transactional approach is highlighted.

• Influence of Tech Elite on Policy

  • Reports of Nvidia CEO Jensen Huang persuading Trump not to send federal agents to San Francisco illustrate the uneven power wielded by business leaders.

• Political Turmoil in the UK

  • Labour suffers historic loss in the Caerphilly by-election; Plaid Cymru triumphs, Reform UK rises, suggesting Labour’s Wales dominance is ending and wider implications for the unity of federal parties in Britain.
  • “Labour are being pushed out of Wales. They’re probably being pushed out of Scotland as well... the traditional parties in Britain can only really operate in England.” — Theo Usherwood (26:16)

• International Aid Story

  • Jersey cows’ semen is being used to increase milk production in Nepal—a quirky yet impactful aid example.

4. Art Basel Paris: Reimagination, Inclusion, and Artistic Risk

Guest: Vincenzo de Bellas, Chief Artistic Officer, Art Basel
Segment Start: 31:45

• Renewed Focus on Presentation and Diversity

  • Paris is reinforcing its role as an art hub, with VVIP days and broad international attendance.
  • Museums as buyers are increasingly influential, “wider than the market” and crucial for artists’ careers.

• Curation Trends: Mixing Generations and Rediscovery

  • Galleries are blending household names with rediscovered or emerging artists; diversity and new perspectives are being actively championed.
  • “The rediscovery, the mix of generations, is going on in most of the booths.” (33:31)

• Notable Works & Bold Curatorial Moves

  • Gagosian displayed a Rubens—“the most unexpected thing to see at Art Basel.”
  • Risk-taking praised: single-artist solo booths (e.g., Hugo Rondinone, Picasso show at Namad Contemporary), and inventive installations like Tia Giorgiaza’s metal triangle and Luciano Fabro’s Arte Povera sculptures.

5. The Superyacht Industry: Sanctions, Tariffs, and Shifting Horizons

Guest: Anders Kurten, CEO, Fraser Yachts
Segment Start: 52:19

• Luxury Yacht Market Still Robust

  • Post-pandemic, the superyacht market remains strong, though demand forecasting is tricky.
  • Business is well above pre-pandemic norms.

• Sanctions & Tariffs Redrawing the Map

  • Sanctions have pushed Russian buyers out of the market but haven’t dramatically reshaped overall buyer demographics (US and Europe dominate).
  • Tariffs have little effect at the superyacht level due to the nature of international flagging; regulatory advantages, not nationality or tariffs, dictate flag choices.

• Sustainability: More than Symbolic

  • There is a palpable shift toward eco-conscious yacht features—electric propulsion, energy-saving measures, even ocean-crossing without fossil fuels.

• Charter Destinations: Broader Horizons

  • While Mediterranean and US/Caribbean waters dominate, there’s growing appetite for far-flung charter destinations.

Notable Quotes

• “Pre-pandemic, sustainability was just an icebreaker at a cocktail party... [Now] it plays a pretty big part in negotiations.” – Anders Kurten (56:04)
• “The US is still number one with some 40% of the buyers... the rest of the nationalities are pretty evenly spread all over.” (53:58)

6. Andrew Muller’s “What We Learned”: Satire, Protest, and Presidential Absurdity

Segment Start: 37:08

• Satirical rundown includes:
  • Blunders of celebrating the US Marine Corps’ 250th with live artillery over a civilian highway (“firing live artillery rounds over a civilian highway is a bad idea.”) – Andrew Muller (37:08)
  • President Trump’s AI-generated, crown-wearing, fighter-jet video attacking protesters.
  • Cultural referencing: “Trump is not calling for the murder of his political opponents...” and a running gag on President Millard Fillmore’s historical uselessness.
  • Trump’s plan to demolish the White House’s East Wing for a new ballroom, revealed during a press conference.

Memorable Quote

• “President Trump remained as determined as ever to spare the rest of us the hassle of coming up with our own metaphors, swinging the wrecking ball at the White House...” – Andrew Muller (43:39)

Timestamps for Important Segments

| Segment | Start Time | |------------------------------------------------------------ |------------| | EU & US Sanctions on Russia (Jenny Mathers) | 04:00 | | South Korea, APEC & Global Trade (Robert E. Kelly) | 11:17 | | World News & Press Review (Theo Usherwood) | 20:00 | | Art Basel Paris (Vincenzo de Bellas) | 31:45 | | Satirical Political Roundup (Andrew Muller) | 37:08 | | Superyacht Industry (Anders Kurten) | 52:19 |

Tone and Language

The tone throughout is brisk, cosmopolitan, and occasionally wry—well-matched to Monocle’s blend of sophisticated worldliness and playful irreverence. Expert guests maintain an analytical, candid approach while Andrew Muller’s segment delivers a satirical punch.

Summary Value

This episode stands out for its breadth—offering insights on high-level geopolitics, economic trends, transatlantic policy, and cultural developments—while also drawing memorable color from expert voices and Monocle’s signature editorial wit. It’s indispensable listening for anyone seeking to understand not just today’s headlines, but their underlying causes and quirks.