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The U.S. and Iran are back at the table today, this time in Geneva for a second round of nuclear talks as the Trump administration presses for curbs on Tehran's nuclear program. While the mullahs claim the next move belongs to Washington, Iran's top diplomat, that would be Abbas Araggi, arrived in Switzerland for another round of indirect negotiations, once again mediated by Oman. On the American side, US Envoy Steve Wytkoff and senior adviser to President Trump Jared Kushner, because those apparently are the only two envoys we have are expected to participate, according to Reuters. Unlike the 2015 nuclear deal, which involved world powers, these talks remain streamlined, just Washington and Tehra, with Oman as a go between. But before we even talk about enrichment levels or sanctions, I want to point out the blame game that's underway currently. Iran, with apparently a complete lack of self awareness or irony, says the ball is in America's court to prove that Washington truly wants a deal. Iran's deputy foreign minister told the BBC that if Washington is, quote, sincere, then an agreement is within reach. And you know what? Whenever I think of the mullahs and the irgc, I always think of sincere and that IR is ready to discuss its nuclear program, but only if sanctions relief is part of the conversation. In other words, Tehran is framing itself as ready to deal, but only on its terms. The Trump administration, meanwhile, is pushing back on that framing that Washington is the obstacle. Secretary of State Marco Rubio told reporters that Trump prefers a negotiated settlement with the regime. But he also acknowledged it would be very hard to reach a deal with the mullahs, citing past negotiations and that proved fruitless. The Trump administration argues that Tehran is the one who is not sincere and is instead delaying serious commitments on enrichment to stall any oversight process. In addition to refusing to discuss his ballistic missile program or terror proxy network, Iran points to the regime's willingness to dilute uranium enriched to 60% purity, which is below weapons grade, although barely, as evidence of flexibility. Now, that sounds like compromise, but the reality is it's barely compromise, particularly when they're demanding full sanctions relief. In return, the regime has implied that they might be willing to dilute their 60% enriched uranium down to 20%. The problem being moving back from 20 to 60% and then to weapons grade is a relatively easy lift compared to the initial enrichment effort. And of course, there's no reasonable civilian use for uranium enriched beyond 5%. When pressed on whether the regime would ship its stockpiles of more than 400 kg of highly enriched uranium out of the country, as it did under the 2015 agreement, Iran's deputy foreign minister said it was, quote, too early to say what will happen in the course of negotiations. Now, that's no small distinction. If the regime does not ship those stockpiles outside of their country, well, then diluting uranium, you know, all that does is it keeps the stash inside Iran. And at 60 or even 40 or 20%, the process to enrich two weapons grade is just a short jump. Shipping it out, of course, well, removes it entirely. From Washington's perspective, one step produces a slight delay in their nuclear program, while the other actually reduces risk. And still, Tehran's red lines remain firmly in place. Iran's deputy foreign minister made clear that, quote, zero enrichment is no longer on the table, a topic that's been a major sticking point that has derailed past negotiations. He also insisted that talks must focus exclusively on the regime's nuclear program, rejecting American and Israeli conditions that Iran's ballistic missile program and its support for its proxy groups, Hezbollah, Hamas, be part of the negotiations. Now, these talks are obviously unfolding against a tense backdrop. Diplomatic efforts collapsed last year after Israel launched a 12 day war with Iran, followed by US strikes on Iranian nuclear sites. Since then, Trump has warned that military options remain readily available if diplomacy fails. The US has reinforced its military posture in the region, dispatching a second aircraft carrier strike group. Washington says the buildup is merely meant to deter escalation, not provoke it, and to make clear that negotiations cannot simply drag on without consequence. Of course, Tehran has threatened to strike American military bases in the Middle east if attacked. At the same time, senior regime officials struck a more conciliatory tone, arguing that any durable agreement between the two capitals must deliver tangible economic benefits. The deputy director of Iran's Foreign Ministry argues that for an agreement to last, the U.S. must see, quote, high and quick economic returns from the regime, citing potential cooperation in oil and gas, mining, and even aircraft purchases to hammer out a deal. Yes, this is. This is actually quite amazing. It's a great concept. Let's sell aircraft to the Iranian regime, maybe buy their oil. I'm sure those revenues that they receive won't go towards building their weapons programs and resourcing Hamas and Hezbollah and the Houthis as they always have in the past. Why? If I know those mullahs, they'll probably use the revenues solely for the benefit of the Iranian population. But I give the Deputy director of the Foreign Ministry credit. Actually, he's figured out that President Trump is a transactional president and likes nothing better than doing deals. So it makes sense that the Iranians would try to play that card now. Not to put too fine a point on it, but I think I'm about to. Any deal that keeps the current regime in place, gives them sanctions relief, doesn't touch their ballistic missile program, and allows them to keep their enriched uranium stockpiles. Well, frankly, all you're doing is putting lipstick on a pig, a band aid on a sucking chest wound. You are just kicking the can a bit down the road so someone else will have to clean up the eventual mess. All right, I want to shift to Ukraine, where the corruption investigation we've been following is widening yet again. This time, former Energy Minister German Galushenko was detained, allegedly attempting to flee the country as a $100 million probe. Well, at least. At least $100 million pushes deeper into the upper ranks of Kyiv's government. Galashenko, who led the energy ministry from 2021 to 2025, before briefly serving as a justice minister last year, was arrested Sunday near the Ukraine Polish border by anti corruption officers. Less than 24 hours later, Ukrainian authorities formally charged him with suspected money laundering and participation in what they describe as a criminal organization. The country's two main anti graft bodies, the National Anti Corruption Bureau and the Specialized Anti Corruption Prosecutor's Office. And you say to yourself, do those two organizations have acronyms? Well, of course they do. They're known as NABU and SAPO have been leading this investigation and announced Galashenko's arrest. So you say to yourself, what is the investigation all about? Well, as we've been following here on the podcast, it's an investigation codenamed midas, and it centers on alleged kickbacks tied to contracts for Ukraine's state nuclear energy company. The country's investigators say members of the group imposed a 10 to 15% surcharge on contracts which essentially inflated costs in exchange for ensuring the contracts were approved, payments weren't delayed or frozen inside the bureaucracy, and suppliers remained eligible to keep doing business with the state energy company. And it wasn't just routine contracting. Some of the projects involved building installations meant to protect energy sites from Russian air attacks. Yes, kickbacks on projects meant to protect the country's energy grid from Russian attacks, the energy grid that Ukrainians rely on for heat and power during the frigid winter months. Allegations that graft touched defensive infrastructure raised stakes considerably as tens of thousands of civilians across Ukraine, of course, endure a bitter winter with rolling blackouts. Authorities in Kyiv say they spent 15 months building the case, compiling roughly 1,000 hours of audio recordings. And Galashenko is not the only high profile figure caught up in this. Other suspects include 46 year old Timur Mindich, a close friend and former business partner of Ukrainian President Zelensky. As we discussed last year, Mindich fled Ukraine in November and was later filmed in Israel by news outlet Ukrainian Truth. Under martial law, Ukrainian men under 60 years old are barred from leaving the country without special authorization. That's a restriction that 52 year old Galashenko was allegedly attempting to bypass when he was detained. Also in November, NABU and SAPO detectives searched Galashenko's home. Shortly after Zelenskyy called for the resignations of Galashenko and his deputy, who briefly succeeded him at the Energy Ministry before he moved to the Justice Ministry. At that time, no charges were filed and Zelenskyy's top aide, Andrei Yermak, also resigned hours after authorities searched his home and office in connection with the probe, although officials say he has not been charged at this time. As with any fraud investigation, it's always relevant and telling to follow the money. Investigators allege that members of the group registered an offshore fund in Anguilla, a British territory in the Caribbean, in February 2021 to launder proceeds. The fund was reportedly headed by a longtime associate of the alleged participants. Kyiv Authorities alleged roughly $112 million was siphoned from Ukraine's energy sector during Geleshenko's tenure and funneled through instruments such as crypto and investments tied to that offshore fund. Prosecutors say Galashenko and his family received about $12 million. Now I will say as an aside, I'm always fascinated by exactly what dollar amount it takes for someone to sell out their country. As Ukraine approaches the fourth anniversary of Russia's full scale invasion, the widening Midas investigation has rattled European defense partners and placed renewed scrutiny on governance inside Kyiv. Okay, coming up in today's Back of the Brief, a funding standoff over immigration policy triggers a partial shutdown at the Department of Homeland Security. More on that when we come back. Hey, Mike Baker here. Let me take a moment to talk about personal finances and the importance of diversifying your assets. So here's the do you own physical gold? Look, in today's world with its ups and downs and global instability, owning gold is something that everyone should consider, right? And here's a top tip. Acre Gold makes it simple. That's Acre A C R E. With Acre Gold, you pick a plan that fits your budget, you make monthly payments, and when you've accumulated enough, they ship you a beautifully designed 24 karat Swiss gold bar. 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