
Helen Belopolsky
Dr. Helen Belopolsky is Global Head of Geopolitical Research and Managing Director at Deutsche Bank Research, and host of the Podzept and Rate Check podcasts.
2
APPEARANCES
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PODCASTS
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Sep 15, 2026
Best of British: UK Growth on the rise & The Russian Risk
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And just to understand where that may ultimately go, perhaps we could take a step back and understand, in your view, what is Russia's ultimate objective in Europe? What's the desired end game?

Helen BelopolskyGUEST
JJ, now that's a huge question, and I'm not certain Putin himself knows exactly what his end game is.

Helen BelopolskyGUEST
That said, he hasn't kept secret his two thousand and seven Munich speech, uh, that he perceives a European security architecture built without Russia as inherently threatening to Russia.

Helen BelopolskyGUEST
He's repeatedly argued that Europe's post-Cold War order illegitimately excluded Russia from decisions affecting its own neighborhood.

Helen BelopolskyGUEST
What he wants is some sort of recognized sphere of influence over the former Soviet space, not just Ukraine.

Helen BelopolskyGUEST
Um, every dispute that we've seen over NATO enlargement, missile defense, Ukraine, and now long-range missiles all trace back to this motivation.
15:07
Now, US-UK relations, which have been very strong over many decades have, have also been strained over a number of topics, and for example, if Argentina invades the Falklands or if Russia does act against the UK, do you expect the US to be likely to help, or is the UK more dependent on its European allies?
Markets after the US-Iran deal and the Fed
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3:04Henry AllenHOST
So, Helen, what do you think are the biggest sticking points that are going to happen in this negotiation?

Helen BelopolskyGUEST
Now, that doesn't necessarily mean that we won't see continuation of the normalization, but we have to watch them very closely.

Helen BelopolskyGUEST
Iran continues to have about 440 kilograms of highly enriched uranium, which they're keen to keep, which the US is much more keen to ensure that they get rid of, particularly given the focus of the US administration on nuclear capabilities of the Iranians as a driver for the military action.

Helen BelopolskyGUEST
Now, we've seen over the course of the past few days, really, a continuation of conflict over the control of the Strait, the reopening of the Strait, and the aftermath math and whether there will be an Iranian control or joint control.
