Global Powers at Crossroads: Russia and US Elections in 2024


Estimated time of reading: ~ 4 minutes  

This 2024, both the United States and Russia find themselves at a critical juncture, navigating the complexities of their political landscapes with elections poised to shape the destiny of these two superpowers. As citizens prepare to cast their votes, the outcomes of these elections will undoubtedly influence not only domestic policies but also have far-reaching implications for international relations.

United States Elections: Navigating Post-Pandemic Recovery and Economic Policies

The United States grapples with the aftermath of the COVID-19 pandemic. Voters will choose a president and vice president for a four-year term. Incumbent President Joe Biden, a Democrat, seeks re-election, while former President Donald Trump, a Republican, is running for a second, nonconsecutive term. If Trump wins, he would join Grover Cleveland as the second president to achieve this distinction. Numerous primary election challengers have declared their candidacies. Notwithstanding Trump’s denial to cast his candidacy in several federal states, the recovery from the unprecedented global health crisis has become a focal point for candidates across the political spectrum.

As the electorate considers their choices, issues such as healthcare reform, economic revitalization, and social cohesion are likely to dominate the discourse. The economic policies proposed by the candidates will play a central role in shaping the nation’s trajectory. Questions about fiscal responsibility, job creation, and income inequality will weigh heavily on the minds of voters. At the international stage, concerns about U.S.-China tensions impacting stocks may arise if both parties leverage trade barriers. Analysts suggest that higher tariffs may contribute to inflation, strengthen the dollar, and adversely affect the yuan, euro, and Mexican peso. Additionally, commitments to cut spending from either political party could disrupt a widely adopted U.S. bonds trade strategy, which relies on the expectation of increased government borrowing. Furthermore, the stance on oil policies should be monitored, as Trump supports expanded U.S. drilling, a move that Biden has curtailed.

Russia’s Political Landscape: Global Dynamics and Economic Priorities

The 2024 elections will unfold against the backdrop of evolving geopolitical dynamics and domestic priorities. With President Vladimir Putin at the helm, the political landscape has been marked by a combination of continuity and adaptation. Alexei Navalny, a prominent figure in the Russian opposition, is once again ineligible to run due to a prior criminal conviction, mirroring the 2018 presidential election. Widely viewed as politically motivated, Navalny’s criminal cases cast doubt on the fairness of the election. Observers, especially in Western nations, anticipate a lack of freedom and fairness, with expectations that the election process will be dominated by Vladimir Putin.

The incoming leadership’s approach to managing economic challenges, including sanctions and fluctuations in global energy markets, will be a significant factor in shaping the country’s future. Reuters assesses that United States and Japan are contemplating the possibility of confiscating frozen Russian assets like cash and government bonds held by its central bank in foreign countries. In response to such actions, Russia has issued a warning of retaliation. The Russian economy has experienced growth due to substantial boosts in defense spending for the ongoing war, although persistent inflation, exacerbated by a significant depreciation of the rouble, has compelled an increase in interest rates.

The world will be watching closely as the United States and Russia navigate their respective political landscapes, mindful of the profound impact their choices will have on the future of these two influential nations and the broader international community. The intersection of politics, economics, and global cooperation will define the path ahead for the United States and Russia in this critical moment of decision-making.

Written by: Nenad Stekić

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