A U.S. Air Force C-17 Globemaster III touched down at Moscow’s Vnukovo International Airport yesterday.

Soon after, a U.S. diplomatic motorcade was spotted moving through the Russian capital.

The Kremlin later confirmed CIA Director John Ratcliffe made an unannounced trip to Moscow to meet with senior Russian intelligence officials.

This is the first known trip to Russia by a sitting CIA director since William Burns visited Moscow in November 2021 — just months before Russia invaded Ukraine.

So what was Ratcliffe doing there?

The official answer is: We don’t know.

But Paradigm’s macro authority Jim Rickards has a theory about what Washington ought to be discussing with Moscow right now.

Your Rundown for Wednesday, August 26, 2026...

The Road to Hormuz Runs Through Russia?

The U.S. and Russia are still deeply divided over Ukraine; U.S.-brokered peace talks have largely stalled.

In fact, Washington considered Ratcliffe’s trip sensitive enough that it notified Ukrainian officials beforehand and asked Kyiv to suspend strikes until the U.S. delegation left Russia.

At the same time, Washington now has a secondary Russia problem wrapped inside its Iran problem.

Jim highlighted this predicament for Strategic Intelligence subscribers on Monday: “One of the reasons for Iran’s resilience,” he wrote, “is Russia.”

Recent reports indicate more than two dozen Russian vessels delivered supplies to Iran’s Amirabad port, shipping Iran drone components, ammunition and TNT explosives across the Caspian Sea.

The shipments therefore give Tehran another source of military supplies even as U.S. and Israeli attacks degrade its domestic production capabilities.

Meanwhile, the Trump administration on Monday launched “Operation Economic Outcast,” a sweeping new effort to sever Iran’s remaining financial connections to the outside world.

“Of course, the U.S. could engage with Russia in a kind of détente 2.0 and relieve Russia of the economic sanctions [Russia] is currently under,” says Jim.

In return? “Russia could help the U.S. by applying pressure on Iran.”

That doesn’t mean Ratcliffe flew to Moscow to negotiate some grand Russia-for-Iran bargain.

But America’s top spy just spent roughly eight hours in Moscow meeting with his Russian counterparts, and Putin was personally briefed afterward.

Of course, there’s a financial angle here.

Oil prices are now falling as traders detect signs that diplomacy might be gaining ground. Brent crude dropped to about $86 per barrel this morning, while WTI fell near $80 as Iran and Oman discussed a temporary navigation corridor through Hormuz.

If Washington can persuade Moscow to stop supplying Iran — and instead pressure Tehran toward a settlement — the benefits could reach all the way to American consumers.

A durable reopening of Hormuz would reduce one of the biggest risk premiums embedded in global energy prices. More Russian energy reaching world markets could add another source of supply.

And that could mean cheaper crude, less pressure at the pump and a break for inflation.

Market Rundown for Wednesday, August 26, 2026

S&P 500 futures are down 0.15% to 7,680.

Oil’s down 2.55% to $80.25 for a barrel of WTI.

Gold is down 0.45% to $4,673.40 per ounce.

And Bitcoin’s pulled back 0.75% to $78,320.