****The US, France and Germany are separately taking steps to regulate investments by sovereign wealth funds. Sovereign wealth funds are huge investment funds controlled by foreign governments. Their current value is estimated to be between $1.5 and $2.5 trillion.
****Russian President Putin and Iranian President Ahmadinejad met in Tehran on Tuesday. Their call for diplomatic unity among Caspian nations was widely seen as a geopolitical rebuff to France and the US, who have publicly considered military action as a last ditch means of solving the Iranian nuclear dispute.
****The EU and Russia announced they would jointly appoint a panel of experts to discuss EU energy market reforms proposed by the European commission. The reforms would block out Russia's politically combative natural gas monopoly GazProm from investing deeper into the EU market.
****Russian President Putin announced on state-run television that Russia is planning to substantially upgrade its conventional and nuclear military arsenals. His remarks came on the same day Russia test fired and inter-continental ballistic missile.