[Breaking News—Russia Announces Space Technology Cooperation with Korea!]
[The Announcement Says Space Technology, but in Reality It’s Hypersonic Missiles... Will This Become a Second Brown Bear Project?]
[An Uncomfortable West... Was This a Head-On Violation of Western Financial Sanctions?]
[Ministry of Economy and Finance: “Just Before the Russo-Ukrainian War, roughly 30 billion dollars in assets were frozen in Russia. As it was realistically impossible to recover them, we agreed to write them off and cooperate in the field of basic science.”]
-Team Leader Lee, to my office.
The pension fund headquarters in Jeonju.
After finishing all my schedules in Seoul and coming in to the office for the first time in a while, Department Head Oh’s call struck as if it had been waiting for me.
“Just how did you pull it off?”
When I gathered my documents and arrived at his office, his amazed face greeted me first.
“What are you referring to...?”
“Persuading Russia! Defense stocks exploded on the news that we’re bringing in Kinzhal and Zircon technology. What the hell did you do in Moscow?”
“What could a lowly employee like me have done there? I just diligently carried the bags for the ministers of science and defense...”
“Then who struck the deal?”
“The defense minister, of course.”
“What did the defense minister do, exactly? Threaten to invade if they didn’t pay back our money?”
As expected, Department Head Oh was sharp as a tack.
He had realized that the negotiation had effectively been conducted by me, the owner of the money.
“I didn’t say much... I just made them understand that unlike during the dissolution of the Soviet Union, if they defaulted this time, the ruble would become scraps of paper. Their finance minister knew what kind of state Argentina ended up in, too.”
“Still, does that level of technology make any sense? Our Hicore is Mach 6, but Zircon and Kinzhal are Mach 10. Performance doubled in one go.”
“It’s still a profitable deal for Russia. Thirty billion dollars is the entire market cap of our KD Techwin. Honestly, it’s a bit of a shame. I thought maybe, if things went really well, we could even get Avangard...”
“Well, well? If we’d lent them fifty billion dollars, you’d have asked for the Tsar Bomba, huh?”
I scratched my head awkwardly.
Although Russia had stiffed us for an amount equivalent to the market cap of our top defense company, we had gained plenty this time as well.
Our missile system, which had taken five years to reach Mach 6, improved twofold in just a few months, and defense stocks were repaying us with limit-up gains.
Since all of our defense stocks had surged on the technology transfer news, we had at least gotten our money’s worth.
“Anyway, enough about that. How do you see the outlook for defense stocks going forward?”
“Haven’t prices risen a lot?”
“That’s exactly the problem, because they’ve risen. At the risk meeting held while you were gone, there were a lot of opinions saying we should gradually dispose of them. Missile technology is one thing, but in any case, it’s true that the war is over, isn’t it?”
“Department Head. Please trust me. There may be a correction, but Europe won’t start disarming now.”
Department Head Oh fell into thought for a moment, then soon nodded.
“Fine. Let’s do that.”
“Thank you!”
“By the way, what kind of trouble did you cause this time that you’re being called to the Ministry of Foreign Affairs?”
Department Head Oh spoke with clear displeasure.
I had been away for nearly a month after joining the Moscow TF, and now I was about to leave on another business trip to Europe.
“It’s an order from the Blue House, so I can’t refuse... What on earth is it?”
“I think I need to resolve the last remaining homework. Persuading Europe.”
“Europe?”
“Yes. Whatever the case, with this technology introduction, it’s been revealed that we were buying a considerable amount of Russian bonds.”
Department Head Oh sighed.
“Yes, that’s the biggest problem more than anything else. We violated Western financial sanctions head-on.”
The news currently being reported domestically was nothing but pulling the wool over people’s eyes.
The Ministry of Economy and Finance announced that we had not purchased Russian bonds, but rather had roughly 30 billion dollars in assets that we failed to recover just before the Russo-Ukrainian War, and that we had written them off.
The Minister of Science and ICT answered that it was cooperation in the field of basic science above all else, and that we were receiving space technology.
But just as Korea’s Naro rocket becomes a satellite if you attach exploration equipment, and an ICBM if you attach a bomb, this space technology cooperation was effectively no different from a technology transfer for hypersonic missiles.
There was no way Western intelligence agencies wouldn’t know information that even individual investors could figure out. They had likely already grasped both that the price of this space technology cooperation was the purchase of Russian bonds, and the method by which we had bought them.
“How are you going to explain it to them...?”
“There’s no choice. We can only insist that this isn’t military cooperation, but strictly space technology cooperation.”
“Hey, you punk, that’s for domestic news reports. Do you think the West will believe that?”
“I’ll give it a try. Heh heh.”
Department Head Oh shook his head.
“I really can’t tell what’s going on inside that head of yours.”
“Then, Department Head, may I leave a little early today? I’m leaving the country tomorrow, so I need to prepare a bit...”
When I smiled sheepishly, Department Head Oh glared at me.
“It’s a request from the Blue House, so I can’t refuse, but really.”
“I’m sorry.”
“Get out.”
“Thank you!”
Just before leaving, I turned back around.
“Ah, Department Head. I couldn’t attend the risk meeting, but there’s one sector I’d like to suggest.”
“A sector?”
“Yes. I was thinking, how about we start loading up on domestic construction stocks from this week?”
“Construction? Ever since Mayor Choi Sang-dong was elected, Seoul real estate has been on a downward trend. That man is serious. Loan and jeonse regulations are strict, so Seoul real estate prices are dropping steadily. Because of that, construction stocks are in a severe winter too.”
“Do buildings have to be built only in Korea? It would be nice to build them in places like Russia and Ukraine too.”
“W-what?”
I grinned.
“I can’t tell you the details, but it would be best for our pension fund to organize a reconstruction-stock theme and prepare for it.”
“What are you talking about now! Has something been decided up above?”
“It hasn’t been confirmed, so I can’t tell you the details. Heh heh.”
Leaving behind Department Head Oh, whose curiosity was about to explode, I quickly escaped the company.
*
EU headquarters in Brussels, Belgium.
The European delegates gathered in one place looked at one another with uncomfortable expressions. The location was Brussels, but with even the United Kingdom present today, it was effectively a NATO meeting.
“I’m telling you, let’s do it.”
“I’m telling you, we can’t!”
“A majority of our member states have already agreed to this!”
“Then Belgium will withdraw from the EU!”
Even though the war had ended, the reason their faces were dark was, as expected, money.
It was overwhelming. To rebuild Ukraine, devastated by war, and turn it into a Maginot Line against the Russian army, an astronomical amount of money was needed.
Accordingly, the EU had decided to support Ukraine by using frozen Russian assets tied up in Europe as compensation, but on this matter, the interests of each country differed greatly.
“Now, now, let’s stop raising our voices. With the war over, it isn’t right for us to fight among ourselves.”
The President of the European Commission mediated the atmosphere and spoke to the Belgian delegate.
“Delegate of Belgium. Then please present an alternative. As you know, our finances are exhausted from providing all kinds of weapons for the Russo-Ukrainian War. But just because the war has ended, we can’t abandon Ukraine, which has been reduced to ruins, can we? Instead, let’s first use the Russian assets frozen in Belgium strictly in the form of a ‘loan.’”
Belgium frowned.
“If it’s in the form of a loan, then who will repay it, when, and how?”
“Well, that can be handled depending on the circumstances...”
“Listen. Whenever someone says to repay money, everyone is busy running away, so why are you forcing a unilateral sacrifice on Belgium?”
The Belgian delegate’s voice was extremely agitated.
And understandably so, because no one dared imagine what kind of butterfly effect this decision might cause.
Of the 210 billion euros in Russian assets currently frozen in Europe, 180 billion was trapped in Belgian banks, and the EU was proposing to release that money to help Ukraine.
However, this was an issue that was highly controversial even internally under international law, and it also made Belgium an easy target for concentrated Russian retaliation, so Belgium had no choice but to be appalled.
“Absolutely not! Belgium has already done enough simply by freezing the assets. Do not demand a unilateral sacrifice from us.”
Bang!
“Now, see here, Delegate of Belgium. Is that all you have to say? A unilateral sacrifice?”
“Am I wrong? Putin is already a man with nothing to lose. If we release 180 billion euros, he will make Belgium his target.”
“Belgium is an official NATO member state. How could Putin possibly target you?”
“Because that man is not governed by common sense! If Russian assets had been tied up in the UK, France, or Germany, would you delegates have made the same decision? You are truly selfish!”
“Selfish, my foot! Which countries have provided Ukraine with the most weapons and financial support until now? Belgium is the one avoiding responsibility at the very moment it needs to play its role!”
With those words, all the delegates stood up.
-No, that’s only because your countries are larger, so the absolute amounts were bigger!
-Don’t play word games. The UK, France, and Germany have also provided the most support as a percentage of GDP!
-Is money everything? Poland has helped most actively in every aspect, including weapons, refugees, and finances! Let the remaining countries take care of Ukraine’s reconstruction costs for once!
The Commission President quietly closed his eyes and rubbed his temples.
It had already been two months. It had been two months since every meeting turned into a complete mess as soon as it began.
The reason opinions were so divided internally was because each country’s interests were sharply different. The EU varied wildly in economic weight, distance from Russia, and sentiment toward Russia.
There were quite a few pro-Russian countries within the EU as well.
“...”
With interests differing like this, compromise was distant.
Still, when the war broke out, there had at least been a common threat, so internal unity had been possible. But postwar reconstruction was another realm entirely, making internal decisions difficult.
“Everyone, enough.”
In the middle of the bloody fight, the Commission President opened his mouth.
“Then let us discuss that matter again next time. In any case, Ukraine’s reconstruction is not something that can be settled with a day or two of discussion. And the next agenda item is Korea... As it happens, a meeting with their delegation is scheduled for this afternoon. What do the delegates of each country think about this?”
When Korea was mentioned, the delegates who had nearly grabbed one another by the collar spoke as if by agreement.
-Isn’t that obvious? Space cooperation, my ass! Russia would not have provided Zircon and Kinzhal to Korea for no reason.
-That’s right. According to our intelligence agencies, it’s been revealed that Korea had been diligently buying Russian bonds. In effect, they were funding the war!
-This is a very clear violation of financial sanctions. We should respond to this issue in consultation with the United States. We are already reviewing tariffs on Korean goods.
Although Europe was a community with weak cohesion, it tended to unite quite well when it came to external enemies.
With a relieved expression, the Commission President turned his head toward his secretary.
“Has the Korean delegation arrived?”