A new axis is rising — forged not in friendship but in shared hatred of the West. Putin and Khamenei have sealed a 20-year pact: Iranian drones rain over Ukraine, Russian diplomats shield Tehran’s nuclear ambitions, and together they’re plotting to shatter the U.S.-led order.

Mark Dubowitz and Cliff May break down this dangerous alliance from imperial rivalries to today’s coordinated campaign to weaken America, divide its allies, and resurrect their empires — and how Washington can still break the axis before it’s too late.

One of America’s top sanctions experts, Miad Maleki, now a senior advisor at FDD, joins Mark Dubowitz to pull back the curtain on the Islamic Republic’s mafia state — a regime that controls every corner of the economy, launders terror money through “charities,” and weaponizes humanitarian channels to fund global terror. They break down how U.S. financial power crippled Tehran’s networks, why the myth of “moderating Iran through wealth” is a deadly illusion, and why the next round of snapback sanctions could push the Islamic Republic to the brink.

U.S.–Israeli coordination during the 12-Day War critically damaged Iran’s nuclear program and flipped deterrence on its head. Now, Israeli strikes targeting Hamas leaders in Qatar have sent shockwaves across the region — and a strong message to Tehran. Washington’s latest show of strength? The National Energy Dominance Council.

Established by Trump and co-architected by today’s guest during his most recent White House tour, it ends decades of regime oil blackmail and cements American energy as American power — a tool of statecraft.

Although Washington and Jerusalem are rewriting rules and reestablishing deterrence in the Long War against the Islamic Republic, the fight isn’t over until the regime has fallen. And the next decisive battleground may be Iraq.

To explain why — and to help break down lessons learned from the 12-Day War, Israel’s strike in Qatar, and how American energy dominance is reshaping the strategic landscape — Rich Goldberg is back with Mark on The Iran Breakdown.

One is the world’s leading state sponsor of terror. The other is the world’s most powerful dictatorship and greatest long-term threat facing the United States. What happens when they join forces?

Mark Dubowitz sits down with Craig Singleton (FDD) and Grant Rumley (Washington Institute, formerly FDD) to unpack the dragon–mullah alliance. From oil deals, weapons transfers, Belt and Road projects and AI-powered repression, to a strategy designed to undermine America and shatter the rules-based world order, China-Iran ties go much deeper — and darker — than economic trade. How far will Beijing go to embolden Tehran, and how should Washington respond before the Axis of Aggressors tightens its grip?

Washington has wasted decades chasing pauses and half-measures. But as Mark Dubowitz and Brigadier General Jacob Nagel argue, the only answer to Iran’s nuclear blackmail is total dismantlement — no delay, no suspension, no enrichment, no deal that leaves Tehran’s program intact. From Israel’s 12-Day War against Iran’s nuclear and missile arsenal to the fatal flaws of the JCPOA, Mark and Jacob break down why time is running out, why negotiations can’t be trusted, and why the only acceptable outcome is complete and utter dismantlement.

Missiles cripple armies, but sanctions topple regimes.

Juan Zarate, the strategist who pioneered U.S. financial warfare, joins Mark to break down how sanctions and isolation bled Iran’s economy and forced concessions—and how the dollar became Washington’s weapon of choice against Tehran, reshaping the regime’s choices and the future of American power. Together, they unpack how the US turned the global financial system into a battlefield, cutting off Iran’s banks, oil revenues, and shadow networks—and why this economic arsenal still spearheads the struggle with the Islamic Republic today.

What did the 12-Day War reveal about the Islamic Republic — and about us?

Host Mark Dubowitz sits down with his FDD colleague Brad Bowman, Senior Director of FDD’s Center on Military and Political Power (CMPP), to break down what the 12-Day War taught us about American military and political power — how it’s wielded, where it’s failing, and what comes next.

They map Iran’s battlefield failures and its deepening ties to Russia, China, and North Korea — the Axis of Aggressors confronting the United States — and what the US must learn from Israel’s fight.

From munitions shortfalls to deterrence theory, this is a hard look at American power, the future of the U.S.–Israel alliance, and the next phase of the long war with Tehran.

In Part II of their conversation, Mark Dubowitz and Reuel Marc Gerecht dive into what the 12-Day War exposed about the Islamic Republic and why Iran’s leaders, even after decades of hostility, were caught flat-footed. From the failures of counterintelligence to the delusions of anti-Semitic ideology, they break down how the regime misjudged Israeli capabilities, misunderstood American politics, and underestimated both. Through his on-brand blending of spycraft, ideology, and dark humor, Reuel shares a rare glimpse inside the mind of the regime — and why, despite its repression and resilience, it may be closer to collapse than it thinks.

Mark Dubowitz sits down with Reuel Marc Gerecht, a former Iranian-targets officer in the CIA turned FDD resident scholar, to discuss the covert odyssey that is his career. From the origins of his fascination with Iran to what ultimately became an obsession — one that compelled him to smuggle himself into the country — they spend Part I of the conversation breaking down the hard-won insights that shaped Reuel’s expertise on the Islamic Republic.

In Part II, we’ll put his insights to work, dissecting last month’s joint U.S.–Israeli air raids in Iran and assessing America’s intelligence wins and misses.

Mark Dubowitz is joined by former U.S. Ambassador to Saudi Arabia Michael Ratney to break down the complex Saudi–Iran stalemate — from the 1979 Siege of Mecca and Khomeini’s revolution, which forced Riyadh into a hard-line Sunni revival and Tehran into expansionist zeal, to today’s regime-backed Houthis raining fire into Saudi Arabia from Yemen, with China’s covert diplomacy maintaining a brittle détente. Already fragile relations hang by a thread — and one misstep could ignite the region’s next inferno.