<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[Bourse & Bazaar Foundation: Critical Questions]]></title><description><![CDATA[Critical Questions is Bourse & Bazaar Advisory’s series of concise research notes. Published every two weeks, these notes provide policymakers, executives, and investors the answers they need to understand evolving opportunities and risks in West and Central Asia.]]></description><link>https://www.bourseandbazaar-substack.org/s/critical-questions</link><image><url>https://www.bourseandbazaar-substack.org/img/substack.png</url><title>Bourse &amp; Bazaar Foundation: Critical Questions</title><link>https://www.bourseandbazaar-substack.org/s/critical-questions</link></image><generator>Substack</generator><lastBuildDate>Tue, 01 Sep 2026 12:57:07 GMT</lastBuildDate><atom:link href="https://www.bourseandbazaar-substack.org/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Bourse & Bazaar Foundation]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[bourseandbazaar@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[bourseandbazaar@substack.com]]></itunes:email><itunes:name><![CDATA[Bourse & Bazaar Foundation]]></itunes:name></itunes:owner><itunes:author><![CDATA[Bourse & Bazaar Foundation]]></itunes:author><googleplay:owner><![CDATA[bourseandbazaar@substack.com]]></googleplay:owner><googleplay:email><![CDATA[bourseandbazaar@substack.com]]></googleplay:email><googleplay:author><![CDATA[Bourse & Bazaar Foundation]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block><item><title><![CDATA[Why Hasn’t Iran Targeted Subsea Cables?]]></title><description><![CDATA[Critical Questions #1]]></description><link>https://www.bourseandbazaar-substack.org/p/why-hasnt-iran-targeted-subsea-cables</link><guid isPermaLink="false">https://www.bourseandbazaar-substack.org/p/why-hasnt-iran-targeted-subsea-cables</guid><dc:creator><![CDATA[Bourse & Bazaar Foundation]]></dc:creator><pubDate>Tue, 01 Sep 2026 10:14:09 GMT</pubDate><enclosure url="https://substackcdn.com/image/fetch/$s_!cKHN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png" length="0" type="image/jpeg"/><content:encoded><![CDATA[<div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" target="_blank" href="https://substackcdn.com/image/fetch/$s_!cKHN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!cKHN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 424w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 848w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 1272w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!cKHN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png" width="1456" height="485" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:485,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:1887194,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:true,&quot;internalRedirect&quot;:&quot;https://www.bourseandbazaar-substack.org/i/213515999?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!cKHN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 424w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 848w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 1272w, https://substackcdn.com/image/fetch/$s_!cKHN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0f5ed370-1120-4cb5-84e3-566705680ba8_2400x800.png 1456w" sizes="100vw" fetchpriority="high"></picture><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container restack-image"><svg aria-hidden="true" width="20" height="20" viewBox="0 0 20 20" fill="none" stroke-width="1.5" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" xmlns="http://www.w3.org/2000/svg"><g><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button tabindex="0" type="button" class="pencraft pc-reset pencraft icon-container view-image"><svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-maximize2 lucide-maximize-2"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a></figure></div><p><strong>By Esfandyar Batmanghelidj and Ezana Tedla</strong></p><p><span>Policymakers and multinational executives are concerned that Iran could target subsea cables in a new round of escalation in the U.S.-Iran War. Iran has previously targeted data centers, but the undersea infrastructure so central to the region&#8217;s economy has not yet faced attacks.</span></p><p style="text-align: justify;"><span>In this note, we examine why this hasn&#8217;t happened and the circumstances in which it would be likely to change. To do so, we look at Iran&#8217;s offensive doctrine, its strategic objectives, and the extent of redundancy built into Gulf cable routes.</span></p><div><hr></div><div class="captioned-image-container"><figure><a class="image-link image2" target="_blank" href="https://substackcdn.com/image/fetch/$s_!HUrX!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp" data-component-name="Image2ToDOM"><div class="image2-inset"><picture><source type="image/webp" srcset="https://substackcdn.com/image/fetch/$s_!HUrX!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 424w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 848w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 1272w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 1456w" sizes="100vw"><img src="https://substackcdn.com/image/fetch/$s_!HUrX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp" width="246" height="123" data-attrs="{&quot;src&quot;:&quot;https://substack-post-media.s3.amazonaws.com/public/images/1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:600,&quot;width&quot;:1200,&quot;resizeWidth&quot;:246,&quot;bytes&quot;:27200,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image/webp&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:false,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https://www.bourseandbazaar-substack.org/i/213515999?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}" class="sizing-normal" alt="" srcset="https://substackcdn.com/image/fetch/$s_!HUrX!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 424w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 848w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 1272w, https://substackcdn.com/image/fetch/$s_!HUrX!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F1bfef72c-0f46-4e88-9559-b784a667975c_1200x600.webp 1456w" sizes="100vw"></picture><div></div></div></a></figure></div><p><strong><span>Critical Questions</span></strong><span> is Bourse &amp; Bazaar Advisory&#8217;s series of concise research notes. Published every two weeks, these notes provide policymakers, executives, and investors the answers they need to understand evolving opportunities and risks in West and Central Asia. Each leverages the Bourse &amp; Bazaar Foundation&#8217;s staff expertise, stakeholder relationships, and proprietary data to present qualitative and quantitative insights.</span></p><p><strong><span>If you would like to receive these research notes, please contact Darius Barik to discuss your subscription:</span></strong></p><p><span>darius [at] bourseandbazaar.org</span></p>]]></content:encoded></item></channel></rss>