The US consulting firm Eurasia Group has cited a "Rogue Russia" as the biggest risk of 2023.

The firm on Tuesday announced its annual list of the year's top 10 political risks.

The report says a "humiliated Russia" will turn from global player into the "world's most dangerous rogue state," posing a serious security threat to Europe, the United States, and beyond.

It says that nearly one year since it invaded Ukraine, Russia has no good remaining military options to win the war.

The group says that in 2022, the Kremlin was careful to keep its war on Ukraine contained within the country, avoiding direct confrontation with NATO.

But it says that in 2023, Russian President Vladimir Putin "can't afford to be that cautious."

It adds "nuclear saber-rattling by Moscow will intensify" as Putin is likely to move tactical nuclear weapons closer to Ukraine, and publicize it.

The group says the second-biggest risk is Chinese President Xi Jinping "with a grip on power unrivaled since Mao Zedong."

It says Xi is "virtually unfettered" in his ability to pursue his policy agenda, having stacked the Communist Party's Politburo Standing Committee with his closest allies.

But it says that, with "no dissenting voices" to challenge his views, "Xi's ability to make big mistakes is also unrivaled."