Episode 2 of Ponies begins in Russia on December 24th, 1976. We're four weeks back in time, and the scene is hot off the heels of Snowshoe's death. After the car chase, the situation looks bleak. Chris and Tom head off for their plane ride, but before they do, the former whispers something in C.K. Solar's ear at the same pub we're currently in.

Back in the present, Andrei questions Solar and Bea. Twila shows up and causes a distraction for them, setting fire to the bar with a lighter before quickly making her escape. Bea follows suit. In the aftermath of the fire, Andrei confronts Solar and questions him about Bea (who is going under the alias of Nadiya, of course). Solar does a decent job of evading suspicion, but it's clear that this isn't the last we'll hear from Andrei.
Back home, we see that the book handed to Solar actually hides important schematics and some sort of tape (which is later confirmed to be a camera) in its spine. Dane is shocked when he's debriefed about Bea and Twila setting fire to a pub on their first night out in the field. However, given that they were successful in the trade, it's at least something. Dane's good mood soon sours when he learns that Andrei is aware of Bea's cover.
Despite this, he intends to fast-track their CIA training. Bea's trainer will be Emile, a French intelligence officer who knows everything about Moscow intelligence. This doesn't sit well with Twila, given that she's going to be sitting this one out.
Dane elucidates that while Twila possesses commendable instincts in the field and an unwavering courage, her unlikability poses a challenge. This trait isn't conducive to fostering openness among people, which explains why Bea is receiving preferential treatment in this situation. Nonetheless, Dane is willing to give Twila the benefit of the doubt and suggests that she put her newly acquired training - to be a likable and bubbly individual - to the test. Her objective is to win over George, Shep's friend, who has a reputation for being difficult to impress.
Twila meets with George Tallman on a date, accompanied by Cheryl, the girl she despises. Despite her initial reluctance, Twila manages to make a favorable impression as George expresses interest in exploring the local sights with her.
Meanwhile, Bea is out in the field and tasked with infiltrating an apartment building to gather information. However, the building isn't empty, forcing her to use her wits to avoid detection. The apartment in question? It's Solar's. Bea enters and makes a daring leap out the balcony into a pile of trash below when Solar almost spots her. Despite the considerable height, she miraculously emerges unharmed.
Upon returning home, Bea discovers a hidden phone in her closet, which she realizes is from Andrei. It transpires that Dane was aware of the phone and had planted a landline himself to maintain the cover-up of Nadiya's involvement. Andrei invites her out, but she declines. When Dane learns of this, he sees an opportunity to use it to their advantage.
Dane will have a dead drop ready for her and Twila in a few days, where they'll receive details of their next job. However, Bea is having second thoughts, feeling like she's flying too close to the sun and struggling to maintain her composure.
Eventually, she agrees to stay, and a note is pushed under her door later on. The letter reads: "Sanduny Baths, 10pm, BIN." Memorizing this, she burns the letter just like her husband used to do and heads out.
As Bea grabbed Twila on the way, who was in the process of taking George out, they immediately headed for the designated bin. After getting what they needed, Dane updated them at the Bubble. It turned out that the camera they had given to Solar didn't work, and they needed to see him again to replace it. This camera was actually being used to document details inside a Russian warehouse, so it was imperative that he get it. Dane relayed the instructions and informed her of the meet spot - the Novodevichy Cemetery.
At the cemetery, Bea met with Solar, whose real name was revealed to be Sasha. He spoke English and asked for her real name. Bea refused to disclose it and after passing the camera on, the pair parted ways. That night, Andrei met with a sex worker in the street, whom he eventually stabbed and left for dead.
Elsewhere, Twila informed Bea that she had found something in her apartment. It had made her think that there was never actually a plane crash and that there could be a big cover-up. Apparently, there was a tape in her apartment broadcasting a code. This code seemed to be some sort of flight plan.
As Bea and Twila joined together to discuss this further over some wine, Andrei rang. He wanted to meet Bea. The conversation between them was tense and intriguing, with each side trying to gain an upper hand in their respective investigations. The tension in the air was palpable as they all worked towards uncovering the truth behind the mysterious plane crash and the potential cover-up.