reality of baptism macro speech also celebrated. you're addressing the migration challenge, which they basically paid to outsource the countries like turkey you can eat more attain. yeah, and he jet, which last i checked weren't actually in europe, but they outsource everything else by this point. so why not that too, right back on talked about europe meeting the ecological transition. as the farmers in europe, street jacketed by european climate change, the cost with the farm land be spied on by european satellites to ensure compliance . how great that is brought up europe's energy sovereignty and re industrialization . not so that's about germany in particular is still busy the industrialized thing . so they're not quite on the other side of that. yeah. all the yeah, has become more dependent on price here, american liquefied natural gas. oh. and francis own ellen, g imports from russia are now up 75 percent university months of this year compared to a year ago. so guess my call figures that people are so stupid that if he just says

something enough times like in the speech, they'll just simply accept it all as objective reality. yeah, tough token or for other from rachel moss and good work to wrap up this house program here on t international about storage. you can catch up on, on ocoee dot com. we're also across a gob odyssey. and of course, kilogram was the the, what is part of the, the employee would post that isn't the defense you of us and building the word or is it something deeper, more complex might be present there? let's stop without keesha's desktop part of the as long as the casualties as

a result of israel's genocidal assault on causes included suspension of international humanitarian law but also free speech across the western world. perversely, being pro palestinian and pro peace is condemned, is can i submitted the 2024 is the year of process chairmanship and briggs. some of you may have heard that besides brazil, russia, india, china, and south africa. the organization now has new members such as egypt, iran, you opiate, and the united arab emirates. so this isn't an easy time for growth, and yet brooks seems to be steadily moving forward. today i have the privilege to speak with the senior banker at rush and state development corporation v e r f. certainly store check about bricks, sanctions, the declining role of the us dollar,

and what lies ahead for the economy around the globe. so again, that's what it shows up nice, i'm up to design with. so again, until you each one of the most to discuss topics is the possible contestation of russian assets by the west. american legislators are discussing transferring these funds to ukraine. you will be in union, they're discussing transferring any profits from the frozen funds to key if these are radical, unprecedented measures. but does this mean that essentially all other sanctions have failed and how can rush or respond? i don't see much of significant village. well, let me start a bit from a fall off. i agree that it's likely the most discussed topic, perhaps, except for everything related to conflicts. my suspicion is that extreme decisions related to compass station simply cannot fail to have a negative impact on the central bank. internal policies related to placing temporarily free funds. what will be written that will out sufficient restrictions be introduced, or some limit set that it's hard to say, but it's a historical fact. we have a completely new situation,

but late due to such actions and cannot make entities particularly the back v t b have taken steps towards the legal aspects and of trying to protect and secure the assets. i think this is the path we will take. we will see what has accumulated here in the russian federation, in terms of assets of developed country, economic entities, while assets of russian economic entities are being faced. so i guess we will go down this path is quite difficult for me to speculate told me as massa, since i'm fall from these processes. but in any case, experience will definitely be considered by many of the economies of developed countries to acts more cautiously with the west and financial system. we perhaps when moving towards creating an alternative financial system because it's all about finding the dollar or financial institutions of different countries. but having an option, having the right to choose a menu of choices to everything, points to a situation where instead of one international financial system, we will have more, maybe an alternative, maybe even, and not just one, no time to save. nobody's my share of view with others that globalization as

a dominant phenomenon, is beginning to recede and regionalization has become the dominant trained countries within a region of forming global markets. and within these markets, there already establishing that i'm local payment and settlement systems, enabling economic entities to trade most smoothly and flexibly with each other. i don't know, i just want to quit cutting those up in the sun. see, why do things are so many western sanctions and why have the not succeeded in crippling the russian economy, despite all of those predictions, by so many western officials, did they all know this would happen from the very beginning and were simply following washington's into russian agenda or did a general where you come as a big surprise to them? i mentioned this to this vision. well, we want to mention the causal relationships that threatened us with bit some basis . my point of view is very simple. russia has a large economy, the more it's a diversified economy, no matter how much we say we depend on natural resources, primarily oil and gas, which constitute almost off of the federal budget. revenues from the sale of those

results is, is now evident in the 21st century that we rely no, certainly on the oil and gas sector, but also on many of the industries that have stood on their own. 2 feet of coast, primarily agriculture, whose ex pulled performance has been mentioned as a splendid result of cheap by the government in recent years. this includes the banking services sector in terms of quality, speed of service, and the capabilities provided by the banking sector. today we seems to be far ahead of switzerland. i haven't been to europe for a long time, but they say that such financial trend specing payments we easily make every time using smartphones, phones or q all codes a quite rare in europe. whereas here we have from my diversification perspective, at least 3 strong pillars within the country. and these pillars have proven that viability does not a comparison with how the banking sector operates in these conditions and how we operate it off to the 1998 crisis. when we regressed and started carrying caching out pocket, and of course the industry related to the military industrial complex to show that

it can quickly restore production, needing too strong demand for a variety of products, driving development on people. essentially we largely rely on this them on these metals, right of elements, electricity, and demand for labor, which is also in short supply. i believe all this has ensured resilience to external pressure. although i also believe one should be fairly restrained in assessments as 2 years of such harsh sanctions. and it's such a large economy. it's still a relatively short period of time. looking at a longer term perspective, especially considering the great desire to undermine all financial system. we need to be, i would prefer ever straightened evaluation of our resilience. this is what is called resilience in english, not sustainability, but specifically resilience, resilience to external pressure. the economy and numerous enterprises have shown that we can do this. but let's continue to observe weights and prepare personnel. just like in the past, past will make all the difference at the current stage. that's my point of view. i

understand it's from the lines with what the government is currently saying and dreaming of in terms of retraining. the masses. so that though as it should be waiting for the north, let's briefly discuss the dollar according to i am at the data last year. it's sheer and global currency reserves a decrease to 50.31 percent the lowest in 20 years. do you believe this trend will continue considering the sanctions policies and the growing us national debt? which this year is set to exceed spending on defense and can do you want strength. and under these conditions, again, my attitude towards the dollar is security. i think perhaps is an exaggeration, but the dollar is like impacts. it's like a 2 person. everyone says, get rid of a dollar binding, the dollar for everything. but what's the fault of the acts if it's use not to chop wood, but it's set to shop heads. it all depends on who wields that. the problem is that the financial system, even systems related to transactions to a greater extent, so called financial infrastructure and it's key elements like declaring houses, send full accounts of policies, central deposit trays,

but especially correspondence accounts. those are all controlled by authorities authorities through the supervision mechanisms. potential oversight regulation will sippy through legal means issue relevant instructions and complaints services at pacific american banks, which process the payments comply with these instructions for them. if they don't comply, then they should be penalties of all the legal entity, the bank itself, west of all, i'll send it affects the specific individual like a credit or payment officer, making those decisions. the problem isn't with the dollar. it's in the financial infrastructure. more precisely, and how the financial infrastructure is utilized for political purposes. as for this indicates a well, the share of the dollar in international reserves has decreased. yes, but that's not the most important factor regarding the dollars influence on the global development and global financial system. i liked the category introduced in circulation by the former governor of the bank of england monk connie. i've known him for a long time and we've had many discussions sort of started using the term dominant

cover and say, that's the key point dominant will try to coordinate something else like the prime rates, most important or something else. resides currency is understandable. besides the dollar, we also have revenues in europe, chinese young, and japanese yen now. but in terms of quality, the main dominance of adults lies in the fact. this cards is the basis for pricing, especially for commodities on exchanges. and at this stage, it's impossible to move away from this. at least we have one good example when a trend began with the use of futures on the shanghai commodity exchange denominated in the national chinese currency. this is a significant step towards reducing the dominance of the dollar. from my perspective, this is much more important if we want to come back this dominance, then decreasing the dollar share of international reserves. if this trend accelerates, that's one scenario. but we know, for instance, the chinese authorities on pushing for the international lives. ational been national currency for instance, just recently in the vent representatives of india mentioned that that goal is to

internationalize the indian currency as part of the state policy or agenda. while i haven't read such statements related to the people's republic and try it out, you need more of a in order to exert significant influence to enter this international circulation. bits of payment supplements, reserves, or any other purpose. you need to have a trade deficit over time. you'll money needs to fly out of the country, creating demand for it. similar to what happened post world war 2 with the american tell that it actually became what it is because of a persistent us balance of payments deficit and the accumulation of dollars in your razor and accounts. i understand that the people's republic of china is not ready for that because of questions about trade surplus and consequently a surplus with the balance of payments all the priority for the people's republic of china. i see these rush are ready to move away from the dollar. how advisable in diesel is this? what would be needed for this to happen? to smother you do? what is this about the framing of the issue here? should be old nuanced officer rule russia as

a silver an entity practically does not engage in cross border money transfers except when perhaps we have placed the bones boned obligations in numbers of currency. i have been forced to repay and service the participants in currency relations all across the board of financial flows, all economic entities. this is the fundamental basis for understanding the situation. so many of our exporters and import is abandoning the use of the dollar, does not entirely fit into that commercial strategies to put it mildly, therefore, in the absence of pressure from below. no one will certainly go down the path of banning the use of the don't that if your tax pad generates value added exports and believes that it's more important to receive compensation for his expenses in this particular currency, no one will head to him. so how can brush it refused? this is to abstract, right? that's the a radical thoughts. i think we need to come down from this perspective. the main participants in cross board of money flows, all economic entities, not separate entities. they genuinely care about their business, their profits,

and if its beneficial to them, they will never refuse. they will continue to do what they do. i want to, can you please explain in simple terms of what and you can nomic entities more to prepare to enterprises of various legal forms. it could be a cooperation of trading company, a commercial bank or a non banking commercial organization. all those who state and that funding documents a goal of making a profit. i'll consider economic entities to me like this category. it is the most encompassing. this includes both large and small enterprises, trade, industry, transportation, and services of all kinds. these are economic ends piece. even an individual entrepreneur and like a plumbing in all case, he's also in the economic and say, well, if he pays taxes, that's good. oh, if he's getting a license now police, we would have to start. so you were saying that the actions of all these legal entities depend more on them and then on the authorities. if or of course, at least the government will never allow itself to go against the interests of economic entities. bots. if the government went to take that route,

then who would form the tax base? who would pay taxes? if there's no profit, what would you pay from what? that's why we have a system when no presentations are in place. and in russia's central bank governance, mister w and my, my opinion, has repeatedly stated that there are no restrictions on operations involving evers of currency nor any plant. moreover, as far as i can judge from the press, if the government supports extending the period for a mandatory sale of foreign currency earnings literally today, yesterday there was information then the central bank believes that the time has come to abolish this. no, uh, well, everyone has the oh no arguments. the government has its arguments, the central bank has 8, sorry. i want to comment on who's right or wrong here, but the period of a fairly stable rouble. it happened. we live with it forever. yeah. i believe that citizens of most of the satisfied the responsibility predictability in how the rubin exchange rate changes relative to reserve currencies. just never the less that i totally operations and national currencies between washington, china,

almost entirely avoiding the use of the dollar and euro in bilateral trade because something similar happened within bricks yesterday, but some of the data, if we look at the trade flyers, it presented in india, these are trade flows that rely on the dollar interest. assume that again, those same economic entities, all these jurisdictions will decide today that is not interesting, not profitable and not necessary. is it very difficult for me to, although at the event we had it's cold beat breaks into bank corp mechanism partners in this club, united development banks of 5 countries with hopefully 5 more institutions. joining us together, they say let's still look at how we will stimulate settlements and national currencies even most i'm not just settlements, but financing investment projects in national turn season. but this is very logical because if you implemented project in a specific jurisdiction, it's expect if it, if your project is successful, the sailor products from this blog will fax rates will be a national currencies. accordingly, paying off the credit. attracted for this project will be easy and the topic of

course, always sounds like how to meet the demand for national currency for an economic and see from a foreign country how they have access to the national financial market. how open it is. we are advanced in this sense, but all markets when breaks a not yet deep and diversified enough for these operations to run smoothly enough. the main advantage of americans live precisely in this, a huge deep market with different participants and most importantly with different opportunities and financial aids from a disciplinary there. all kinds of them have, this is something we still have to do within the brakes union. i think a one thing is when you have come and board is have the opportunity to form joint projects when economic entities for 2 countries participate. that's one situation. like what happened with china to joint production, export and import contracts that understandable how they implemented, how they have funded. and the other thing is trading with south africa or trading with brazil where they have completely different logistics, completely different supply and demand regarding investment goods. but simpler,

withdrawal, materials and energy results is now when it comes to industry head, there are different standards, different measures related to technical compliance and so on and so forth. one of your questions was about forming a customs union. i think that in the near future, within breaks this is simply impossible. usually 1st comes the customs union, then we move on to a free trade zone, as well as the case and the you raise your needs, you know, my union. there is a certain sequence here. can you imagine how many economic and commercial ties are needed? the business pressure from below to full. so authorities to engage in this way, i can phone me corresponding agreements which should be multi lateral, not biological, but multi lateral. i would prefer it more if within the brakes or lines we managed to united lee and energetic the act within our international trade organization, which, judging by the reports coming in is currently going through challenging times. i'm talking about the world trade organization, how to modernize it, and how to manage the strong dominance. the united states, which has prevented arbitrations were being appointed. and many processes had been

sold. that would probably be a more pragmatic goals and thinking in terms of a free zone. and i have heard about this idea of from south africa. but it is, i brought a small economy, as they say themselves, do not do us as just an economy as south africa, we represent the interest of being tie african continent. well, that's that stance. so that's why you said he believed creating a single currency with embrace was a utopia for me. and i remember that statement. it also had the words at the current stage or to me and the future. and no one can say in which direction. doug, valid macbook guide, county right now here and i'll building the focus is on creating the most favorable conditions for using natural currencies and for settlements and mutual trade in investments. this is the main task. meanwhile, in the background, there are many ideas and proposals related to incorporating digital currencies or digital assets into this turnover. as all the central bank likes to say, i don't know, to what extent the use old these block drink technologies and all these exhausting one. that's where the naval operations on huge turnover is optimal is trade. it's

billions. it's one thing to have one. it sounds like there were billions in one, it's 2, but that's billions, not hundreds of billions. to assume that these modern technologies won't be able to replace these fit currencies that we currently rely on. the lowest of large numbers . they live that life. maybe something will happen, but certainly not non lifetime. i think in our lifetime we will continue to rely on fayette currency, transitional bridges, to special funds related to these i t. technologies will be formed. the perspective is very strong that the, the id companies will significantly push banks with the financial markets, or banks themselves will start transforming into i t corporation model. everything is moving towards that. it mean clearly the trend is in that direction. how fast that this will happen? well, i don't know, it's impossible to predict that for a non, for in your question, i would still reiterate that the current stage, the priority is suffering payments in national currencies. normal discussions regarding a common currency in the brings unions may take place at the level of academic circles or the level of authorities, primarily money, tre. authorities,

central banks, considering the session of a new group to the union. it's clear that the task is becoming even more complicated. although the task associated with expanding the practice of using national currencies can be somewhat facilitated with more participants, more practiced, a more experience. there may be more opportunities when you make money from supplying goods to one country. in simple changes, we have the option to spend the funds in another country in the same currency. so such opportunities will begin to emerge appropriately. bump you mentioned to the bricks to develop and bank competes with or be more attractive than the i math. but i'm gonna give it to you, but it's in the book. there is no breaks development bank. there is a new development bank. that's the official name of the international organization that we negotiate is having dealt with this name was this is a new development bank. yes it's found is all members of the brick square weeping. why is it new? how did it come about? well, it happened because they tried to find some terminology related to describing what brakes is, but the times, what somewhat awkward. so what presenting colleagues,

propose a workable time. let's coordinate the new back room just so others don't feel left out. well, the yeah, the, well yes, they started watching on it. what's new about it? first of all, the group agreed that each member would have an equal amount of capital and consequently an equal number of votes. this is unprecedented. everybody else symbol you have the more about you get since i want for them all, they agreed that the banks presidency would write site every 5 years in a set order. every 5 years, a representative from one of the founders would step down best innovation. now the innovation involves the rotation of vice president, the roles, all the vice presidents are divided. someone is responsible for the credit operations, someone for a while and others, but managing temporary surplus funds for handling treasury functions. all these roles must be rights. i did every 5 years and perhaps the most important novelty of this institutions is that one can join the composite by invitation only. so if you want to join any of the multilateral bank, if you apply on the process begins,

applications, don't what you need to be invited. would you need to be a member of brooks for this? no, no, we have bangladesh, for example. it's not the brakes man, but we've just to put an order in this sense. russian has for given debts to many countries, especially too many african partners, or is that what benefits it is moscow gain from this kind of source to work with you? well, it's good that you would least use this idea in the past tense. indeed, everything has been written off. well, if not everything, they're all remnants. but hey, you need to remember one thing. russia went towards the 2nd thing of writing of that is from lines provided by the soviet union. that's it. this is the key point from this to move things to such fact as need to be understood. firstly, historically, the soviet union wasn't particularly concerned about the issue over the payment of lines. roughly speaking, they weren't especially attentive, political and strategic tell us related to presence in africa. well being addressed and accordingly, legs were grounded, but these were always cycled type loans. no actual money was given machinery

equipment, food was sent. soviet enterprises would, lo did they receive money and goods was applied. that institution, external economic bank, all the soviet union, recorded the equipment, the value of the supplies against the dead, agreeing on a schedule for the return of these funds, these labels, well then it continued from that. that's the 1st part. the 2nd important aspect to is that we spend so being roubles or rather not wait, but the finance ministry, but don't is all some of the currency was set aside for the debt as an interesting exchange rate. and therefore, they began to recalculate the debt denomination in dollars denominated in roubles in to dollars, we calculated the dollar is $67.00 carfax, and even reality, how much was it back then? when in reality there was no markets, so the debt recorded as $100000000.00 roubles, turned into $140000000000.00 a bullet. therefore, when they talk about these commercial vital, so you need to evaluate the circumstances depending on the context. if you are somewhere presenting and talking about how cool we are in terms of rights,

also you can say that, but in all conversation, you see i'm saying it this way. and another fact more regarding the russian federation to normalize financial relations with many states. if you don't have regulated relations, including those related to debt, you or we at a minimum cannot provide new loads. plus we make concessions because fall from old debts as to the former soviet union degrade with the assumption that russia is the rightful successor to these assets. well, some neighbors were reluctant and came to capitals and argued that they to, from their factory supplied goods. and so they also have the right to make a claim that's why it was necessary to settle the relationships. and during the settlement, we negotiate to the exchange rate and that we apply the official exchange rates are converging. ruble obligations in dollars name or ton of costs we and to discount the received amount within the framework by primary upfront discount. economically speaking, everything is perfectly fine. i don't see any problems. let me join the powers club

of credit as we worked like everyone else within the club framework under a principle of solidarity. yes, much had to be written off, but in commercial times, this is called hopeless debt obligations. you can keep them on the books and definitely no one will work on that with the government emphasized as pragmatic approach. but here i personally messed up a lot. my wife scolds me a bounce it. what options you have quite an interesting story. good. if this is a good, she said you gave 3000000000 to the ukrainians. why? that's when we bought year, right bones full, 3000000000 payment was different. those present. so i wanted to ask you to these neighbors also forgive soviet union's better. and i see opinion, one of us know, but we took everything for ourselves. russia assume the obligations of the former soviet union instead. consequently, we also took on all the assets calling from the c, a u, as in general, with not complaining a told everyone agreed funny because they had in this stage of national suffering. they were, they had no debt obligations. of course, feel free to go to the markets engaged in activities and so on and so forth. so

good. so again, i thought it was thank you so much for your time and the the along the casualties as a result of israel's genocidal assault on causes included suspension of international humanitarian law. but also free speech across the western world. perversely, being pro palestinian and pro peace is condemned as they submitted on march the 22nd 1943 during the great petri, i'll take the shirts and munch fatality and 118. run down the belly, mercy, and village of causing the issue. but the person who did the new wish and luxury is the most of the rooms to pony you to

you? 149 people died including 75 children of age was practically wiped off. the face of the law. new blue loves are a little but live arching could attractive offers, you know, and you will use to dispose, oh, shoot. was hard really. i really usually don't you feeling, you know, so the infamous battalion responsible for the atrocity included over $100.00 ukrainian national is from west to new. right? because of the picture. all right, and so i'm see what it requires so far as the new e phone looks, a lot of those to you guys for assuming your up. assume um with them you as customers declassified criminal cases from the central archive of the k g b, a better rules shed light on the atrocity. and on so numerous questions that have

remained an onset for many years. watch on oxy. in the united states, dried, no amount of attention done. russia, that's the best thing the that could have happened to russia because a sentence on russia against agriculture, against the other items, or made russia fetus hurting samsung. so as on agriculture and now. so the major bryant export are no longer defendants on the united states and europe. the not sure come on this as they do show a good this things. let me ask him that way. see me is the non smoker in your mind restored enough to monday. so stuff with interested in show erica, by a demo print that issue in your store or do i try to come up with one of my that's

not i was myself. of course the trailer span that we can partner. so i didn't want that. right. mm hm. yeah, for the english, that's what i want to move over here, but as of now is particularly the group come around quite inflate and mobile face. crazy. nice not crazy. this is it. absolutely. i'd rather solution an issue with the much just isn't good that the so the give you, i'll send you the wrong. i'm not very good. feel interest worse than you when you are still at the trip with us, which is really nice piece. there's still can use sort of the or

the relief against the old for something and gossip for somebody. they still find their loved ones allied. however, the state and cannot be said for so many offers. one of his coming often a refugee camp was attacked and the latest round of his rails, foaming come out of here says israel must pay the price for it was the jump out of the $1.00 announcing he's putting the brakes on bilateral trade with pedigree, saying tens of thousands killed in gaza warrants over the attached move and you, brick and bug you also to the see in the trash. it is a controversial us state department report on human rights violations worldwide. it has most certainly prompted planes all biased.