it seems to up to stand quite, you know, from a on the side of russia in that respect. so i think that the, the us also need to explain why they don't want to include the conventional what this, so something is going on there. so let's polk, let them pull could because the molding told, the more we know everything will be uncovered eventually. all right, you mentioned rightly bye china epstein from photo. why to here thing china abstain from voting were i think, trying to make the decision to abstain from the voting because apparently china is not in agreement with what the proposed resolution is all about about to china wants to, uh, you know, to have some amendments as well, as on that, on that note, as i read in the, in,

in the report that to china actually joins hands was rushed to, uh, you know, to, to make for the month months. but again, the amendments was not accepted by the other members. so this exactly shows where we are today was major issues. uh, i think this is the world and this is today's weld, but we have to face it. alright, we have to leave you here. now is thank you so much, vice chairman of the strong hi sent the full ring pack and international studies. nelson wong or thank you. that's right. just how crippling have the bill was supposedly crippling, west and functions being on russia is the. busy hold on one way ticket to the dolores nation and how will the economy all the breaks group grow. we've got exclusive insight into all of this when we sat down for an interview with russian

senior banker at the big the, our f sort of a sort of jack, who also one such as the russian deputy, administer of finance. once that next the, the 2024 is the year of process chairmanship and brooks. 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 address of the state development corporation v e v r f . sir, you start check about bricks, sanctions, the declining role of the us dollar and what lies ahead for the economies around the globe. so again, i think it's just something that someone up to design with. so again, until you each one of the most to discuss topics is the possible confiscation 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 pros and 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've seen 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 but 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 related to such actions. all economic 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 to be seized. so i guess we will go down this path is quite difficult for me to speculate told miss mathis, 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 western financial system. we perhaps when moving towards creating an alternative financial system, it's not about finding the dollar or financial institutions of different countries, but having an option, having the right to choose a menu of choices. everything points to a situation where instead of one international financial system, we will have more, maybe an alternative, maybe even a, not just one all the time to save of knowing 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 local payment and settlement systems, enabling economic entities to trade most smoothly and flexibly with each other. i don't know, like, what, like, what kind of shows up in the sense the why do things are so many western sanctions and why have they 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 the n t rush an agenda or did a general where you come as a big surprise to them. i mentioned this list and this is it. 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 export 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 transparent 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, there's no comparison with how the banking sector operates in these conditions and how we operate it off to be nice and not a 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, leading to strong demand for a variety of products, driving developments on the pool. essentially we largely rely on this them on these

metals rate 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 caution 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 our 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 economy. 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, and i'll make all the difference that the current stage. that's my point of view. i understand it's from the lines with what the government is county saying and dreaming of in terms of retraining. the masses of the go as it should be waiting

for the board. let's briefly discuss the dollar according to i am at the data last year. it's sheer and global currency reserves to decrease to 50.31 percent the lowest in 20 years. do you believe this trend will continue considering the sanctions policies and the growing u. s. national debt, which this year is set to exceed spending on defense and can do you want strength and under these conditions, i think i might have to do it 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, blaming the dollar, everything was 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 clearing houses, central accounts, of policies, central deposit trees, but especially correspondence accounts. those are all controlled by authorities and authorities through the supervision mechanisms. potential oversight regulation will

sippy through legal means issue relevant instructions and compliance services of pacific american banks, which process dollar payments comply with these instructions for them. if they don't comply, then they should be penalties. the old a 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 dollar is influence on the global development and global financial system. i liked the category introduced into circulation by the former governor of the bank of england monk connie. i've known him for a long time. we've had many discussions sort of, he started using the term dominant cover and say, that's the key points dominant. people try to coordinate something else like the

primary most important or something else. reserve currency is understandable. besides the dollar, we also have revenues in your it's chinese young and japanese. yeah. 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 ation open 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 of china. moreover,

in order to exert significant influence to enter this international circulation, bits of payments, such a month's reserves or any other purpose, you need to have a trade deficit over time. your money, it needs to flow out of the country, creating demand for it's similar to what happened. post world war 2 with the american dollars. it long, she became what it is because of a position us balance of payments deficit and the accumulation of dollars in the year i started accounts. i understand that the people's republic of china is not ready for that because of the questions about trade surplus and consequently a surplus with the balance of payments all the priority for people's republic of china. i see these rush are ready to move away from the dollar and how advisable in these, what was the, what would be needed for this to happen to, you know, smother you do what is this not the framing of the issue here? should be old, new wants to often roll russia as a solver. an entity practically does not engaging across the board of money transfers, except when perhaps we have placed the bones boned obligations in numbers of

currency or have been false to repay and service the participants in currency relations or across the board of financial flows. economic entities. this is the fundamental basis for understanding the situation. for many of our exposes 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 adult that if your text by it generates value added x bolts and believes that it's more important to receive compensation for his expenses. in this particular currency, no one will heading to him. so how can brush of refused to this is to abstract, right at the arrested goal 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 it's 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 or 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. i'd 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 you can only against these even an individual entrepreneur and like a plumbing in all case, he's also, i wouldn't even know him again say, well, if he pays taxes, that's good. oh, if he's getting a license, now basically what is the store? so you were saying that the actions of all these legal entities depend more on them and then on the authorities. and of course, at least the government will never allow itself to go against the interests of economic entities. bots. if the government was to take that route, then who would form the tax space? who would pay taxes? if there's no profit, what would you pay from?

that's why we have a system when no presentations are in place. and in russia's central bank government, mister w and my, my opinion, has repeatedly stated that there are no restrictions on operations involving of reserve 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 illiterate today, yesterday there was information then the central bank believes that the time has come to a bullish. there's no, well everyone has to own 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 are mostly satisfied, the responsibility predictability in how the ruble exchange rate changes relative to reserve currencies. it's just never the less that i totally operations and national currencies between wish and china, almost entirely avoiding the use of the dollar and euro in bilateral trade because something similar happened with in 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. and to 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 called the breaks into bank corp mechanism partners in this club, united development banks of 5 countries would hopefully find more institutions joining us together. they say, let's still look at how we will stimulate settlements in national currencies, even most, i'm not just settlements, but financing investment projects, a national currencies or. but this is very logical because if you implemented project in a specific jurisdiction, it's expected that if your project is successful, the sailor products from this blog will fight rates will be a national tire and seized 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 entity 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 wind 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, 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 from 2 countries participate. that's one situation . like what happened with china to joined 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 demand regarding investment goods. but simpler, withdrawal materials and energy results is now when it comes to industry here, 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 and what they usually 1st comes the customers union, then we move on to a free trade zone, as was the case in the razor need, you know, my union. there is a certain sequence here, can you imagine how many economic and commercial ties and needed the business pressure from below to full? so authorities to engage in this way, i can form the corresponding agreements which should be multi lateral, not by latrell, but multi lateral. i would prefer it more if within the brakes of 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 strong dominance of the united states, which has prevented arbitrations were being appointed. and many processes had been sold. that would probably be a more pragmatic golden thinking in terms of a free zone. and i have heard about this idea of from south africa, but it is

a rather small economy, as they say themselves, do not do us as just an economy. as south africa, we represent the interest of being time, 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 and the future, and no one can say in which direction development book guides, 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 and investment since 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 ton of, as all the central bank likes to say, i don't know, to what extent do you solve these block during technologies and all these exhausting one? it's where the naval operations on huge done or is, after all is trade it's 1000000000, right? it's one thing to have one, it sounds like there are billions and wants to, 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 all lifetime we will continue to rely on fayette car and say, transitional bridges to special funds related to these i t. technologies will be formed. the perspective is very strong, that even id companies will significantly push banks to financial markets, or banks themselves will start transforming into i t corporations. everything is moving towards that it mean that clearly the trend is in that direction. how foster this will happen? well, i don't know, it's impossible to predict that for a now answering your question, i would still reiterate that at the current stage, the priority is 2nd payments and national currencies, normal discussions regarding a common currency. and 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 that 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 a much more familiar. but you mentioned the brooks to develop and bank competes with or be more attractive than the i. and that's why i'm gonna give it to you, but it's me, it's, there is no breaks development bank. there is a new development bank. that's the official name of the international organization that we negotiate. this has been dealt with this name or was this is the new development bank. yes, it's found is all members of the brakes grouping. why is it new? how did it come about? well, it happened because they tried to find some time and energy related to describing what brakes is. but the times where it's somewhat awkward. so i'm presenting, colleagues, propose a workable time. let's coordinate the new back room on just so others don't do

a web task. well, the yeah, the, well yes, they started working 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, the more you have, the more about you get and so 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. i know 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 h all 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 office institutions is that one can join the composite it by invitation only. so if you want to join any other multi lateral bank, 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 dads to many countries, especially too many african partners, or is it what benefits does moscow gain from this 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 toward cycling or rising off that's 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 overpayment. deadlines, roughly speaking, they ones especially attentive, political and strategic tell us related to presence in africa well being addressed and accordingly loads with grounded. but these were always cycled tied loans. no actual money was given machinery equipment, food was sent. soviet enterprises would load, 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 debt agreeing on a schedule for the return of these funds these liable. well then it continued from that. that's the 1st part. the 2nd important aspect to you 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. therefore, they began to recalculate the debt denomination in dollars denominated in roubles. in to dollars, we calculated the dollar is $67.00. carfax, any reality? how much was it back then? when in reality, there was no market. so the debt recorded as $100000000.00 roubles, turned into $140000000000.00 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 factor more regarding the russian

federation. i didn't normalize financial relations with many states. if you don't have regulated relations, including those related to that, you or we at a minimum cannot provide new loans. plus we made concessions because fall from old texas to be for minnesota. you in, integrate 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 supplement, we negotiate to the exchange rate and that we apply the official exchange rate for combining ruble obligations in dollars name return, of course we and to discount the received amount within the framework of i primary upfront discount, economically speaking, everything is perfectly fine. i don't see any problems. let me join the powers club of credits as we watch. like everyone else within the club framework under a principle of solidarity. yes, much had to be written off spot 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 yeah, i personally messed up a lot. my wife scolds me about it. what options you have quite an interesting story . good if there's, there's a good. she said you gave 3000000000 to the ukrainians. why? that's when we bought your right bones full. 3000000000 by the payment was different to express it. so i wanted to ask you these neighbors also forgive soviet union's that 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, i would not complaint i get told everyone agreed funny because they had in this stage of national southern dates where they had no debt obligations. the goals feel free to go to the markets, engaged in activities. and so i want insightful to go through again. i thought it was. thank you so much for your time and the

the the, i'm not sure come on this as they didn't know, showing that this thing is for me it was getting that with me is the non smoker anymore. i am still in an empty monday. so stuff with interested in show erica, by a demo print that issue and you're still or do i have to wake up moment but that's not i was made up of cards to train us man that we could buy them. so i, this is a good year. yeah, yeah for. 2 much that's what i want to move over here, but it now is particularly the group didn't come around quite inflate them over the place. crazy. nice, odd cries. 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 why am i still got shipment with us? what do you mean by speed? so you're still going, yes, sort of the the the,

[000:00:00;00] the the so the last time it was about us the longer the some way it was coming in, but just wanted to get the logic of the ups before stuff. which will be officially if i should still cover them and i was kind of given, you know, pretty much the sort of thing. well, obviously if i was gonna let you know, just from what, which was, which was a steel to get the stuff. we also have the thing you just

called us was born in louis services. i have some the logistics of a total of one of the special good on the bus for but those tasks out they are starting to pay the additional service. i will do this for you and then mosley is going to the shop on the look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings accept. we're such orders at conflict with the 1st law show your mind, anticipation. we should be very careful about our personal intelligence at the point, obviously, is to trace a trust rather than to the various things with artificial intelligence. we have somebody in the theme and the

robot must protect his phone. existence was alexis the relief against but bobs was something guys who find their loved ones to live, but the aguero boy condra tied. and at hot a club last 4 of us night comes out. the rest of the cab was hit. in the latest use ready air strike, the trading blows to key. it says the easel has a price to pay for it score. and that will be a massive lead for kayla back business between the 2 countries. we attached move, i lived with 10 pod you also to do the same in the trash as a controversial us state department report on human rights violations around the