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tv   Counting the Cost  Al Jazeera  February 6, 2022 6:30am-7:01am AST

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or short term profits, the semi people come from some p, the region historically known as lapland. you'll be the 1st queen elizabeth once her daughter in law camilla to be known as queen consort. when prince charles becomes king, there had been some suggestions. the duchess of cornwall would be known as the princess consort, queen elizabeth expressed her wish for camilla's new title on the eve of the 70 of anniversary of her accession to the throne. ah, exactly half past the hour your watching al jazeera, your top story, see members of the u. s. military have now arrived in poland as nato bolsters its eastern flank in response to russia's military build up on the ukrainian border. in total president joe biden is to point deploying nearly $3000.00 extra american troops to poland and romania. the final day of the african union summit is taking
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place on sunday. concerns have been raised about 6 military coups on the continent in the last 18 months. the union is also under pressure to push for a ceasefire in ethiopia, northern to gray region. our commitment to pursuing last in global bees in our kindly shall remain. steadfast excellence this lesson gentlemen. the greatest live that need your be has learned or the past year is that without the thought that if you're our african brothers and sisters, our existence or the nation would have been at great risk the un secretary general . and so you could tell us of asked china's president, teaching ping to allow access the regional. and john they met during a sideline conference at the paging winter olympics. he wants the human rights chief michelle bachelorette, 2 visits in young, where the government is accused of committing abuses against the weak unless lim minority, but
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a readout from the meeting from china state news agency made no mention of the issue of demonstrates the cross. brazil are demanding justice for congress, refugee who was beaten to death, more east cover, gummy was killed in a beach like kiosk in rio, in an apparent disputes over unpaid wages. the 2nd sign clone in 2 weeks. as it, madagascar bringing strong winds and heavy rain. sy clone but said i had average winds of more than 160 kilometers an hour when it made landfall on the eastern coast line late on saturday. experts say it's likely to inflict widespread damage a 5 year old, who was trapped in a well in morocco. since tuesday has died, the moroccan king announced ran, did not survive the 5 day ordeal. rescuers dug up part of a hillside to be able to reach the cost is next season as pensions and supply along the russian frame border. us presidential vice president,
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severe economic sanctions thing of conflict of hers. it could be the largest invasion ballpark to kansas. somebody talks a few possibilities we live from moscow to bring you the latest development on al jazeera. ah, i don't know the problem. this is counting the cost on algebra. yeah. we can look at the world of business and economics this week. the u. s. allies have doubled down on the special sanctions, the ukraine stands off. it's a took resorted to of the past decade or so it bought. do such punishment really bite and what's at stake? also this week of tension between russia and the west escalades over ukraine. european energy supplies in the crosshairs says the continent must diversified away
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from moscow who could fill the gap. a new terrace weapon against the us, the war trade organization authorizes china to retaliate against millions worth of annual american export. washington says the ruling undermine fame market competition. the build up of russian troops along ukraine. water has kept moscow's rivals on edge wandering. what let me putin's next move is russia's president says he doesn't intend to invade ukraine. leaders in western capital say he might attack and one of the high prize if he does order troops in the u. k. the european union and the u. s . have previously imposed russian sanctions and more are expected if diplomacy fails. stock markets have reacted to the g o political tension and the stand off is
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raised and fears of a wider economic fought out. us officials have warned of what they called the mother of war sanctions against russia and bow expected to include measures targeting that move hooton's in a circle. and it's time to the west. washington and its allies have also been discussing border sanctions against sectors of russia's economy, including banking and energy. the measures meant to hurt the russian economy, but its fear they'll also affect those of other nations. with the crisis has already pushed the price of oil and gas off, but it goes beyond the energy, the cost of metals used for everything from ca, making and out of tronics to kitchen, where and construction has also increased. so have the prices of wheat and colon on the possibility of a sudden supply crunch. russia and ukraine combined to make up a quarter of global grain exports. and kia has called on the west to avoid spreading panic. that could put it the economy at risk. when a loss appears to be at stake, to discuss that i'm joined by tatiana oliver,
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who's the lead emerging markets economist with oxford economics. she's also the founder of emerging all mix and she's joining us from london. very good to have you with us. so what do you make of the possible new sanctions that we've heard about so far from the us and the allies that they have been threatening russia would? well, sometimes the hero, the sanctions can do more damage than the sanctions themselves. and we can see that the 5th of the human sanction has already done a lot of damage to the russian markets. however, i think the, what we need to see now is the exact warranty or the deal at the us because of going to approve. and then we will see what so the damage these sanctions could do, for example, the order of what action russia needs to take with whether the sanctions will be
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imposed if russia affects ukraine or if there are cyber attacks or even information campaigns. so we'll be looking at him to the law. yeah. and the u. s. has been debasing imposing factions, not just of russia, invades ukraine, russia attacks ukraine, but actually over the actions that she already mentioned, the cyber attacks, the sort of, you know, information. the information was the u. s. and the allies have imposed sanctions against russia in the past. and yet we find ourselves here again after the annexation of crime in 2014. how effective have previous sanctions been in deterring russia? well, i wouldn't say they have been very effective. i think that the russian leadership is probably has a long term political goals and it's a building it's plain strategy and in order to achieve those goals. so i think it's
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actually kind of has been general case with manufacture. no, just again, thrush, but also other countries such as been you swale and iran. glenn actually you know, the sanctions often do not probably bring it as a defect and sometimes they actually inflict a lot of suffering under populations. so the sanction the tool which has to used very carefully and given that they do affect people as much as they do governments, could they possibly backfire here and not just affect the russian people, but other than europe to oh yes, i think it's going possible. i mean, if the west to into info impulse. so the harsh sanctions against russia, russia would reply. you know, it's all, all come to the sanctions. as it was the case during the conflict of 20142015, when russia actually curved some invalid suit from the european union and other
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countries which involve sanctions game. so as a result, there was some damage to certain european businesses, you know, greek fellows of features or made the oldness of apple watches and poland could no longer send their produce to russia. so i guess some kinds of measures along those lines would also be expected. and in europe itself, united in whatever actions taken against russia, better loan, the us and europe on the same page. no, no, we haven't seen much been and unity and there is, 1st of all that a lot of divisions in europe itself because the various countries within the europe have different degrees of ties with russia. economic ties of some countries, so much stronger. for example, germany has traditionally build these high dependence on russia, russian hydrocarbon supplies. so yes,
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there is become fee that the u. s. and a europe out on the same page. and what is that? as well as all the uncertainty doing, you know, to markets, how have they been reacting? what is the sort of, you know, not, i will not say pre war, but the anticipation the uncertainty doing market sentiment. you, as i said, the fear itself is already affecting the market and here. well, 1st of all, the russia markets going to be 2.2 while and in the last few weeks away. but i want to to see here, beth of the last few days, actually the situation has come down. and these happened after russia reacted in a relatively mild fashion to the us reply to its demand. so i think the markets have great you to start the pricing out to the very political premium that was built in during the month of january. and that's interest. and yes,
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please continue. i was, yes, i was just going to mention that ukrainian markets. you're also reacting with a lot of concern to these developments. so in the way, you know, even though at the moment there is no open conflict. i mean, it's the situation on the border is calm. no one has truth killing people, but the markets already reacting as if there was a war. so you cream kind of was also affected by this. panic moved and foreign investors started because withdrawing the funds from you bringing markets. all right, tatiana and london, thank you very much for your time. thank you. well, as the talk, sanctions goes louder, europe could find itself squeezed on the energy front. it's believe that measures to limit roches ability to export oil and gas would be the most powerful weapon and would hurt the russian economy, but they would cause pain for others. most,
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most of the europe, russia provides around 30 percent of the european union, natural gas. and if there is a war, you may have to turn to other supplies. the u. s. has been working with all the countries on ways to supply fuel to western europe, nations. if that happens, dominant cane supports from berlin. this is the ammo or natural gas installation in central russia. one of many such plants is product is pipe to destinations in asia and europe, all of which generates an export revenue of more than $200000000.00 a day for the provide a gas problem. the greatest single market is germany, closely followed by other european countries. cumulatively 128000000 cubic meters of gas flows to the e u. each year, representing around a 3rd of its annual impulse. but what would happen if the ukraine crisis became more war and all of this was suddenly switched off. it's going to so i don't of it could be an interruption of guess. whoever wasn't government way carefully,
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whether they really want that was possible to put europe under pressure, you would eventually tend to liquid guess some of us talk if liquid gas or l n g is a solution, there are a few of these potential suppliers, most notably the u. s. and the state of qatar, while neither could fill the shortfall of so much gas, immediately, one analysts told me, catherine might be able to provide a more medium and long term solution. the guitar is indeed did supply europe with a lot more gas in the past. but given the fact that the europeans were not very fond of the way that the contracts are structured, kotor pivoted to asia and now supplies from most of the gas to them rather than the europeans. should the be some say reconsideration on the european end. when it comes to the contractual elements and their compatibility with european energy law, then this might actually change the situation and he's in the medium to long term.
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from the geopolitical perspective, there are increasingly loud voices in western europe who don't want to be so dependent on russia for the energy supply in full. but he'll record to you. we have to build a foundation of out of warranty, which means more independence from russia. when i look at are important terms of oil and gas to get, we are not independent from russia. this won't happen overnight. he, you lead us have been clear that a russian active aggression against ukraine would have dire consequences for president putin and his country. it would mean an end to his hopes of switching on the north stream to gas pipeline, depriving him of tens of billions of dollars in revenue, and depriving the you of hundreds of billions of cubic meters of russian gas. the few in berlin is such a price is worth paying if it can deter moscow from invasion. ministers here, don't want to arm the craniums. they believe the most potent weapon against tutoring is sanctions. no matter the cost. dominant cane al jazeera in the german
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capital or to discuss all of that on join now by mike full, with the senior research fellow at oxford institute for energy studies. and he's joining me now from oxford. mister full with thank you for your time. how worried do you think europe is right now about us energy supply? like yours where they should be should be very worried. i think john was lee cor, lots of europe supply, not just of gas co noise as well come from russia. so there's obviously a lot of uncertainty about the event of any sort of conflict. still, isn't you crying as to what might help close supplies? said she really is a key issue as the other in. yeah, and you've been the press and quality assurance has been working on a contingency plan. was a tool going the mean years have ministration, has been talking about trying to get more while gaster lucas,
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like natural gas to come to, to europe. and that's, that's limited in, to the extent that really so much at the going to cost him g around the world. and that split between and the number of markets including asia, europe, south american market. so there isn't much l, a g around the world. the at the moment. well, the u. s. has been trying to find a contingency plan. as you mentioned, washington has tried to persuade europe in the past though to buy its gas, but it's found few takers. why is that? well, i mean, i present true. talked about with freedom, gosh for your that was a little more to the i mean the, the b u. s. l n g producer australia. because the way that the contracts are structured with the oxide because they're pretty much free to send my gas at
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n g o was anywhere in the world and they attended to follow the market. so when it was cold and i should ation prices will holler a lot of it went, boards and japan crates are warm, china and india. and you know, when in the last few months last year and part of this year, a lot of it, the record amounts of complete europe because the europe in price at the moment so much for both buyers and sellers like the flexibility, right? the ability to move on g round gives them all right. and what about the north stream pipeline to which there's been a lot of attention on it would bring pipe gas from eastern russia to western germany from under the baltic sea. but is that likely to still go ahead this current environment? and the, i think clearly as, as a promise from the gram matching bait and the craven. and that was the project to complete
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jeopardy. it's probably likely, politically to start. well, there's an i feel conflict on and in the options of that. and so if the sabre rattling them, the approach is going to prove no strain to have a regulator as restarted, the process may not the nation. so the 2nd half of this year, just to go to europe, a commission for approval that that's really a robust time. so it could get delayed because the process takes longer, but ultimately legally it will, it will get approved then becomes a political decision as to whether to stop it or not. not could, those huge litigation should have been damaged in the course of the amount of funds for the project, not just the russians, and the possible energy crunch that we're talking about. how do you see it hurting
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more than you were p and nations, which are so reliant on russia for the gas or russia itself, which sells so much of it's the 5 natural gas to europe and earns revenues promise . well, it's no tell both, man, i think yeah, russia gets a little revenues from exports of oil and gas. oh. and that is actually with the prices of last year. so you built up quite a chest of dollars with which to withstand, let's say a short cut off of supplies. it's got the money certainly to cover that. but i think he did. if russia that's from the town supplies, then i spend 30 to 40 years building up a reputation of being a reliable supplier. and that's all part of the window. if it's like a child supplies and they've been saying your long term contract off the table and
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it will be disastrous for your mindful woods and oxford. thank you for your time. again, for more than a quarter of a century, the world trade organization has been meant to serve as an arbiter of commerce, but it has rarely succeeded to not shop any wins. on the contrary, it has often got caught in the crossfire when it's tried to find solutions. the u. s. has repeatedly accused the w. t o of siding the bay jing and the dispute between the 2 countries and demanded it's reform. the trade body is yet again anger and b, u. s. it's authorized china to retaliate against $645000000.00 worth of us imports per year. as part of a decade old trade dispute or the us anti subsidy duties on chinese goods. the amount was much less than the $2400000000.00 that china had initially requested. washington said it's impose the town on products, including solar panels,
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because they were being dumped on the market to help chinese companies do business . as the 2nd time, the w t o has allowed china to retaliate for us anti dumping taxes and 2019 the arbitrator and our pages to add duties on up to $3600000000.00 worth of us imports . that same year, former president donald trump, blocked the appointment of new judges to the organizations applet body. well, the new ruling comes almost a year after a fragile, but arguably, durable trade truth between the us and china. washington in beijing signed a trade packed in 2020 that demands china increased its buying of u. s. goods. the chinese government has so far failed to meet those purchase commitments. president joe biden has kept duties on chinese apparel furniture and other items. the u. s. imposed power on at least $360000000000.00 a year in chinese made goods. the w t o has said additional tariffs imposed in 2018
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by the us on chinese goods violated international trading rules. separately, the e u has fall the case against china at the w t. o photography. in lithuania, just begun with blocking lithuanian import. the route was parked off lithuania as decision to allow taiwan, which is seen by the chinese government as part of its territory to open a diplomatic outpost in vilnius. china downgraded its diplomatic relations with little way near the denies ordering a boycott of the nation's goods. i'm joined now by henry gal who is the associate professor at the singapore management university. he's also a member of the advisory board of the w t o chairs program. and he's joining us from singapore, mr. gal. very good to have you with us. so how much of the surprise was this decision by the w t o, how much of a when was it for china? well, i guess the decision was not really surprising because this is part of
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a long rang and dispute. they came back to 10 years ago, and the w 2 up already ruled us the substance a 3 years ago. so the decision basically established the quantity, the quantum of damage or china. but the even get us action was ready decided 3 years ago. so i think this is just a mind big trip or china. i wouldn't say this is a big win for china. the u. s. a certainly angered by it whether they see it as a win or not. and they're saying that this is, you know, the decision reflects erroneous apple. it's body interpretations. what do you make of that? well, the u. s. has been complaining about the queue just as system for a long time, especially on true remedies cases where they regard the appellate body is to show public body. for example, to be a serious mistake that i have minds of other countries ability to pick. what time
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is based capitalism and have a long call it or the form, but it puts money. i would agree with us review. i think the appellate body actually has made the right decision. ironically, if you look closely at the appellate body decision 3 years ago, i mention audio. actually the parent body in that case, did a try to re adjust the audio. you're pretty some, probably the body to make it easier for us to have a safeguard. as to have already subsidy a mattress against china. so i think the u. s. a complaint, a definite mist directly. and you know, the us has been so angry at the w t o in the past that it's actually blocked appointments to the athletic body, which is the dispute settlement court. how much has that hampered the world trade organization and its ability to sol dispute between countries? would you say yes, definitely. i mean the us a decision to block the appellate body. another mistake made by the us,
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the course. ironically, on the one hand, you are seeing that the u. s. has been complaining that china is being body can all kinds of w was on the other hand to undermine the w us ability to really off. these was against china by removing the appellate body, making the body be non existent. so i think the u. s. is kind of a self, a concrete 13, if they really want to have, you know, was mon actions against china in the w you'll, you should definitely bring back the appellate body. do you think that that's likely to happen under president joe biden? it hasn't happened. so far it was the former president, donald trump, who just decided to block appointment from the athens, but it could be see some progress now. well, everyone have been waiting since the president barton came to all the so you ago. but i think those of us in the circle have a barn large being disappointed by the actions of the new body animation. because
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despite the seeing that the u. s. is background of the us, there's so much last, what is the steel continue the blockage just we saw the tween for president trump. so i think i've had a boy that would be continue the blockage at least for a while and kill the get. what do you want to in the w 2 by the probably, the u. s. has not even made it clear, right? know what the one in the w use. so that make solve the problem even more difficult . you're not surprised by the w to a decision later. decision on china, but would you say that it impacts this, you know, fragile trade truth between the us and china that we've had some 2020. that is a good point to actually because i personally, even though i was not surprised by the decision. but i think the decision providers trying to some expected to get an average in the things that they could use this authorization from the w e q to retire to be in the us as a kind of
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a bargaining chip with the us. especially as the u. s now is reviewing china's implementation of the phase one, where most commentators would have re and they're trying to build to implement that land grim it to extend. so i think china could use these to advantage and maybe these would help what we need trunks or mr. guy, we have just a less than a minute left and i'd like to ask you about lithuania as well. what do you make of the european union taking this case to the w t o over china's actions against lithuania? well, the see? no surprise in because the u has been contacting the the case for a while and i would argue that 80 so good that the u. s. is picking the keys to the w 2 because it's much better than just employee, you know, trying to go back and forth using diplomatic channels because the depth and, and not working. i think china, in that case would probably side the national security exception,
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just like russia in the case against your grand. so the case would be interesting to watch. i hope that the w 2 panel, what do you need a basic, what are the conditions you need to cite the national security exception in the case henry gal and singapore. thank you very much for your time. my pleasure. and that's our show for this week. get in touch with us by tweeting me at the param and do use the hash tag a j c t c. when you do or drop as an e mail council, because that ellen just the dot net as i address it, is more for you online as our 0 dot com slash ctc. that'll take you straight to our page, which has individual reports, length and episodes for you to catch up on that set for this edition of counting the cost. i'm elizabeth per item from the whole team. thank you for joining us. the news on al jazeera is the
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allow government algebra where ever you with all of the 1st u. s. troops meant to reinforce ne, so allies arrive in poland. does russia continues to mobilize near the ukrainian border? ah, hello and welcome on peter toby, you're watching. alex is here, alive from dough also coming up, kohls for justice. a congolese migrant was beaten to death, not sparks. nationwide demonstrations in brazil. overwhelmed with challenges and crises, the african union.

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