bouncing back from the effects of the pandemic, oil and gas prices have spiraled despite promises. banks are investing heavily, particularly in coal. if we move out of polluting fossil fuels such as coil and gas, industry crane renewable energy sources such as wind solar. we will cut emissions and limited global temperature rises, and as i said back here, chance for adaptation measures to work with the world rightly focused on the crisis in ukraine. this latest climate report emphasizes global warming is a fundamental long term threat. the cannot be ignored, but the site shows it can be stopped in its tracks. if humanity cuts emissions to 0 . time though is running out. late clark al jazeera ah hillary, on the headlines on al jazeera, the sour, russia,

and ukraine have ended their 1st talk since masters invasion. 5 days ago. a 2nd round of discussions is likely once each side holds consultations with their respective governments. and despite those talks, there has been more heavy fighting across ukraine. dozens of people are reported to have been killed or wounded in car thieves. the un general assembly is holding a special session to discuss rushes invasion and ukraine's ambassador to the u. n. compare the situation in keith to world war 2. we have been prompted to call for an emergency special session. as the level of the threat to the global security has been equated to the back of the 2nd world war or even higher following puddings. order to put in the lord russian nuclear forces. what, what a madness if he wants to kill himself, he doesn't need to use nuclear arsenal. he has to do what these say. what would be

guy in, in berlin did in a bunker in may 1945. russia's ambassador said his country is against you. crane joining nato machine. you with that on you. for us, your crane joining nato is a red line 1st and foremost from the military strategic level. the deployment of nato infrastructure in that country would compel us to adopt measures in response. and this has at places at the verge of the conflict. for this reason, in december of 2021, we proposed that agreements we arrived at with the us in nato for security reassurances to be provided due to russian federation renewals. coming up the top of the hour right here on al jazeera, but up next it's inside story with nick clark. thanks for watching. bye bye. for now, joe biden will deliver his state of the union address in march. first,

the traditional speech will outline his achievement today. we will respond and we had but with the cobra policy under pressure and award sitting situation in ukraine county, president, recent congress. he's on the right track, special coverage from washington. the russians are paying a price for the invasion of ukraine's basic goods. it becoming more expensive. the value of the ruble falls and economic sanctions start to fight. but could the rest of the well be affected as well as his insight store? ah. hello, welcome to the program, i'm nick clock. so russia, the invasion of ukraine has triggered some of the most severe sanctions ever from the west. that designed to hurt russia's economy and deprive president vladimir

putin of money to pay for the war. the currency, the rubel, has fallen by a 3rd against the us dollar. some russian banks have been banned from the swift messaging system used for international transactions. the united states, the european union, and their allies, blocking access to much of the countries $640000000000.00 in foreign cash reserves . rushes central bank is trying to limit the fall out by raising interest rates to 20 percent. the credit insists the country will write out the pain with the fear has caused a run on the banks. thursday, everyone has been running between a t m to redraw cash. someone gets lucky, others not so lucky. i don't think i would, but it's not clear how will we buy groceries and other stuff. if swift is turned off, all foreign goods are paid for by card. how will we purchase them? i work in a department store. how will they buy clothes from italy? i wonder, i don't know how other areas will be affected. everything is working in russia,

but there could be some shortages, more nominal then you can, you won't affect me at all because i'm not too rich. i'm an average. it will affect our country, i think. but we will overcome at all when of course, the sanctions could have an impact outside of russia as well. the world 11th biggest economy is a major exposure of fuel and food. the war could push up prices globally. let's take a closer look. russia produces 10 percent of the world's oil is the west warned of russian invasion back in november. prices were nearly $85.00 a barrel. now they are more than $100.00 a barrel and rising. most go supplies, 40 percent of europe's natural gas prices on the continents have increased by 3rd since thursday, when the invasion began. russia is the world's largest weight exporter prices last year were already 31 percent higher than in 2020. that's according to the us food and agriculture agency,

economies fair. they could climb even higher awe or idol at the spring in august. in moscow we have a pebble falcon house in defense of military unless in shanghai, in china, dan, wiring a chief economist at the hang thing, bank, china, and in london, gibbon santa, who's an economist at kings college london. welcome all of you to the program. at 1st i just wanted to focus on the situation with in russia for now we'll look at the global situation in a few minutes. but pavel puzzle, falcon ha. busy flooded me, a putin says he's indifferent to sanctions. is that true? do you think? oh, well, russia was preparing, obviously that there can be further sanctions. actually russia has been under sanctions for ready, 8 years. and so for keen and moral are coming. and so there were reserves made of different things, of chips and components to make planes and other materials. and of course,

russia with the price of oil being higher, the price of natural gas do made large hard currency reserves. and it was boy, that russia could, the weather, the storm, that sanctions will have some effect further on, but not the immediate, it turns out differently on the west greed very promptly to freeze the assets of the central bank. and that was a shock and awe event. right, so what, what is the, what are the implications of that? because those hard currency reserves you talked about been pretty much half of them . they say he loses access to much of the $640000000000.00. that was there. what's gonna be the out i got on with that belongs to the central bank as reserve itself, the sovereign fund, which is under the custodians ship of the central bank. so the, and that's also in harton and foreign currency. so that means the central bank does not have the capability to support the rouble by using those reserves. they have

been frozen. and actually there's reports that not only in euro's dollars, sterling and apparently yen, actually switzerland. the neutral country is also looking into freezing gresham assets. so it would be the frank to that's not, that's not good at also today, moscow, there was panic in the city. the bread, the in the room in free fall, the central bank moved in and somewhat managed to stabilize the situation. ok, well they're coming to me with an oscar. just just a 2nd pebble that sorry to interrupt. i want to move on. we'll come back to in a 2nd about what's happening on the streets at dan dunn wang outside of china. have you been surprised by the, the level of sanctions finally being imposed now on russia? i'm actually not that surprised on gathering all the political signals in a market from europe in the us. it seems that will happen that way. the swift is

used and in my line of business is considered as a nuclear option in the financial world. but energy products are still an exemption, so i just don't think the pain would be big enough to deter russia yet there has to be more of a. busy consistent behavior in alliance between western countries in order to cause the real damage they want to see given signed. what do you think? do you think that needs to be more effort to, to up the level of sanctioning going on? the sanctions are clear, putative, and overwhelming. we should be clear, the, as of this morning, the russian economy is in crisis. the rubel is crushing, inflation will increase. bank crosby are also seeing russia is fundamentally much poorer this morning than it was yesterday. these factors will have a huge damaging effect. and one of the ironies of course of this is because putin spent to 2014 insulating the russian economy from his western neighbors by selling

very little debt abroad by restricting imports by trying to build that reserve. it also easy, such as are going to have relatively less effect on western economies. polluted gambled, everything on this card of invading ukraine. he thought he had a war chest ready. it's clear that is no longer the case. he went all laid and it looks like he's about to lose very badly. right. so puzzle the rubel, as you would just saying, the rubel has bombed home and now and the impact that that is going to have on the lives of the men and women on the street. what will it due to the cost of living for the 145000000 people in russia? well, it says the central bank right now today stepped in. they managed to stabilize the situation that even their rebalance of the robo. but the medicine is very, very big character. they have written the their basic lending rate from 9 and

a half percent to 20. 20 percent means the russian industry is going to tank normal industry kind of work at such a rate only i don't know. speaker or the trading in the market. that means there's going to be or recession in russia. they're going to be a severe economic recession, and that's going to take the population very seriously. they're going to be shortages because they're going to be a problem with imports. and not only because of money, because russia still selling oil and getting some money, but there's not frozen. but there's logistical problem, but just the company, they're refusing to bring containers to russia and will be won't having bananas. but we also have a, a pre courses to make generic maxims and everything is going to go, and that's going to be, there's this, all of it in some is going to affect very bad with the internal political situation

. there is going to be serious discontent in the coming months and that, coupled with war that seems not very popular and not very successful. right? i was going to come here. what do you think? what sense are you getting from people that people, you know, the people you talk to in the shops and so forth about what's going on and what happens the result of these sanctions ultimately as a result of a lot of pieces decision to invade? no, i'm in right now, people are in shock because they're gadgets not working. this is not working. so people are trying to get something by something. do something or just simply sit and press ration because they don't, their wires are kind of crumbling about them. moscow like we're traveling a lot abroad now, there's also no rush and plains around anywhere. the russian foreign minister can go to geneva and another, another people, ordinary people also can go anywhere. so this is

a kind of very serious frustration. there is some anti war movement, it's not yet very big, but there is there. and that's also eating in to be no political stability. if these things right now, it's not yet the political problem for the kremlin, but it can soon become active because all these things will be adding up, right? and people are of course, frustrated asking me questions. what comes next? and i don't have any good news for them. it's going to be much worse gibbons under in london to what extent can, can russia fight back? because we've heard in the last few hours, russia closing space of $36.00 countries. and that's going to have repercussions across the world. it will to the real damaging weapon that russia has, of course, is, as you mentioned, a huge amount of energy export. the 2nd largest producer of natural gas have in london. 40 percent of our electricity comes from energy. we are much of the gas in

the european union as well does come from russia. but whilst it can try to restrict as exports, we should remember the russia or cities to export. it ordered, have dollars come into the country and not see the ruble crash further. beads, those dollars rushes economic sanctions back to the to a western wall if you like outside of energy. and we are very limited even with energy and we, it's very difficult to see how effectively they could deploy it, give it how badly they need at this point in time, us dollars, it doesn't look like the russian economy or russian government here had a huge amount of maneuver by which to strike back at western nations. yes indeed, just as we emerged from the panoramic crisis, we walk straight into this kind of storm cloud of water. we done and weighing in shanghai with your finances, hassle. and if you like, how far reaching do you think the consequences of russia's invasion of ukraine will

be for the world? and indeed, for soul, wherever we may live? well, i think for come, for country like ukraine, it's economy probably will have to be put back by at least 5 years just due to this war. but for the rest of the world. unfortunately, i think the economic impact will be quite drastic in the beginning. but quickly fade off dry. now we see a lot of adjustment in the stock market and people are rushing to to save process. but judging by historical experience to say the period after the goal for a period after $911.00, the markets will return to normal. usually between one to one to 6 months. and right now we see actually many countries see more opportunities to strengthen their bond way, the russia, including china. so it's not the case for like iran or cuba that they're very isolated from the rest of the world. russia still has friends and allies from other

possible, but if you know, we've been talking about supply russia, is that the biggest appli weeks in the world? if, if that has is hit badly? yeah, it's going to affect to basic basic commodity of bread, isn't it? and that is going to have repercussions around the world. it's not something that's just going to, you know, vap rate once the invasion stops, or they come to some sort of agreement if they do, and this, this might drag on for, for months. while food security is certainly a prime concern, but the impact again is quite uneven. for countries in middle east and north africa, they depend more heavily on russian and ukraine. supply is specially weed and reap seats. so we will see some disproportionate impact for the poor people in those country. if you look at the country like turkey, the inflation pressure is already very high. and i just can see that more people would have to suffer from high living cost in a month to come driven. what do you think? what do you have?

how do you think the sanctions on russia will reverberate across the, the world global economy? i really for the, for the, for the amount of women on the street from, you know, from kenya to london. so yes, if you, to whatever extent people are exposed to russian financial assets, we are going to see some kind of repercussion. you see in stock market down slightly this morning. similarly, the same is true of russia decides to offload its dollars denominated debt for example. but the more severe questions really about to what extent energy price is, what is food prices are effected got for masses that people on the street. now we had a threat for method as a few days ago said that he was cause the price of gas to increase by more than double in the u. k. that would be another increase of energy prices of bow a 1000 pounds to the average family. and other 3 points on inflation at the same time we're seeing across the v c, d to be inflation spiking and living standards for inside the u. k. we see the

biggest fall or we'll see this year working house all the biggest fall in after tax income for 30 years. it was seen as pressure, of course, everywhere. the real question here is what happens? those energy exports, what happens, those food exports, pebble, what do you think of that threat for method of to put a squeeze on the gas flow and push up the price? is that something that you will see come into play? i will actually, i don't know today their president, booking and graham one hand, a meeting on the sanctions and rush and response. the results are not yet known. this is may be a possibility. but again, of course, that that is a dangerous weapon. because if russia begins to leave, the gas supplies, the worst will begin to squeeze vast from. and that a gas from has assets in the west even has natural gas in western europe. and in

central europe and under ground facilities which could be confiscated. then, you know, there's cutting off supply of oil and gas was a very dangerous weapon. and once i could, there's going to be a lot of consideration before using that. of course, the 1st reaction, but president bush was actually to threaten brandish the nuclear weapon big and he amounts to kind of high that the level of readiness and in the equivalent of the american deaf com has beam listed. and so basically russia is saying, if you both sanctions or not, we can maybe begin to use nukes, actually it's possible that the nuclear weapon could be exploded somewhere in the safe place like and over the caesar mtc somewhere. and the

north sea in the regency or the atlantic, where it won't cause any harm as a demonstration of russian determination. because such things have been kind of proposed and tested without the explosion. of course, in russian military exercises beginning from the ninety's, it's called the escalation through nuclear escalation and demonstrate as nuclear tack. that sounds like to me and that's a possibility right now we should consider that and what, how that will have a reaction on world markets. indeed, don wang, well, let me ask you about that. what do you make of that? first of all, i think it's incredible threats. of course, the minute hurry, power is quite obvious for russia. but the real question is, what does russia want out of this war? where the crane and the economic sanctions pretty much is anticipated before it

started this war. and the bottom line is, the power that the western countries exert on russia can also be the western countries of, on our ability for europe to cut off its energy ties with russia. it cannot be very long has to be a temporary solution, because you are really depend on russia for the energy supply and the for the us, it can certainly take out russia from this with the system. but that means so we can in position $4.00 denominator, the global order. so now it just leaves all, all countries in this tricky balance. and i don't think russia will necessarily lose in this battle. and in this negotiation, eventually may be the trade relations between russia and china, got closer and probably will get more political power from europe as well and done . how do you think china fits into this, this tricky balance as you describe it because earlier this month preach and held talks with teaching ping whether too late is declared,

this sort of unending friendship with no limits and no forbidden errors of co operation. do you think that strained? now while russia is part of the bout and road initiative, countries and they're all already a lot of collaboration on the ground infrastructure and technology, e commerce, things like that. there's even the currency swap system. and in times like this friendlier face in china, would be a great support for russia. and already we have seen more talks on, on the ground between different trades representatives on from china and from russia. so it is more opportunities for china to gain in this situation. and for russia as well, maybe to pursue a different passports. future growth, even at london, is well known for it said, links to brush and money, isn't it? what about the mass ranks of oligarchs? will they always have peakins back?

we've seen raymond abram event. she stepped back from the ownership of chelsea, football club, couple of others beginning to, to speak out against wall. what do you think that might represent it looks like all the got their own kind of interest may no longer align that to, to be know, for example, the british government is looking at seizing puter linked oligarchy property in london. i've just seen the french considering similar actions to the other gods may start to think about kind of diverging from putin. i suppose on the other side that we also see danger from those all of golf. you do decide to the foods and fundament city will determine his survival is whether or not he still has the backing of the security and the armed forces. we should remember, dictators like mic doro can survive off base if they are, make sure they have, you know, the support of the men with guns on demand. steve uprooted was the all the golf may leave him or more than they think about it was really about is what is his position

and support within his dom forces? probably felt and what was your assessments? vladimir putin, his position in the coming months, given that we're beginning to hear from the goc, suggesting that perhaps that this war was ill advised. is that something that may grow and budget and add to the unrest on the streets that you were talking about a little bit earlier? slow. there is, of course, that will be and rest there will be cannot make frustration of large parts of the russian population. but that, of course, not enough at all to kind of bring any kind of substantial change in regime or substantially change russian political objectives the criminal objectives. why should be added that they should be widespread this content within the security apparatus? yes. the military and actually their civilian bureaucracy, which is also very important that russia that's how the things begin to change. and

russia, if the, when the changes say this war is not very popular and it's not very popular with the russian military due. there were dissenting voices and signals coming from there that this is the wrong thing to do. and it doesn't seem that maybe in some instances, the russian military are not fighting to full capacity, or at least maybe holding back maybe under orders or maybe that they don't want to fight this war very much. so it's a complicated situation. the in the regime may begin to bobbo in the coming months. will there be any change or not? again, that's anybody's question. before it begins to happen, you very hard to predict, but the security, the military have to look the other way. if there's a property or discontent, can begin to change anything in russia. ok give and i'd like to end with you from

a if i'll still it is where to end and some agreement was reached. how quickly could things economically, in russia, around the world get back on track or is this, you know, set in train a long term potential recession? well, i mean, i think rush at this point, we'll face some kind of recess, at least in the short term. if it is the case that relations was to go back to normal, you think that be able to, in some sense, recover. but also that think about what the long term implications would still be. europe would very much be looking to decouple the natural gas from roster, and who's in any case, there would be you think that more of a push to net 0. there will be a complete change in relationships, especially while tutored is still the lead when russia and more broadly is very difficult situation in which our dealings with russia will be normalized while a lot of precision is delita. because go back to where we were 10 days ago.

interesting at thank you all for joining us. we run out of time, do appreciate your oil perspectives on this very important story. pebble of how can, how done wang and a given sand. thanks very much indeed. and thank you for watching. you can see the program again any time by visiting our website, algebra dot com. and for further discussion, you can go to our facebook page. that's facebook dot com, forward slash a j inside story. or you can also join the conversation on twitter. handle is a story for me, no clock. and it's all halting out there. it's goodbye. ah . in the early hours of the morning, these palestinian families are being forced to leave their homes and belongings. these already military sometimes uses this area in the north of the occupied west bank as a training ground explosions like these often break the piece here. i feel for the

children they get scared and i tried to calm them down there, but we're scared to. these really are me told them just either that it takes measures to protect civilians during the exercises. but there's really officers previously said that trainings are used to push palestinians out 48 families once lived in this village called zeek. now, there are only 20 people here, say they have nowhere else to go. so they have to stay out until they're allowed to return to their home. after midnight, the military drill will continue for 3 days, which means they'll have to go through this again, twice this week. for some, a robot is a mechanical law or even that self driving training. but android today can be really humanoid robots, like me, will be everywhere. al jazeera documentary, the lead on the weird and wonderful world. learn think and even trust. i

feel like i'm alive, but i know i and the machine origin honor because president clinton has launched an attack on ukraine. how will the world react to his latest move? what impact with his hop on the people from crane and russia? as events unfold? stay with us for the latest news and analysis for moscow on all 0. ah, i will jesse around with this feels like representation of who i am and what i want people to remember me by boxing is my get out take it is, is not even just my thing is the people around like you got to when i'm telling the

story about my life is going to take 50 future to do a don't so bad with you. deep award with your documentary witness on out his era. ah, this is al jazeera. ah. you're watching the news, our life from a headquarters in del. how i'm dirty and abigail coming up in the next 60 minutes fighting intensifies in the ukrainian capital and other parts of the country is russia, continues its assaults, talks between delegations from moscow on kiev, wrap up with the possibility of a 2nd round of negotiations to come these escalating violence which is resulting in

civilian.