is perhaps the toughest sanction the west has levied against russia. around 70 percent of its banks and financial institutions have been cut off from swift. the system used by banks to send money across borders. it is a move that impact reaches well beyond russia itself. many banks in the u. s. the e u and the u. k. have given loans to russian firms who can now no longer service them. it's unclear exactly how much banks have loaned to russian companies, but the experts of putting this number somewhere in the 10s of billions of yours. then there's of course, the potential for sovereign debt. default rushes central bank account access. it's assets abroad on his own course to miss re payments to its creditors. now, russia currently owes nearly $50000000000.00 to lenders in the west. payments are due within the next 2 weeks, one for $100000000.00 in interest. another of over $2000000000.00 among the

countries levying sanctions on russia is switzerland. it's an unprecedented step for the financial hub that prides itself on staying neutral. but it's still being urged to take further action to reach is one of the world's most expensive places, and that's a no small part you to russian oligarchs. happy to invest their money. here. rudolph elma, used to be a top banker at the venerable missouri spank yoyo spare. today he is a critic of these financial institutions who came to international prominence as a wiki leaks whistleblower in this rice. if the guilt angelique, while a lot of money is invested in switzerland because banking secrecy protects the oligarchs, we have a strict secrecy long. i'm halted. besides the government politicians and the judiciary support. this is because it is a huge source of income for the swiss estate. things rights are store. russia's brutal war against ukraine has put world wide pressure on switzerland to respond.

it's likely one of the reasons why the government here has backed the sanctions, saying russian oligarchy should no longer be able to access their assets here. but elmer is skeptical until we'll leave. i'll have to wait. cylinder was slow to introduce sanctions. and that keep the older ex, plenty of time to shift their fortune somewhere else, concealing the origin of money as a long tradition in switzerland hills pocket. the can. this means that the actual owner is disguised via trusts in the cayman islands or companies or whatever in such a way that you don't really know who is behind on the spice very quickly. the swiss bankers association rejects the accusation, saying the sanctions would be strictly observed if the super state it's important to understand that the sanctions obliged banks to report russian customers to be oh, forties is what i did. the banking secrecy is never absolute. it can be affected by a legal obligation to provide information. and that is also the case with these sanctions. because it's concrete here by the suck, too. small salmon after fall,

rushes guys from bank and spare bank, seen here in serious are exempt from the sanctions that allows you. countries like germany to still be able to buy russian oil and gas through them. but public criticism is growing, spare bank in theory has covered over its logo and lowered window blinds for fear of protests. the swiss n g o public eye has long criticized the russian banks. and now it says they're playing a critical role in moscow's war. that is not to this, this is, of course, a substantial part of bloody amir putins war chest, cooking. he calculated it that way from the start. how could you and also anticipated that this money, at least, would continue to flow. we're talking about a $1000000000.00 a day, 80 percent of which comes from swiss commodities. trading platforms said, one of the data centers for the swift bank payment system is very close to 0. it's currently under a heavy guard for fear of russian sabotaged. but elma doesn't think our complete

russian cut off from swift would be that dramatic for russia is keep received in american skies. there are various ways of getting around this, like inter company deal, the banks holding bank accounts with other banks on the and trade shortcut. as well as barter transactions house, because there are many variants and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of kentucky on rudolph elma, now lives in seclusion near the ration. but he hasn't stop criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center. but so far says he see no willingness in the government to take action. i love in speaking to your rock call, who's president of the european school of management and technology. s m t. berlin . i asked him how surprising it was that switzerland have joined the you in

sanctioning russia. the fact that switzerland joined the just representing the overall observation that we have at this point of time that there's such a strong unified approach across west and countries that. busy no one could escape and in particular, we've seen in the past, but any bank that 5 weeks have paid. so convent sanctions has been penalized heavily by, in particular us authorities. so therefore, it might be a little bit surprising, but in light of your development and also in light of what we see as a parent tells you the path is maybe not surprising. is it a big blow to the russian banking system to have the sanctions from switzerland, in particular, given the role that it plays with it's much stricter secrecy laws. this is certainly a lot of russian bangs, but maybe it's even more blow in the asset management part. so this means if, well,

the russians put their money to now and they are sanctioned as well, with banks are extremely careful in now operating under level actually with any russian clients. and thus it becomes also more difficult withdraw private money problems with the father purposes. this is sort of changed though, could last for a long time. well, what, what was the feeling with the sanctions that they going to be in place forever? and russian determined to have to find a new way to move that money around, and indeed move their export. i saw the 2 elements for so i would expect the sections to be in place for the foot of your job. but there's another aspect, and maybe this epic might become more important. so in the long run, which is the bolting by feet mechanism that we see, you know, we've seen that many western companies, even companies that were not restricted to do so by the sanctions. they actually

thought it was drawing their business from russia that also western companies don't want to work anymore, which would say russians to senior rates in europe in the united states. and this voting by feet as taking really a very massive, a very strong movement of the last 2 weeks. and this is something that my view has not seen yet, but rather will continue. and then it would be very hard to reverse this decision. in particular, we see now if the russian government even wants to nationalize to expropriate the assets, that's western companies have less leslie russia. yeah, it's made a change for russia that keeps getting worse because it keeps getting more and more isolated from the rest of the world. and indeed, it's looking less and less likely the rush is going to be able to pay its debts to its foreign creditors. default looks so almost certain doesn't it? yes, indeed,

the rating agencies that now made very clear statements that russian sovereign debts just is a john status. also, not clear any more whether even if russia did have the money, whether they would be willing to pay so that they basically voluntary to be, they are all. this is why the more of the linkages of the international financial systems to russia will be stopped. and it will even isolate russia more in many different ways and the financial system is certainly the. busy best way for jack rochel, president of the european school of management and technology in berlin. now, the ukranian president for laudermill lr lensky urged the u. k. to do more to help russia financially when he addressed the british parliament this week. london is seen as a key front in the economic battle with large amounts of russian money flowing through the u. k. capital each year. but could it be about to shed its reputation

as an oligarchy? playground from their bigot mass reports. we have an appointment at the ritz, one of the swankiest addresses in london with bill browder. he was once one of russia's top foreign born investors, but quickly became an opponent of flooded me put in before being expelled from the country. he is now living in london and is one of the kremlin biggest critics. britain has been a soft spot for dirty russian money for last 20 years. they've come here and they, they like the rule of law. they like the property rights. and they like the fact that nobody's going to ask any questions. we're heading to the posh district of burg ravia to eat and square, nicknamed red square, asking prices for a 5 bedroom flat here, which over $20000000.00 euros. as for who the real owners are. no one needs to know anti corruption activists estimate that russians with ties to putin have invested

almost 2000000000 euros in real estate alone. in recent years. there are shells, shell companies and trusts in an offshore crossen nominees and proxies all working hard to shield the through ownership of these properties. it's on the capital, nickname, london, ground, a city, a wash with money from the many rich russians who call it home. and not all of them have earned income. honestly, this week, the british parliament is passing in you lot, the corrupt slow of money from russia to untangle opaque ownership stretches. but this is only a 1st step. experts say legislation is just not enough. enforcement needs to be happen and it needs to be properly or funded on resources. what happens right now is that the national crime agencies has been underfunded for up a generation. so what we need to see now is for loy force men agencies to be funded

to act now and use a tool that they are given at the moment job security personnel on eton square try to prevent us from recording. so when you're talking to her, mom is a democracy and we, despite us having the right to film on the street to sunday, if your property can, but we can throw mostly like 1st and foremost, i'd like to see 100 all a guards on the sanctions west having their properties frozen. secondly, i'd like to see assets identified and frozen after that. and, and thirdly, i'd like to see all of the russian banks, not just a few of them disconnected from swift. his criticism also has a personal motivation. broadest friend and company lawyer died in the russian prison. he's long known how dangerous vladimir putin is. russian oligarchs, and in fact, any one else who wanted to lorna. the money have so far been serve as well in london. it's been easy to find bankers, lawyers, estate agents to work with i,

when it comes to property, it's impossible to hide behind. sophisticated shell stretches open within an offshore trust critics or wondering whether it's taken a war in europe for the u. k. government to seriously change that mega moss in london forest there, that's all from us. for now until next time. ah ah ah, with ah,

ah, the youngest victims, a round half of ukrainian refugees are children escaping the constant danger. they've had to say good bye and the trauma will stay focused on europe. 30 minutes on d w. ah ha ha with

they've had 40 for decades. people of iraq with devastated and there's no end to violence. how did it comes to this group? this is revealed and unprecedented story. he behaved exactly like the gun and the poison spread. bear with me 3, both in your life. the great documentary series iraq destruction of a nation. this week on w. ah

ah ah, this is didn't we news life from berlin? a declaration of independence, a leader is val to rollback reliance on russian energy. after crisis talks on the war in ukraine, they are a 5 year plan to phase out russian fossil fuel imports. they also promise more military a to keep and tighter sanctions on moscow. also coming up, russia widens it's aerial bombardment of ukraine. the city of bro in central ukraine is bombed for the 1st time in this war.