it was unclear whether moscow could meet its international debt obligations after western sanctions over the war hovel. this financial dealings central bank can't access. it's foreign dollar reserves and had said it might pay roubles, which would have been accepted by creditors. another dollar denominated payment is due in $2.00 weeks. this time for $2000000000.00, major ratings agencies have downgraded rushes, credit writing on my colleague, cassandra. so it is here to run us through an important part of russia, evasion of ukraine. whether or not you can actually afford this war. tell us more about the financials behind all of this, right? the stakes here been are huge. you've outlined some of them. but the way that the payment schedule works. this is one of the 1st big task tests that moscow has about whether it can meet its international debt obligations under western sanctions. remember since the start of the war, just last month when russia invaded ukraine, western allies have imposed

a barrage of economic penalties on moscow that includes limiting its gold and foreign currency reserves. and which kind of global banking systems that can access that like swift. so now these sanctions have been impose, they've been adding up, we had the stress test. and because of these penalties, russia has limited access and it would have been huge if it wasn't able to meet these debt obligations. it would have actually been the 1st time said the bolshevik revolution in 1918 that it couldn't meet foreign currency debt obligation. so that would have been huge. and the ripple effects this time would have been even bigger . tell me a little bit about the uncertainty here. we weren't quite sure if they manage to avoid default or not. exactly. so russia using citibank in london, there's a few intermediaries to get the money to london to facilitate this $170000000.00 interest payment. those were to, to euro bonds, and those are due by the end of business on wednesday that there's

a 30 day grace period to confirm that everything's gone through. again, this would have been the 1st financial obligation that russia had to meet since the evasion of ukraine. russia's finance minister says it asked the bank to make the payment city bank when confirm on thursday, if the money has actually gone through. there's been some reporting from reuters that they've confirmed with some of the creditors that the money has gone through. so it's a little bit murky at this time. but what's really interesting to me is we're now seeing the russian government spin machine go to work. they're saying, you know, we have the cash to make this happen. but it's western sanctions that are not allowing us to meet our obligations. it would have made this in roubles like you thank you said i and we do have more payments coming up, the big one, the $2000000000.01. and then i went on monday just 3 days just after the weekend for $66000000.00. that's coming due. ok, well the jettas are definitely being felt on both sides. i think sandra, thank you very much. well, there are no sanctions coming from turkey. however,

there's pressure on president bridge of tie a better one as head of a nato country. he has to live up to the policies of the west military alliance. but he doesn't want to alienate his russian counterpart. vladimir putin. last month russian warship sailed through the dark elves and bus for straits into the black sea air. one has since stopped such passages. economically, there's a loaded stay for turkey. it's done bull's famous. i asked sophia, one of the city's most important tourist destinations. last year, 4 and a half 1000000 russians visit a turkey more than from any other country. but now with the russian warren ukraine, bringing sanctions against russia. turkish hotel and restaurant owners expect for tourists and revenues to drop significantly. the russians keep us alive here in istanbul, aunt at the again see when they're not coming. we're off worse. it's a fact that fewer russians will come and that will be tough. on turkey,

it's economy already in distress. economists are worried that the value of the rubel has dropped. so for russians, vacationing abroad will seem expensive because foreign currency deals take more roubles. it will cost them more, and that's why many russians will no longer travel. to garza religion in almost getting to europe. russia is one of the most important markets for turkish construction companies with deals worth billions. turkey also exports fruit to russia, peppers, citrus, and lots more. president ad one is trying to uphold trade. despite the current crisis, while letting it could become very difficult to export agricultural goods, because russia won't be able to afford us much any more. that might be import bands for some products that will have consequence on turkeys export volumes. in tonight, j rush us, one, ukraine affects people everywhere,

across asia and europe with the full extent of the consequences yet unknown. first, the pandemic now the war in ukraine. the world economy has been shaken up including the production of semiconductors, which are important for a number of industries, from car and electronics manufacturers to medical technology. many companies fear having to shut down production again. if chip makers can't get their hands on those raw materials from russia and ukraine, sales in the computer chip industry have increased enormously in recent years. last year with supply chains in crisis due to the pandemic chip production, achieve the reco turnover of $584000000000.00 and have a look at the forecast for this year. this is quite interesting. $630000000000.00 and that despite the delivery difficulties from china, russia and ukraine. let's talk about that with vincent. stomach of the kill institute for the world economy. is that growth forecast?

realistic in, in, in your opinion? well, we started out the year with a very positive outlook for the global economy, as economies all over the world recovered from the global pandemic that gave also the computer chip industry abuse boost. so a couple of weeks ago i would have said it is realistic. on the other hand, now we have pacing break challenges from the ukraine crisis that take, for example, me on normal gas that is highly purified and processed in ukraine. best actually essential to the manufacturing computer chips and it is just quite uncertain how many to how much stock piles the large computed ship factories. for example, in taiwan, have to continue producing computer chips. and the thing is just coming on the back of that recovery from the covert pandemic, the world economy has been quite recovered yet. then we've got this war in ukraine . it's a whole lot of hurdles all coming at once. isn't it?

indeed, actually quite a lot of challenges there that are facing the global supply chain at the moment. take china, for example, china is actually facing and you can waive in addition to the you will be recovered strategy. there's still running there. actually, there's a danger that will lead to nother mass locked down. you know, keep in mind that another great portion of the knee on production is actually located in china. on the other side of the world, europe is actually already facing very high energy prices on the back of uncertainty and sanctions against russia. these worries would just intensify even further. if there was a reduction of imports of fossil fuels from russia to, to the best in europe. this would push our prices and would put a great pressure on supply chains. and bits of whereas, all of this leading is the word recession, something that's on your mind. the institute for the world economy has already

lowered its growth fact forecast for germany from 4 to 2 point one percent. and that does not include an entire embargo of all coal and natural gas from russia. it is to be believed that if we stopped importing these net fossil fuels altogether, this could deal another hits of approximately 3 percent of g d, p to the german economy. then we actually, you would in theory, touch negative growth again, declines. do you think that's going to happen? do you think europe is going to cut itself off from russian oil and gas? not at the moment. i believe if you listen to minister havoc. i believe that the government has in place, step wise, reduction of the natural gas. i think that us, that is quite reasonable, that be step by step, reduce the dependence on russian oil and gas. i think stopping from today to tomorrow would be to offer

a cost to the german economy. it is important. don't get me wrong. it is important to, to stop importing fossil fuels and russia as soon as possible. but we cannot hit our con, me more than rush us it's. it's a sad situation. we have to look at this realistically. but in so many cases, the economics trump the politics vinson stammer from the keel institute for the world economy. thank you very much for joining us here on the w. let's take a look at some of the other business stories making use today. horses last year was the most successful in its history. the german sports car maker booked a profit of more than 5000000000 euros. the outlook, however, is mixed as the company worries about supply chain issues caused by the war last week. it had to hold some production because it didn't have the parts british piano, ferries, has sparked outrage after the 2nd 800 staff with plans to replace them with cheaper agency workers. some refused to leave their ships in protest and more forcibly

removed pianos as it was a tough decision. but it would not be a viable business without the changes, the company lost almost a $120000000.00 euros last year. e commerce giant amazon has closed the deal for its 8 and a half $1000000000.00 acquisition of m. g m. one of the oldest hollywood studios, and the owner of the james bond franchise. amazon will now get access to m. gm's library with more than 4000 movies and 17000 episodes of tv content. argentina is still struggling under massive debts and rising prices. are the clearest symptoms is the price of food. for some, the situation is so bad they are considering leaving the country. but he has a that has this report, oh, margin tenens are increasingly paying more for vegetables at the markets and when a sayers prices are rising every day last year,

the inflation rate was at a staggering 50 percent. no more than a weight is hardly risen in years, but food is becoming more expensive every day. hub in simple of eta is also concerned. he works in a factory but can barely scrape a living on his income. oh so it us. i work 12 hours a day. my salary isn't enough. my friends are, i can go on like this. non i south and he will south america. second largest economy is in an economic crisis, with a bloated, bureaucracy, low productivity, and a mountain of debt that is constantly growing. man, the man with misty low. yes, i just want to live a half decent life. but how can that happen? if half my income goes to rent with market traders are also feeling the pain. while the country is known as the land of cattle, argentinians are eating less,

meet him there. people stop by on me, look at and go on without buying anything. they're eating less meat, roman many argentinians are frustrated. they can't see an end to the ongoing economic crisis. that's all for me and the business steam here. berlin, i've been facilities against a ah, with ah,

happiness is for every one. human penises are very different from primates. finances, we have a totally ridiculous romanticized view nature a there and david and this is climate change. pregnant sex. oh, how pianists in 3 books you'll get smarter for pre did over your books on you to ah, we're also a good to go beyond the obvious. i, as we take on the world 8 hours, i do all this weird all about the stories that matter to you. a policeman. a you know, we are, you are, is actually on fire made for mines. ha

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ah ah, this is the w y from lane and russian missiles hit the veil in west and ukraine destroying the facility for repairing military aircraft in the cities international airport will bring are the latest from i correspondent on the ground. also on the program, u. s. and chinese leaders speak about the war by phone. joe biden is expected to warn gigi and paying that china will pay a high price if it supports russia. and.