by size still have so much to lose. ukraine is saying its citizens driven from their homes and even killed. meanwhile, russia is suffering under the harshest economic sanctions in history. a severe situation for russians is driving hopes that a diplomatic resolution to the war in ukraine can be reached during talks that of beginning in turkey. the small amount of optimism as provided a base to global stocks invest is seized upon any sign of an end to the conflict which has brought such uncertainty to energy market and supply chain would get some insight into the situation in russia. i've been speaking to jeffrey sachs, he advised the soviet and russian government at the end of the cold war and now says, as director of the center of sustainable development at columbia university, i asked him about the impact of western sanctions on russia. well, the sanctions are definitely having a major effect on the russian economy and that effect will increase over time. but

i do want to emphasize that the key point is not sanctions. the key point is reaching a negotiated settlement as president soleski has said in the last day, ukraine is ready for neutrality. it's ready to reach an agreement with russia. i think that this is the most important point. stop the war 5 in agreement and take off the sanctions but could and to the conflicts and end to the invasion have been achieved without those sanctions. i think the sanctions are playing an important role, but the sanctions by themselves don't work. the sanctions have to work together with the negotiations. and so i am cautiously more optimistic today because of the statements of ukraine's president

then in recent days from the states. so for example, by my own government, the united states. now it seems that both parts are in play, the sanctions on one side to press for an outcome. and at the same time, negotiations to reach an agreement has the impact of the sanctions expose some of the flaws in the way that the russia works in. so far as you know, it has a lot of wealth in the hands of a few individuals who are able to be targeted by sanctions. is that something that has now been shown to actually be a flaw in russia society? sanction. so work because the us dollar is at the center of the international financial system and especially the payment system. so the sanctions work mainly through the banks. it's not really so much about russia, billionaires,

after all the united states is also home to a lot of mega billionaires. it's, it's not really the point. the point is that the u. s. is using the central role of the dollar as a, a tool of state craft. it's understandable you can't do it so many times because transactions will shift to non dollar currencies. but i think the real point here is that sanctions work. we know they have crushed other economies in the past, venezuela, iran, and others. they don't achieve political outcomes by themselves. that's the point i'm emphasizing, but they do create a lot of damage. what we've been hearing actually from some pretty influential us investors in recent days, is that we're witnessing the end of globalization. the way they put it that way. heading towards a splintered wells economy with you know, the west on one side and the rest i suppose on the other. is that an idea that you

think is correct? i certainly hope it's wrong. it would be a horrible outcome. absolutely unnecessary. we should find a peace agreement right now. russia should go home, the sanction should be lifted and we should get on with our activities. one thing i've learned about financial markets experts over 40 years is that their time horizon is something around a week. so they'll say this one week and next week they'll be doing something different. now. is it possible that the international economy breaks? it absolutely is. we could have a complete long term disaster. president biden said, steal yourselves 4 years of fight ahead. boy, i hope he's wrong, and i'd like to see a deal that shows that that's wrong. i don't want this young generation to face

years of struggle. i had rather, there should be an agreement between ukraine and russia. russia should go home a, but it should also go home in the context of nato, not enlarging and ukraine, being a neutral country and neutral, and aiming to have the same kind of prosperity as it's neutral neighbors, like finland, sweden, austria, and others. ok, jeffrey sachs, director of the center sustainable development at columbia university. thank you very much for your time. pleasure to be with you. thank you. now for break, look at some of the other business stories making the news. rising energy prices, thanks and phone to russia's war and ukraine, weighing on the mood of chimneys can see him as much according to a new survey from post a g f k, which found consumer confidence had dropped to minus 15.5 percent. the conflict has overshadowed optimism from the lifting of kind of it restrictions any of this month

. and the g 7 has rejected russia's demand that payment for gas be made in rubles. german vice chancellor roberts havoc has said that that would be a breach of contract and implored countries and companies to continue paying in euro's the european union imports about 40 percent of its natural gas from russia. remember, rushing highs, snap locked down, announced at the weekend, came as a shock to market a surge and cove in 19 cases in the massive metropolis as led to the toughest restrictions in the city. since the pandemic began, and the impact is being felt well beyond the cities, was a last trip to the shops before the next lockdown residence to the east of the long to river, already incomplete lockdown while their fellow citizens to the west can still make some last preparations, but food is already running out and what's left is expensive. for the job,

we will be under locked down starting from april 1st. so i came out today to buy some food. when i go upstairs, there was nothing left there. what shall i do for the next few days? oh, the shingle. i'm feeling very insecure and hearing a lot of rumors on the outside likes were short of this today and we need to rush to buy them from you. so the price of goods is rising and how you people are panicking. whole long low vision can call vendors and shops confirm that many items are in short supply. it's also difficult to get vegetables from wholesale market because they're closed. some wholesalers sold us vegetables along the street. if we can't get them or if the market is closed, we're finished. the shanghai lockdown is said to last for a total of 9 days. it's a hard blow for the popular and economically important hub,

and it's 26000000 residents. but the chinese government says it's their best chance to stop the further spread of the corona virus. but we can now speak to you on a craft. she's general manager of the european union chamber of commerce in china. thanks a lot for joining us on t w business as well. first of all, can you tell us what they like to be in shanghai in lockdown? well, where i mean she is. so i'm not yet in lockdown, but we have had the doc downs on and off of for, for the last 2 weeks for 48 hours. and if there were cases in the neighborhood, it could be 12 plus 2 hour 14 days. or we have colleagues that have been over 14 days in lockdown yet, and now with the additional lockdown. and for some people it's a double lockdown, and it's great. it is. so i was hearing yes indeed. did from european businesses

about this of impacts that, that it's having for them trying to work with china. of course, for those services. so sector it is a big loss of for food and beverage and for retail because you cannot access most places that closed for manufacturing day. they could handle for awhile with contingency plans, but now it's been going to long. you could have people in the factory locked down or been prepared for for several days. but if it goes in 2 weeks off lockdown, you cannot that anymore. so stocks will be, will be, become shorter in the next weeks. and it is difficult to bring anything in and out of shanghai truck drivers are either prevented by their city of forage in our

region of origin to come into shanghai. or if they go back, they have to quarantine. so this is that, that impact semantically, the flow of goods. you cannot enter places if you don't have a call that test that's been done within the last 48 hours. but sometimes because it is so overcrowded, the, even the test results come later than the test would be valid. so for many services or from any enterprise, it is impossible to, to access their office buildings to access their sites. because these people cannot have those valid tests that are required and i everywhere is really, really is all encompassing isn't, isn't the thing about this lockdown is learning announced on sunday and suddenly it takes effect on, on monday, a such sudden and harsh restrictions. something that makes it quite difficult to, to work in china with it's been like that with the grid

screen or for the last few weeks. it was really sudden lapping to myself is all that i want for a dog. and i came back and realize that our community was closed. they'd let me in, but we couldn't go out anymore. in other places. yeah, it would really happen very, very suddenly. and yeah, this is huge. lockdown at so short notice was was indeed unexpected. ok. well, in a craft, good luck with was left of the lock down 9 days and all, and i think thank you very much for joining us. that's, you know, and our craft from the chamber of commerce in china. thank you. now before we go, a reminder off the top stories we are following for you this hour, the impact of sanctions and diplomatic efforts. so raising invest the hopes of an end to the war in ukraine. global markets have been rising as talks between the russian and ukrainian governments. again in turkey. as you've just been hearing,

businesses accounting, the costs of the snaps locked down in shanghai. oil prices have fallen them as concern over the supply chain. impact is factors in the city close. that's all from the business team and berlin from mo, from us had to our website either we dot com slash business, all the data. we use each channel to the next time with with

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ah ah, this is dw news live from berlin. russia claims that will roderick may reduce military activity around key even chinese in ukraine. it's a sign of potential progress and peace talks held into ukraine says it could adopt neutral status in exchange for security guarantees. a meeting between russia and ukraine. fleet of is also on the table and also coming up ukraine says its forces have retaken a key town near the capital keith ukraine's president warns russian troops are

regrouped.