of and hard to find in tunisia due to the war and ukraine. government is rationing flower and hoping the worst soon passes off into the show. i'm see beard zebulon, as russia continues, it's war and ukraine. western nations are counting on sanctions against russian banks and foreign reserves. to take a deeper biden's, the countries finances future embargoes against russian oil and gas, should they come to pass, which ramp another source of foreign currency. and yet russia has made a point of building up its gold reserves in recent years. could they help the country as it navigates those western sanctions? jewelry stores in sudan are doing well. the north east african country is suffering from the consequences of a long civil war. and gold is seen as a safe haven in on certain times. it's not just sudanese people buying the precious metal russians are also buying on a grand scale, not a jewelry stores, but directly from sudanese mines. according to local media reports, a russian gold rush could be

a hedge against western sanctions. the price of the precious metal has gone up around 10 percent since the start of the war. the russian central bank currently holds around $2300.00 tons of gold, the 5th largest gold hoard in the world. no country has bought as much gold rush in the last 10 years. according to the world, gold council of selling gold is becoming more and more difficult. london, the world's largest gold trading center, has suspended purchases from russia because of the war and ukraine. there are, however, loopholes, other trading places in china, for example, or india. the russian central bank does not need to sell the gold yet. the kremlin could use its gold holdings to guarantee deposits at banks, which suffer from western sanctions. the share of gold in the countries foreign exchange reserves is at 23 percent, which is very high. china comes in 2nd, followed by japan and germany. much of russia's foreign exchange reserves are frozen because of the war as part of the sanctions. the growing stock of gold has

given moscow a little more independence from the u. s. dollar on the euro, but gold is heavy and difficult to transport. you cannot pay for everything with it . i'm joined now by thomas oil is a senior economist at the austrian institute of economic research. thomas, thank you for joining us. it appears that russia built up these gold reserves very intentionally in the years before its latest attack on ukraine. can we say whether it's working out for them as they probably imagined? well, certainly, gorge is a very valuable essence. so you can said it's rounds every, the girls very much easier than for example, frozen foreign exchange reserves in the west is, is russia getting enough foreign currency through the energy car valence? is it not fair to say that there isn't as much need for the gold if they're

receiving all this money through the imports of gas and oil and coal? that is true to some extent the russians are not able to transfer money through the official swift collections. and that gives them a chance to sail court in murky marcus so that he can use me. lance or loss companies to transfer receipts to places and transactions with for in recess. western nations have said that russian gold transactions would fall under their sanctions. you touched on this talking about middle markets. how difficult is it to trace the movement of gold? well, it's easy to say or because growers has

a substance that does not make it possible to trace back you origin let i for i was so i thing is quite easy with respect to the possible across to call us to say call it gorge, at least if you have the market available where you can make the d without intensive money laundering, show solutions and authority. do we have any evidence thus far that russia has been selling its gold since this war began? no delay does not most available for the end of the year. 2021. all right, thomas oral is with the austrian institute of economic research. we thank you for your time. thank you. global we prices have risen significantly since the start of the war and ukraine

conflict in what sometimes known as the world's bread basket miss. having the biggest knock on effect for developing countries. in particular, in tunisia, the state is now the bread baskets and the bakery almost empty to nicea normally gets the wheat it needs from ukraine, but supplies of dried up, leaving bread, scarce, expensive, and rationed. there were gap, some supermarket shelves, sunflower oil and flour. running low today is that not really? my wife's state no longer has the means to buy in large quantities. and so it's managing sparingly, hoping that prices will fall back to levels from before or this all the or the naval kinetic whenever she nicea grows, its own wheat, but mostly the durham variety used for semolina pastor instead of soft wheat for bread. lau and aiden that yes, we're much better paid for growing these cereals. so we go more towards those than

soft wheat. do go valuable though. the price of a buy get has already doubled, showing that a war in europe spread basket affects the daily lives, even of people living thousands of kilometers away. let's take a look now at some of the other global business stories making headlines. chinese president, she jane ping has emphasized that the country must stick to its strict 0 cobra policy. in the speculation, the current pandemic measures could be relaxed. large cities, including including financial hub, shanghai, or under a strict lockdown. the growing impact on the world's 2nd largest economy, the international monetary fund plants raise at least $45000000000.00 for a new trust to help low income and vulnerable middle income countries. mid challenges like pandemic, and climate change. i m f head crystelina gorky ever says the goal the trust is to redistribute funds from wealthier to more vulnerable countries. as members look to

support global economic recovery over to the u. s. now and nothing moves the world's largest economy, like gasoline prices, or the surge of recent weeks is sparking frustration and it's already leading to political consequences. that's true. in particular, in california, the state with the nation's highest gasoline prices. oh, nothing says l. a better these days then? well, this forget hollywood, beverly hills, movie stars and oscars. los angeles is about traffic jams, about wasting time in your car, which also means wasting precious and very, very expensive gasoline. ah, californians are now in shock and awe. whenever and wherever they, the gas station take it from an expert. there's something about a high gasoline price,

and you see it on the marquee. and you literally can see visceral reactions. we are in a high price environment. we have a moment globally that i don't have to tell any viewer out there is, is unlike any other than we seen, probably in 40 or 50 years, right? the world out there, rush us war on ukraine, oil market volatility, supply chain issues, supply and demand squeezes. all that is adding to the existing misery of filling up in california. when you go over 5 or $6.00, it hits people in the pocket book and it's really difficult. it affects every single consumer. there's no one who is not affected ah, 4 millions of commuters in and around los angeles escaping the snarling highway traffic is one thing. waiting in long lines at the local discount gas station to shave of a few cents per tank. is another other things in life have to get sacrificing out

that means smaller meals or shorter trips. maybe we may have escaped like of occasion. it's hard to afford a price is raina and having family. well, it's pretty hard. honestly, it's gonna get harder for a lot of people that are find the low income community and everything. it takes right now about $200.00 to fill up my car. it's not gonna look good. entered california governor gavin newsom. the governor wants to hand our debit cards worth $400.00 to every california owning a car. the prize tech for that idea. $11000000000.00 california tech surplus dollars. ah, this however, is only a temporary fix, not a solution expert say. in fact, it seems almost certain that high gasoline prices are here to stay, or worse that they will increase was not just the u. s. rising prices or hitting households around the world. but while countries in europe and north america are

battling annual rates in the single figures in latin america, the scale is quite different. argentina is on course for annual inflation, of over 60 percent this year. oh, they are sharing their meals and their concerns demonstrate a sienna gen tina's capital bonus iris are demanding more support from the government as inflation and constantly rising food prices drive people to disband. i'll never forget what, oh no matter how much we produce, we're still poor, poor and poor because inflation is eating away from you. holding the salaries. i am, are you that in 2021. inflation was over 50 percent. the central bank has already raised the key interest rate 3 times this year, but even a staggering 44.5 percent is not enough to compensate for inflation. the situation is just as bleak in other latin american countries peruse also experiencing

historically high inflation. prices of sugar, potatoes, and carrots have doubled. meat has become an affordable for many very boone daily volatility. the rise of inflation in peru is the same. the whole world has been experiencing since the 2nd half of 2021. the land is worse and due to the russia ukraine war, maggie rat rutil gardenia. many residents off to a suburbs in lima can no longer afford to go to cheap soup kitchens. some of them even had to close. they were no longer able to buy enough affordable ingredients as if for me and the deed of the business. steam checks out a line t w dot com slash business. i'm seeing beardsley. thanks, roger. ah

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ah ah, the w news live from berlin. the united states is to send ukraine additional weapons worth $800000000.00 fee. every will include a heavy artillery on helicopters, washington hope so. help ukrainian army repel a russian offensive in the east. also on the program, ukraine says it's michelle's have knocked out one of russia's most important black c warships. russia acknowledges only that the mosque of our has been seriously damaged and police in germany uncovered an extreme.