[000:00:00;00] ah that's it for me. you're watching he w. news live from burden. stay tuned. christy plants and we'll have the business use in just a 2nd. thanks for watching. thinking about ah, every journey is full of surprises. we've gone all out to give you some time

with home. i'm in your northern most count please. ah, 3 times longer. but still very much alive. d w channel, you'll guy to the special with recognizes where exactly. it was fun. i learned a lot. our culture history, all their d. w, travel extremely worth a visit with her oh ladder. my building says western sanctions have failed 4 months into moscow's war on ukraine. the russian president says an economic blitzkrieg is hurting the west. above all,

an expert will give us his view. also on the show record prize money for claire's an image boots for saudi arabia and plenty of controversy. we'll take a look at the rift going through the world of professional golf this is d w business. i'm christy, platinum, berlin. the wes economic blitzkrieg has failed. that's what russian president vladimir putin told, an audience that the international economic form in st. petersburg on friday, who called the sanctions imposed on russia. insane and thoughtless measures were also hitting the new hard left russia. he said would cope with the challenge for the annual st. petersburg form is smaller this year. western firms are notably absentee for a while for an analysis of tunes remarks. let's bring a timothy ash emerging, emerging market strategist at blue bay asset management. thanks for joining us. now putin said today that russia's financial systems and markets have stabilized and

that a crisis has failed to materialize. would you say this is accurate? well, they crashed initially, you know, huge drops in equity and bond prices. washy bone prices of state, very low. they would about a $0.13 for the russian long bond and the trade about $0.20 now. so that's not true . the ruble has stabilized, but it's a pretty artificial exchange rate at the moment because it's of a liquid market impulse of collapse. and obviously energy prices the highest, so that's helping them. but you know, sanctions are not meant to us. well it's, it's very difficult to stop the russian economy. a straight away sanctions will have an impact over the very long term. undoubtedly they make the outlook for the ocean economy. pretty bleak, low growth, low investments, difficult to access financing and, and stagnation. i think he is going to be the story for russia over the next decade . right. i mean, good made it seem like everything is quite fine in russia right now. but he also alluded to the fact that our regular russians might have to cope with some challenges. what do you think he could be anticipating there and do you think the

russian people are ready to deal with that? well, he's right. i mean, you know, being isolated from international markets and in social economy room. this one focus on, on the energy embargo and whether or not europe will impose a full energy bag of this year. but whatever happens with the timing of that embargo, what is pretty clear is russia is now deemed to be an unreliable energy partner on europe. will absolutely diversify away from russia all over the medium to long term . and that will cuts, you know, billions, hundreds of billions of dollars of revenues for russia of the long term. so russian is going to be a lot poorer. maybe they haven't realized that yet, that you know that their ability travel has been significantly restricted and jobs are going to be lost as a said growth is going to be pretty mediocre. capital will leave the country and, and i think it will be a big brain drain out of russia over the medium, so long. awesome as well, timothy ash,

thank you for putting that in context. my pleasure. well now to some of the other global business stories making this more european nations have reported fallen gas imports from russia. slovakia said it's been told deliveries will drop by half. italy has already seen imports have to official said while france has received no russian gas since wednesday. russian from gas prom has blaine, some reduced flows on maintenance. trade unions representing ryanair cabin cruiser planning strikes this month in belgium, portugal and france. the union say the irish low cost airline is not respecting belgian labor laws related to the minimum wage and pay for certain pre and post flight work. well, let's take a look now at markets where it has been an especially tough week for crypto currencies. bitcoin tumbled to just above $20000.00 this week, down 70 percent from its record high of $69000.00 last november. that was after u. s. crypt, a lender celsius froze, customer withdrawals, which deepened

a market meltdown that has unfolded in recent weeks. major u. s. exchange coin base announced it will cut about $1100.00 jobs or 18 percent of its workforce. well, for more, let's go to one's corta in new york. now yen crypto evangelists, they've said that crypto as a safe investment in times of, of inflation somewhat like gold. we're seeing inflation at historic highest now, and now we're seeing the sell off. so what's going on here? christy, the basic idea of the argument, let's put it that way. is that other than with traditional money? the amount of crypto currencies is limited, so you cannot go to your next fellow at central bank or federal reserve bank and asked them to print more money. so that was one of the theories behind to why could those could be a good hatch against inflation? but that has actually never really been through. and if you look at crypt

currencies in general, they're mostly pure speculation. so there isn't really that much real used to it at this point. and as when markets become shaky and investors get nervous, then they start selling and they stop telling mostly the most risky stuff and crypto currencies are definitely definitely among them. okay, young, just briefly, they're selling but where's the cash ending up actually? well at the moment, obviously not into stock. so because we had the s and p 500 down about 6 percent this week was that that was the worst week since march of 2020. and it's not that people just pulled all this money away. i mean with crypto currency falling like a rock, actually they're counting their losses. so what they are doing and people who might be shying away from crypto currencies now where they're putting their money next them. or who knows, maybe there will be

a revival at some point i was in court with another great analysis. have a great weekend. i'll to golf now in a bitter showdown between the establish pga tour and an upstart series back by saudi arabia, which is putting up $25000000.00 in prize money for each of its a tournaments. the cash is attracting big names in the game, but the actions have also polarized many in the professional golf community. green is a coveted color for the world's top golfers. are like 3 times master's champion, phil mickelson. now some are being accused of thinking only of green mickelson dust and johnson. bryce in de sham bo, and 14 other professional golfers received a multi $1000000.00 siding fees to play the live golf series that started last weekend. johnson received 150000000 mickleson is reported to be earning

200000000. so i feel good about that. i feel good about the efforts i put in to try to get back to the game a golf as well as the tour. and i'm excited about the opportunity that live golf presents for me in the game. a golf going forward. again, the giant payouts are small consideration for the live golf series. hopefully it's backed by saudi arabia's public investment fund, which is chaired by mohammed bin solomon. the country's crown prince, but the money is a windfall for the golfers. the pga tour says saudi arabia is using golf to divert attention from its shoddy human rights reputation. those who have accepted the offer say it expand the sport. whether they are thinking of the long game or digging themselves in a hole is unclear. ah, i'm joined now by edna cambridge from d w. sports task,

and he's gonna tell us what saudis investment fun gets out of this. is this a sound business decision, or is that more of a vanity project from the conference? well, lives, main detractors are actually alleging that sports washing is the central motivation behind saudi arabia's investment in gulf. now for any of our views on away with the term sports washing is the practice of sanitizing, the reputation or the corporation. or in this case, a country that has been basically trying to get involved in sports to try and make a smokescreen for, for some shady going on inside the country. this isn't even the 1st time that this has been alleged against saudi arabia recently. actually bought new castle, united to premier full club at the end of 2021 invested heavily in new coaches and new players. a lot of people saying, hey, this is a smokescreen, especially given the numerous human rights violations allegations against that going on in the country chief among which was the murder of jamal shogi in 2021. so people are saying that this is a smokescreen essentially. okay, well, okay,

talking smokescreen here. i mean, also sounds like it's potentially quite risky. i mean, i have to think of the european super league and how that went down is that maybe possible here as well, was 1st, is worth putting out your european simply failed because of a backlash of fans. they said hey, tradition and integrity of our school is being taken away here. so they put stopped with, well, this hasn't happened with live. they actually had their 1st invitational last week with a whopping $4000000.00 purse one by the victor. they're the pga of come out saying that they're banning all the turn coat golf was going over to play in the live tournaments. one of the gulf is from the p j just in thomas. he won the championship p j championship before he said that tradition, integrity is far more important to him and he would never go and play in it's warm and like that. so it's not been the easiest of starts, especially coupled with sports washing allegations as well. okay. well picking up on that p j line, what does this mean for them on this be a big competitor for them? it sounds like it will be. well, absolutely. we only have to look at the numbers. for instance,

$255000000.00 is being offered as the post by live for about $25000000.00 per event for the winners of the of the gulf. compare that 50000000 from the p g. s . is a massive difference. now couple that with stories about phil mickelson, one of the legend because being of the $200000000.00 just to leave the pga guy play in the live events. just going to show you the money being thrown around and can they compete? we'll have to wait and see. so the losing key players live is also branding yourself as an exciting new era for golf with shorter games, more t offs. couple events as well. so a little bit more exciting a little bit different from what people have seen before. and it remains to be seen just how much of an impact is going to have. but it could change the face of the sport forever. and the cambridge from dw sports, thank you for that. thank you. and a reminder of the top business story we're following for you this. our russian president vladimir putin told an international audience friday that the west economic blitzkrieg and that russia had stabilized. it's

a terminal markets when he was speaking at an international economic form in st. petersburg on friday, western firms were noticeably absent at the event this year. well, that's our show for more check us out at dw dot com slash business, and the d. w. news youtube channel. we are also on facebook for me and the whole team here in berlin. thanks for watching with what making the headline to stand, what's behind them? dw news africa. the show that faculty issues shaping the continent life is slowly getting back to normal. yeah, well,

in the streets to give you enough reports on the inside. our correspondence is on the ground reporting from across the continent and all the french stuff, the mazda you next on d w, a full throttle through the desert. for l, sasha, a dream comes to me, the 1st women rally in saudi arabia, a special day for the conservative kingdom. and to success for which the women have worked with 60 minutes on d w. o. oh,

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