chrissy oh there's nothing new. hypocrisy is the name of the game when you have a, you know, geopolitical foes of this nature. but know the united states a today trying to paint russia as a nation that violates international law by, you know, carrying out an unlawful war of aggression. there's no comparison knob. there was no analogous situation, a rock of that do what had been transpiring in the don bus for 8 years up there the, there's just no comparison between the 2 of international lawyers may some day sit down and parse out russia's legal justification for it's a or it's actions and maybe they'll find them wanting. but from a moral standpoint, rushes more morally grounded in its defense of the russian speaking citizens of dom bus, who are subjected to 8 years of unrelenting violence, 5 ukrainian government. they had much more justification in going to their defense

in the united states had in pursuing a falsified claims of weapons of mass destruction in iraq. it's called myself on the us malenko intelligence officer, ortho and analysts. me, thanks for your time and thank you for joining us here. we're not the interaction with back at the top of van with all the native ah both, ah, blubber, f v b dot r l a for those in our audience who aren't familiar with it. could you please explain to us, in layman's terms, what the surgeon is ation is and what does it do?

and we nero's inch? no, but we're not a retail bank, but everything we do greatly impacts people's lives because all our projects can be categorized as supporting an oven agenda. it includes new housing, new medical facilities in new schools. it's an indispensable part of a modern urban environment. we have an urban electric vehicle project spearheaded by the chair of our supervisory council group. it'll kick off in at least 12 cities, even in the current circumstances. it was have a housing and utilities project to modernize the processes in that sector. why, for your organization, like the whole country has taken a hit, you personally have been affected, but let's talk about v b dot r f. where has all this caused the most damage in year as wasn't, it was the most of the fact that our funds can't be transferred through the swift system, but we are prepared for it. we're using central bank channels and other means to support deals financially. of course, we're hoping to enter the international market, especially within the e as g agenda. so we could finance russia's green projects with the limitations introduced in 2014. we thought we could get international loans in europe and asia

with good interest rates to finance our green projects, to reduce the carbon footprint. now we note this liquidity channel is closed, but the liquidity channel through the government of the russian federation, is still open. and after the president announced the plans of social economic development, as well as support for the project finance factory, we can be sure that v b dot r f will have the capital and liquidity necessary for these processes to continue. it'll be room one, but it notes up against the break of will you have to shut down some projects or on the contrary, take on new responsibilities and assume additional role. practicability is national . we have to continue supporting the projects in our portfolio. as for new initiatives, will maintain the agenda developed within our strategy. the strategy remains relevant. of the specific new projects that we started discussing will have to be re value in school, need to figure out what to finance 1st. now the significant limitations have been imposed. we'll have to see where we have the most potential new ones, but his id year mister? sure. all of the president had said many times before that the west would impose

sanctions on russia no matter what they just needed. a pretext. is this his way of saying that we should have been preparing for the sanctions? how were you preparing at v b dot rap that? were you preparing? we're here. we're still in still a go. the 1st of all v beatle, tara, has been on the sanctions since 2014. these already significant limitations. we weren't on the sdn list or any similar lists that would have limited our activities severely. serena's for the new wave of sanction was the v b dot or if was in good shape, we had a high capital adequacy ratio, opposing net balance liquidity, that supported of business portfolio for months. this is how we prepared well being in good condition. his like in sports, you have to always been great physical shape without any performance enhancing drugs. we were ready, we prepared for this as for making payments without using the swift system. we are ready for that as well because the central bank had prepared alternative methods for that in advance. journal chairmanship at the a c o. m bricks were promoted, the payment system created by the russian central bank. when you got old, you know, as though i told them she'd it mister she valve,

let's look at the broader perspective and please be honest and we talk about the whole country, the 2014 sanctions and the sanctions. now, how different are things i'm talking about the whole country. she know the shirts, the work on, on the big difference economy is different. now compare a country in 282014 though the many years had passed since the crisis which had forced us to strengthen our economy. the country is becoming for more independence in 2014, in terms of its food security, technological security. and in other respects, a lot have been done and now we know what we have to do. the country has to be a 100 percent secure when it comes to technology, manufacturing, key products and food. this is our duty. it means they'll be several years of hard work ahead of us. we have to mobilize all our resources, put our mind to it, and of course, mobilize our finances in order to achieve that goal. president putin covered that in detail. recently explaining everything. i support everything he said about our economy development plan going forward. that is still from the least the but should that some journalists did the calculations and it turns out that our country is

ahead of north korea and iran in the number. can you more bug neither is not us is the us that's ahead of itself in making some decisions. we haven't signed up for any race. we didn't take a lead in any race, chest or not. so i'm sure that if i ask you whether or not russia can handle this, you will say yes, yes. like he said, our economic model has started to change. what stage are we at now, missy? shes videotaped out sooner than we are now. the adaptation stage, but they said that taisha must be accompanied by understanding the rushes future lives with a new model of development. a model that involves a very high level of input substitution. it's not just about making essential products and technologies, but also about staying competitive on foreign markets. and since these sanctions of only just been introduced, were still going through the acute phase of adaptation. but i believe the 1st few days of the application went quite well. it was a heavy blow against russia, but our financial regulators made all the right choices when it comes to restrictions, external debt payments, purchasing foreign currency, et cetera. we need a clear agenda, road map, it's been worked on right now. days ago, president putin spoke about basic infrastructure about housing,

science and science also means education, including higher education. he also spoke about free enterprise, about liberalizing economic life. all these aspects make up a new agenda development which strengthen our economy. will you get a month from now? this revolves every day. i hear the same question just how long is this going to continue? would you mind sharing your own forecast? do you know it's here and i don't do forecasts yet, should boy, then i'll be more specific. it seems to day that moscow is further than ever asked from reaching any compromise with the west before it seemed that sanctions were tied to the issue of crimea. but now things have gone much further than that is we're actually going to stay forever burdened by the sanctions. could you give us your best and worst case scenarios going forward, union worse from near story? i don't believe or should we make any predictions publicly. secondly, i would like to organize a response on the assumption that we're facing the worst possible scenario. should things get a little easier than that would give us some wiggle room, but let's not law selves into

a full sense of security with best case scenario. we don't see much of those going forward. any development plan must be based on what we can do ourselves on whatever assistance we can receive from country the haven't imposed any sanctions and a willing to work with russia. but in the usa, i'm still curious about this worst case scenario. are people want to know what to expect? we're now in a tough situation, we're adapting to these harsh conditions which will take some time. again, most importantly, as we adapt to this, new situation must follow the development road map. when we've already launched projects to support this development, these range from household consumption of goods and services, the development of agriculture to helping retailers to urban development. we do have to wait life in the cities better, more civilized, many and now claiming that people will get poorer, that life will be miserable, that things will start falling apart. but the present said this week that even under these conditions we have to fight poverty. that's an achievable goal, was to roll out our projects on mass. we'll step into a new phase of phase when we build a robust economy and economy this on a whole new level. but before that happens, we have to go through the adaptation phase. i'm not urging people to tighten their

belts or some like to say, there's a lot of hard work ahead of us know, slacking off this means we must learn to motivate ourselves, combine our efforts, and carry on tools the same goal. the goal of developing our country to do this, we have to say psychologically strong. kelsey, this is the main line of attack of our adversaries. they are targeting our psychological health and well being well shows accumulated enough reserves, a list. some of them are not available to us at this moment. economists successfully passed several stress tests. these were not just a test off of my ability. they also made us take certain decisions in order to strengthen our economic system, which we've been in good shape before. and we have to use the results that we've accumulated up to this point to get us into an even better shape. i'm confident this will happen, this is what the present spoke about and i support it. we shouldn't just dream of going back to living the same way we did yesterday before the sanctions. we have everything we need and the russian people deserve to live, at least at the same level as the average european family. our people have injured so much in the 20th and 20 for centuries. we've accumulated so much wealth and we remain aware of our historic mission, our mission to remain russians. most importantly, we must respect our historical heritage. all of these gives us insights into our

future, which is to be a strong sovereign nation, strong, not only in its military power, but also in its unity and the economic power of the average family, which means high level of consumption. this latter aspect is very important to me if we protect the sovereignty of our country, which in turn is based on peoples great political will. and on military might, every russian family must have an opportunity to live a decent life, not to tighten their belts, but to consume or to develop to educate their children, receive medical care at the same level are better than an ordinary eve family recapture, you know, as well, as others for chess, you said that some of the reserves are out of reach. now let me tell you this. over the past few years were remembered that the government has undertaken numerous measures to secure russia's reserves. but doubt finance ministry is reporting that almost half of them are now inaccessible, but people that's roughly 300000000000 u. s. dollars. me know, how could we let that happen? pro rated a 0 man. managing reserves is complicated. sure. today,

wrong can criticize the central bank and the finance ministry thing. they should have protecting the money, et cetera. trust me, it's not all that simple. creating wealth is hard and keeping it is even harder. what we see now is that our accumulated wealth, and that's not the wealth of some individuals, but the money that belongs to all russians. these reserves, the literally, economically the property of all russian people. we see it, they have be seized in order to make people's lives worse to so chaos among us to make our people resent the government or act against it in some way. why did this happen? because there are rules of asset management and what happens to us is we are being treated in the toughest way possible. i don't, what is the was economic warfare or the like freezing and, and seizing the assets of any control central bank is the toughest economic sanction you can take period to this campaigning. as russia, we are experiencing a massive attack on all the russian people, a wealth has been taken from us or nothing about yachts, plains, or mansions. this was the accumulated wealth of our nation stored in the fall of our central banks reserves. as we are going through this period of adaptation, we must support our president, our government, and the central bank. if we do that, we'll recover from this difficult situation and our reserves will be released back

to us at some point used for the development of our economy and confidence of that . i don't know how long it will take to the consciously imposed sanctions on us to make that decision. and i want to get so make predictions. but it will happen at some point, because that wealth belongs to the people not to the government or the businesses, but to all russians, the wishes dipping you. ah ah ah ah

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but i will say is me lisa mr. giovanni, i noticed stud trouble look on your face when he said that the wealth had been taken away from russia and from ordinary people. let's imagine that the mask, caroll vasquez swore on the y imagine thereafter, imagined there's no diplomatic etiquette effectual. imagine you're looking at me and i'm some in congress man or an m p who adopted these sanctions or took away this well from russia. what would you say to that person to imagine that person, slab sanctions on your institution to where you have more longer. if i could say a lot of things, i know how not to mince words, but let's look up to the russian president of the role model. the president doesn't engage in a calling unless somebody does include in the president of the united states use shop language. i've never heard the russian president get personal, so i might have a lot to say, but i wouldn't allow myself to do that. more importantly, these restrictive measures against russia will not help those countries get what

they want back in 2014. i think i want said that the devil for i'm afraid that came to hold me afterwards. those who impose sanctions and not aware of the russian character, more pressure we face from the outside. the more united we will do is we see fit will sorted out all cells at home. we do not need any lectures will help taking way won't belong to us. and most importantly, you kind of treat russians like this dialogue is the only option never get of boxed in. it's not good for the future. they just need a lesson in history. first of all, no one has ever done or just read the history of the 20th century. they probably have a feeling that they will succeed in the 21st century. i don't believe it. i believe that will go through a major transition. i've repeatedly told my coworker that this transition should be over within a few years. i didn't take it from any book. this is my vision of history of modern history. gorbachev embark on his transition and he was dubbed a traitor. yelton continued, he was called a traitor to today, the west called president putin, all variety of names, just like some of our fellow citizens. pigeon is dealing with the hardest part of the transition. i believe the end of this transition will not the completion of an

arduous transformation that's lasted more than a 100 years. and we deserve to put all these trials behind us. we did have a country strong economic land that would enable us to make our children happy here on the web on our wrap. so as a whole ecosystem, you're in charge of quite a few organization bought. some rely heavily on direct cooperation with the west support exports. for example, the russian export center in the future. but out of russian experts though is now uncertain. what about these different activities, but most of the areas of the system will continue to grow. we'll manage, we're managing the process, building a partnership with a supply chain element support each other and interconnected from innovations to estimate waiting for new decisions from the government will enable us to move away from a top down arrangement to the peer to peer architecture. we employ the latest management techniques we're studying that when learning quite a lot. speaking of exports and other organizations, it's true. the sanctions have been imposed on the russian export center. there are still quite a lot of organizations in the world involved in international trade. many countries

that chose not to impose any sanctions on russia, and they are ready and will continue to do business with the russian exports and without any restrictions. that's what those parties that support and promote sanctions, even if they don't impose them themselves, they don't seem to be ready to accept any goods or supply opportunities we're offering for the development of the whole thing. so far we see the opposite tendency on the rise and they impose limits on the good supply promotion. and these are the good these parties need to support the technology development process or to ensure food safety. but we're no longer a most favored nation, for them is a different kind of trade. now. moreover, some countries already stripped rusher of the m f and as ignition or a considering doing so, even the world trade organization is discussing, removing rushes, trade privileges. but i can show you there are a lot of partners out there who are ready to it with both the russian export center and v b r f and other organizations that are part of our ecosystem. yes, i didn't. i was wondering, since there seems to be an effort underway to try to cut off rushes, access to technological advances. what are we to expect in the future in this

sectors? and we can expect quite a lot. in fact, we can expect rushes on technologies developing as well as great our and the education projects, including school technology institutes and others. for example, scull tech, the scope of institute of science and technology is a very interesting project of ours. these institutions and a testing ground that makes breakthrough technologies possible, or a total of $30.00 to $40.00 such top not tech schools in russia including sculpt, take this thought off of the partnership project with mit. but that's been called off recently. it's in our best interest to have new technologies developed that can be of interest to the cities to the state rosters republic, some regions or private investors. but to achieve that goal, technologies need to be consumed. we have to set up production lines and to make sure that new products are in demand on the market as what we do. that's our bread and butter. i don't favor one type of project over another. however, i chief of a small and medium sized restaurant in hotel businesses and high tech production, ultra precision manufacturing lines. the country's economy needs the entire range of business opportunities from small businesses to take giants. just immediately on

a new i were you surprised by so many western companies withdrawing from russia in protest? and some of said, this occasion has brought a lot of international businesses together. the acted like a united front a. what do you mean? lot of you story that would, it, that i didn't know is the scale of the move and how fast it's been implemented. it's been a very efficient move. the 1st thing i thought was it would be good for us to use the same kind of technology in the future, some of our goals and to show you what do you mean for me. i mean, a reverse application of technology, for example, when we might need large number of companies to enter some market. we've been discussing prospects of developing crimea economy, where v b dot r f is to launch the factory. it's project finance mechanism for investment projects. and i got to thinking that it would be great to have russia's best companies enter crimea or elsewhere, depending on the project in a single, large scale move and an organized fashion. similar to the way the international companies moved out of russia. there's always a way for a reverse application. indeed, it came as a surprise, how fast and organized this withdrawal has been. but as the saying goes, nature pause. a vacuum of businesses will continue to run. either the investors

will return and resume operations or expecting a law to be passed to address this, i do not know what form the law will take. that is for the government to decide. the government talks about versions of this bill with united russia, with the parliament. from what i understand, the priority at the moment is for companies to work. no one intends to seize property from investors. in his speech, the president said that we will act civilized and protect property rights. most important thing for us is to keep a company from closing. because even if a company pay salaries in full or pays $2.00 thirds, but their doors are closed, it means that those in the supply chain are also forced to shut down their businesses because no one buyers from them. the mechanism will be defined in the law. there is no law yet was being discussed now as possible solutions. what has to be said is the presidents and very positive signal by for investors and the domestic market that will protect property rights. and that this law that will be adopted. she give an option to find a mechanism to get enterprises to work if they sit idle, longish to proprieties. girl, why was it necessary to send such a signal? here before will explain her because

a decision to leave the market is rather politically motivated. even the companies themselves said that they either have to close because the supply chain that disrupted, or they are under pressure from their governments, or they're under pressure from consumers in other countries. if it's the multinational corporation. and that's fine and all well understand why they're closing down, but we cannot put up with it because we need to secure a market. for example, there are food outlets, mcdonald's and k of said a train station, but they're closed. and representatives of these companies argue, well, we pay the rent. what exactly is the problem? but the director of manage of the station as they are called will say to that, you know, we provide a comprehensive service of the highest landed passengers who spend time at the station waiting for their train or meeting someone. she can't be here and not provide a catering service. if you're a catering facility, nobody is kicking out these investors. they should make these decisions for themselves. one of the legal formulas that could be used is trust management as defined by the civil code. this, the different institution for the institution of trust management could be used when enterprise operates on the certain rules and mechanisms to ensure that investors investments do not lose value. the staff is retained wages are paid. no

co operative ties maintain. maybe they can even pay dividends to a special account, for example, but the enterprise has to keep working, muddle up with nice pro with formal. yeah, can you please answer a question posed by our viewers? can the situation repeat what happened back in 1998? frankly, it's a question that everyone keeps asking, even if some of these people weren't even born at the time. and others were small kids, not even in school, yet. i personally remembered that the russian rouble depreciated 4 times against thee was dollars. can you answer the simple question? are we going back to 1998 was no longer be like 1998 because it is no longer 1998. i don't know what it would be like we have to keep working not have the best possible scenario. we have to stop being afraid and stop scaring others all these fears that are now spreading around them from people's refusal to accept the current situation. when a very tough situation right now and it will develop further, it can go in a direction where the russian economy of peoples incomes will shrink,

creating new challenges as it progresses. but it can also develop in a different way. in that scenario, the adaptation period can be short and the economy will get back on track and start growing. and it's all due to to achieve that. the situation of 1998 won't be repeated this countries no longer in 90. 98 then is the time difference. economy is economic capacity was difference. if you live in russia and spend roubles, and if you don't have enough money to put aside, i believe there's no point in being concerned about exchange rates at all to spend your roubles and don't fuss around spare your nerves. people have the opportunity to save and want to do this, have an array of options to pick from. what i'm going to say is not meant as investment advice. now explicitly disdain responsibility for any actions resulting from this. but i believe that the securities market will most likely of good investment opportunities, given the company's value, their market capitalization is expected to drop. so i think it would be wise to keep pulse of your savings in roubles and also invest in blue chip securities when he was warden's to but again, mister suave, do you agree with those experts who insisted that the current level of pressure driven by the sanctions is already reflected in the exchange rate we have now when

they impose i would say the russian rubles value reflects the level of pressure, primarily political, the psychological pressure we're witnessing today. but if you look at the capital flow and trade surplus, it becomes clear that the current exchange rate is not based on any real macroeconomic trends and indicators. the ruble value should have be much higher under the circumstances or even ones that in mrs. valez this, this week we saw reports saying the russian finance ministry ill finally made some of the interest payments on its foreign currency, sovereign debt. following the west's decision to unfreeze on my part of the russian forks reserves so that russia could repay its debt. one of the spooky last words today is default, or am i right in saying that we have managed to avoid default or, or was it a one off event, so to speak. with that also accesible, we don't have any problems with the repaying or external deaths. and the russian governance position, the sovereign that has to be paid from the frozen or blocked us. this is very

reasonable. pulled, almost at bab when times are tough to say the least. the crisis is a window for breakthroughs in opportunities. it's hard to deny that the russian businesses have now been, shall we say carpet bombed as if you have a reputation of an anti crisis manager. what would you say now if you were to meet russian business people face to face? so, and 1st of all, let's focus on as m e 's. what would be your advice to such people in these difficult time? so i just learned from tomorrow within business, if we should reach out to everyone, we can help with big government programs, social support, they're being rolled out and support for our businesses as for the new opportunities emerging in a crisis, it is when this entrepreneur witnesses the rapid collapse of all the businesses all around him, but knows it's the right time for him because he has the right mentality, the right team and knows that the and the will believe him. such people will be the winners. a crisis is difficult. time is a challenge for some an opportunity for others, but i wouldn't say there is more challenge or more opportunity out there. it's exactly 5050. i with the opportunities that those mean on better

a was other people focus more on difficulties, fears and challenges. now we need to work as a team, now help each other and to stick together. i should help those who think negative. those who think negative should probably keep my excessive optimism in check and share some alternative ideas and visions and market opportunities with me all in all. there is no way out but to move forward for his badani. yeah. was us little still when you luby to brag and all that. okay, i know you don't like forecasts still though we would really appreciate your expert opinion, but what is your take on projections of an 8 percent decline in russia's g d p this year and inflation soaring as high as 20 percent. what did you but of them? it was me. let's take the 2009 figures. our g d. p was down 8 percent. we witnessed high inflation, high budget expenditures, but in just 2 or 3 years, the situation was completely different. there is no need to despair. the decline could be 8 percent or 4 percent or more than 8 percent. there will be a drop. that's the only thing we know for sure. but what's key is to ensure the best possible exit from the downward facing. as we had that we have to learn how to

kickstart processes, which will pull the economy through this trial and into a growth phase which cham written. so i agree that it will be like 2000 and i was on the new at the world. no, i do not know for sure. i don't want to pass any judgment. it all depends on how fast we take action. instead of 9, we did not enjoy some technology. great speed of information exchange things different now than they were in 2009 is true. there weren't that many restrictions, all that much pressure from the sanctions, but the markets were virtually shut down because the whole world was struggling with very severe economic restrictions. we've now entered a phase of economic restrictions due to political reasons, hibler law and keep will you probably thought that what is scarier and more painful for russian talk manager, public official need, personal sanctions, or those against the organizations they manage urgency. bailey, thank there. it was a bad in the case of personal sanctions. it's not really about losing something right now. the main restriction for a freedom loving person is the travel band. many countries about entry. this is a restriction real one,

the restriction of freedom. this is not good through restriction for an organization is a ban on borrowings that are needed to invest in its growth. that's the limitation . really bad, you cannot say which is more important here. in general, any restriction of freedom is bad. most importantly, these restrictions are illegal. oh, but while i'm still alive, osi, another phase in the evolution of international law. when no one will be able to violate international rules of conduct set forth by the united nations charter or any of the international legal documents. today, disenfranchisement appears to be the new international law for 4 to 4 sanctions have been imposed against you personally. but could you please share how it has affected you and your family was. ready lunch in the course to me. as i said, the most important thing they've taken away is free travel. but it's a great motivation to know your country better. i guess i've been everywhere in russia, but it's such a vast territory that one life is not enough to get to know all the places. most importantly, you should remain responsible for the calls that have been entrusted to you, and there are no limits to what you do. that's what matters. i can only wish you

one thing, believe in each other, support each other. good luck is with us. we will prevail watches on ah, ah, is your media reflection of reality? ah, in the world transformed what will make you feel safer? isolation for community. are you going the right way or are you being that some with direct? what is true? what is great? in a world corrupted, you need to descend a join us in the depths or remain in the

shallows. ah, ah, nato publicly misled russia into believing the block was prepared to accept you train as a member is by privately telling here that it cannot join the u. s. lead alliance admits president to landscape. it is all these logical above autocad and for example, but the point of these shipments to transport troops and heavy equipment, we report from ukraine's key port hubs. the dance recently captured, find the russian military now being used for humanitarian relief efforts to help civilians in the embattled city of mario class. yemen face the growing humanitarian crisis as activists.