the banks holding bank accounts with other banks and trade shortcuts, as well as barter transactions house because there are many variance. and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of count authority on rudolph elma, now lives in seclusion near situation. but he hasn't stop criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring the financial center, but so far says he see no willingness in the government to take action or love in speaking to your rock call. who's president of the european school of management and technology, s m t. berlin. i asked him how surprising it was that switzerland have joined d. u and sanctioning russia. the fact that switzerland joined the just representing the overall observation that we have at this point of time, that there's such a strong unified approach across west and countries that no one could escape. and in particular, we've seen in the past, but any bang that 5 weeks have been sanctioned, has been penalized he

small salmon after fall, rushes guys from bank and spare bank, seen here in serious are exempt from the sanctions that allows you. countries like germany to still be able to buy russian oil and gas through them. but public criticism is growing, spare bank in theory has covered over its logo and lowered window blinds for fear of protests. the swiss n g o public eye has long criticized the russian banks. and now it says they're playing a critical role in moscow's war. that is not to this, this is, of course, a substantial part of bloody amir putins war chest, cooking. he calculated it that way from the start. how could you and also anticipated that this money, at least, would continue to flow. we're talking about a $1000000000.00 a day, 80 percent of which comes from swiss commodities. trading platforms said, one of the data centers for the swift bank payment system is very close to 0. it's currently under a heavy guard for fear of russian sabotaged. but elma doesn't think our complete russian cut off from swift would be that dramatic for russia is keep received in american skies. there a

the banks are feeling the it. forget direct russia exposure but how about unknown or derivative exposure we can't quantify those are the issues we're far away from a credit event but we're all talking about it because it's real if you see the significant slow down in the economy. >> pete, yesterday, you talked about oil and what it would mean for the consumer and the economy and how oil prices that spike higher can't possible by be good is that what the banks are telling us here that this is a head wind that we'll have implications on economic growth. >> i think that's part of it, mel, the other part, everybody talked about krcredit exposure that's huge and we talk about volatility, it's there, we popped all the way to 35 today before pulling back to 33. then you look at volumes, volumes have been there, derivatives, well over 40 million contracts on average a day, that's huge the velocity of the moves is really something i talked about it last night, the last 22 minus of the day yesterday and look at the 10-year

of banks. no one knows exactly for sure how many, but what i would really expect to happen, the most obvious work around, is for russian banks to turn to under russian companies, excuse me, to turn to unsanctioned banks pro, to leave the top 3 that are currently in the draft list, but if they were to turn to other russian banks, or if they were to set up, show corporations that they would open it account with foreign banks to try and process those transactions. it's going to create real headaches for western european banks. then we'll have to do some due diligence to find out exactly what's what, who's behind this question for the corporation. is the one they're allowed to do business with is in fact, even a russian bank is lord knows what could be. and that's where i think it's going to create really headaches for some of the banks in western europe or north america. the olympus with lepus advisors in berlin. thank you very much. my pleasure. well finally, fans of story german soccer club shak

if you look at an organization, a bank like bnp paribas, a huge french bank, they understand the costtting sanctions wrong. hsbc, barclays, big banks have button sanctions wrong in the past, and the fines are really big. if you do not have the resources to manage the risk, the business decision is often a case of, it is better to place our bets and savor jurisdictions. dani: this is one of the things i struggle with. you have these banks looking at their exposure. realistically, is there anyone that they can sell these assets to, especially with swift sanctions in place? gavin: with the swift sanctions, we are still in a period of uncertainty on exactly how it will fall. the interview with jamie dimon was interesting. there will always be opportunities, and bp and shell are actively looking at that. i'm not well-placed to say where they will sell their assets. there is talk of chinese organizations. time will tell. it will not happen immediately. dani: in general, i wonder if the exclusion from russian banks from swift means a lot a foreign investors in funds or assets, if they are st

treasury thing that we saw over the weekend, and those banks being spare bank and vtb, those being thest banks in the country but also smaller lines. the big banks here are sberbank and vtb. they are half of russian assets and about 80 million u.s. dollars. this is pretty meaningful. there is a question into how other -- how many other banks are affected and how do western banks fields this because there are payments that were pending or that need to be made. they are waiting to hear from the european union on this because this really needs to follow the eu sanctions directions on this. when we get the actual black on white earnings from the eu, that is going to be a cascade of events or clarity at least for the companies that have relied on swift. francine: next, someone just tweeted meet to stop panicking, but this is not about panicking. this is more about the more bloody the war is and about -- you can see sanctions escalating . to the russian economy as a whole. what are the consequences of that on the table? >> as far as we know, energy, they're looking for a way to allow payment

also keep a watch on the federal bank of russia. -- central bank of russia. could weigh on that currency. the pboc saying it is not quite comfortable with the yuan's strength. it came in to fix it, weaker than anticipated. iron or surging by 4%, brent crude also on the upside, currently at 98.70. the bond market looking like this. we have indonesia, the yields giving up about two basis points. perhaps investors are looking for some shelter in the bond market. rishaad: let's have a look at what is going on overall for regional benchmarks. this is the regional benchmarks, the msci asia index. all major ones moving to the upside. energy not quite as buoyant as usual. the biggest gain are thus far this year in that particular index. industrials, 1.1% up. the market 6/10 of 1% to the upside. arguably a relief rally taking place across this part of the world. russian forces shelling ukraine's second largest city of car give -- largest city. this as both sides agree to meet for more talks on ending russia's weeklong invasion. the latest hit to the russian economy, t

and staff and of course the ukrainians so i moved bank to bank in order to get this done last week, the first part so we hope to repeat that over and over again here during the crisis. the magnitudes are astronomical. president zelenskyy discussed with me some of the needs because the economic slowdown itself, the crops in the fields, difficult to harvest them, some assertions the russians this is not from president zelenskyy's but i've heard others they are trying to impede farmers in ukraine so they can't bring the crops to market to cut them off from food and cash in ukraine so it's a harsh and horrifying effort going on almost day by day so that means the rebuilding effort we envision will have to involve the highway systems, the bridge systems and the actual water systems of ukraine being hit in the electrical systems of course being damaged at airports, runways, that amounts to tens of billions of dollars so what we have done so far is simply say we are going to bring forward into last week and this week as much cash as we can and build a pipeline of projects for what's needed

like inter company deal, the banks holding bank accounts and other banks, homeless and trade shortcut. as well as barter transactions house, cuz there are many variance. you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of contact on rudolph elmer now lives in seclusion near the ration. but he hasn't stop criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center. but so far says he see no willingness in the government to take action. and let's get more on that story. i've been speaking to your rock call, who's president of the european school of management and technology s m t, berlin. i asked him how surprising it was that switzerland had joined the you in sanctioning russia. the fact that switzerland joined be just representing the overall observation that we have at this point of time, that there's such a strong unified approach across west and countries that no one could escape. and in particular, we've seen in the past, but any bag tha

bank . so what kind of impact will this have? i'm on you gas supply, which as we know is already quite stretched yet. well, that depends on what all governments will decide whether they play according to put his book and downplayed the impact. i mean, then fetch we speak. i mean, basically things could business could go on as usual. and we just pay rubles, as i said, i mean, that's a technical detail. we could do it. but i think the more likely scenario is that we see an escalation of the conflict. basically your pin country saying no, we stick to the contracts there specified in dollar euro, that's what we're going to do. and then, well, we'll see what, how would you react on the same scenario you can say, well, i mean in the extreme scenario on putting will just close to drain for gas. that was yen sudak. i'm a professor at the dusseldorf institute for competition economics. and before we go, or remind her of our top stories, russia's benchmark stock index has jumped as much as 10 percent,

they both robbed a bank. then gradov killed pavel and then he wanted to kill me stealing money and survived and you are just the beginning. sorry collapses. this remind is killed. after all, he became the president of the bank after the dismissal of frolov. actually, they did it all for the sake of getting fired. as a result, he gained access to electronic accounts. and apparently he threw the ring on radu to get rid of his accomplice. most likely, most likely. after all, as soon as i found out that the money was being transferred from the vault, i immediately threw my son in search of pavlov, but i didn’t have time for the money. i guess, apparently, a lot of lost a huge amount. they can be evaluated somehow, i don’t know, it must be returned. go. you can return everything to the bank, okay? everything is everything. agree, tomorrow the money will be. from one account to another, pavlov was an excellent specialist he had a great future ahead of him, if you must see it. yes, believe me, they checked it again,

deutsche bank down 9%.general, if you look at the euro stoxx 50, it is down more than 20% from its november record. equities reeling on monday. oil is what we are looking at after a report that the u.s. was discussing a ban on russian exports and that sent shockwaves across the market. let's get to maria tadeo. we are also expecting a new round of talks. is this for humanitarian corridors? or would it be an overall cease-fire? and what are the chances of success? maria: what we know is that in round one and round two, not a lot of was achieved. round two, they agreed to a cease-fire for the weekend to be able to evacuate people outcome up at that was broken a number of times. the russians and ukrainians said they would agree to another cease-fire starting at 10:00 a.m. moscow time to help evacuate those civilians. we are keeping an eye on that, whether that has manifested and we see a real cease-fire. there are a lot of people trapped and looking to get out for humanitarian and health reasons. there is not

and the bank also said that it would be freeing about $8.00, a $1000000000.00 in local bank reserves to boost liquidity. so all of these dramatic steps together, they underlined fears of a run on rushes banks, and already there are huge lines to withdraw. cash at 18th in russia, and the banks have reported significant outflows of deposits in a very short period of time. while it's a lot of concern that's continuing going from the top down to the average people there. now, when it comes to the measures of the u. s. u and the u. k. are taking against russia right now. what do we know and do we know what exactly is being cut off from the swiss payment system so far? well, over the weekend, the us european allies in canada, they agreed to cut off key russian banks from the swift messaging system which connects more than $11000.00 banks. now this is a very significant move, and it means that there's going to be an enormous scramble for dollars in russia. and now russia over the past several years, they've a mass, a huge war, chest of some $630000000000.00 in foreign reserves, which is at

bank. euro's for roubles and then pay gas from roubles. it's not a big difference, factually speaking. it's just that just putting comes along and changes the rules. this is basically the, the difficult part some i've said that this is a way to sort of under cut a new sanctions and western sanctions on moscow. and do you think that's? that's true. yeah, that's right. i mean, at the moment, basically we pay gulf from in your dollar than that ends up at the central bank of russia, which is sanctioned. and so basically they have to find workarounds and loopholes how they can make use of that hard currency to essentially um, effect the exchange rates on international markets. now waste their workarounds. they can operate by china and so on, so forth. but it's difficult. so under the new set of rules, basically we can make life easier for the central bank of russia because we will essentially allow the commercial banks of russia to stabilize the exchange rates because they would basically, um, c

of banks. no one knows exactly for sure how many, but what i would really expect to happen, the most obvious work around, is for russian banks to turn to under russian companies, excuse me, to turn to unsanctioned banks. pro. it's only the top 3 that are currently in the draft list, but they were to turn to other russian names, or if they were to sort of show corporations that they would open it account with foreign banks to try and process those transactions. it's going to create real headaches for western european banks. then we'll have to do some due diligence to find out exactly what's what, who's behind this question for the corporation. is the one they're allowed to do business with is in fact, even a russian bank is lord knows what could be, and that's where i think it's going to create really headaches for some of the banks in western europe or north america. the olympus with lepus advisors in berlin . thank you very much. my pleasure. well, finally, fans of story. german soccer club ch

like inter company deal, the banks holding bank accounts with other banks on the and trade shortcut, as well as barter transactions house because there are many variants and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of going to suck children. who doth elma now lives in seclusion near 0 rich. but he hasn't stopped criticizing switzerland's financial institutions under authorities. he's demanding strict laws for better monitoring of the financial center. but so far says he see no willingness in the government to take action. and that's all for me and the business team here in berlin. thanks for watching st. next time with what? making the headlights and what's behind them. d. w, news africa. the show, the faculty issues shaping the continent life is slowly getting back to normally well in the streets, to give you enough reports on the inside of our cars. funds is on the ground reporting from across the continent, all the trend stuff, the mazda to you next. ok, d, w, cutting off the money. the russian only got as m

like inter company deal, the banks holding bank accounts and other banks on the and trade shortcut as well as barter transactions house cuz there are many variance. and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of contact on rudolph l man. now lives in seclusion near situation. but he hasn't stopped criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center, but so far says he see no willingness in the government to take action. and let's get more on that story. i've been speaking to your rock call, who's president of the european school of management and technology s m t, berlin. i asked him how surprising it was that switzerland had joined the you in sanctioning russia. the fact that switzerland joined be just representing the overall observation that we have at this point of time, that there's such a strong unified approach across west and countries that no one could escape. and in particular, we've seen in the past, but any bag t

but 2 major russian banks, spare bank and gas from bank are exempted from the band the he you wants to use them as channels to pay for russian oil and gas gases and bottle. but this is a weak point in the sanctions package. life we depend on gas supplies, which is why spur bank and especially gas prom bank, are still part of the system before it's not possible to identify other transactions that don't relate to energy supplies and just band them that isn't feasible for you. i thought it did, you should see young. these are done also. she's best is also mishma. pressure is also being put on russian. billionaires with ties to vladimir putin. they have assets in the e. you were frozen and some yachts were seized and they are no longer allowed to travel to you. say well to the beloved french riviera. if get a hold of dusty talk of, i do assume that the pressure on this financial elite will have an effect in the sense that the pressure on the russian leadership circle will increase in these are mainly people who are associated with putin who have benefited from this association immensely ov

like inter company deal, the banks holding bank accounts and other banks on the and trade shortcut as well as barter transactions house cuz there are many variance. and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of contact on rudolph alamo now lives in seclusion near the ration. but he hasn't stopped criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center, but so far says he see no willingness in the government to take action. let's get more on that story. i've been speaking to your rock hall, who's president of the european school of management and technology, s m t, berlin. i asked him how surprising it was that switzerland had joined the you in sanctioning russia. the fact that switzerland joined be just representing the overall observation that we have at this point of time, that there's such a strong unified approach across west and countries that no one could escape. and in particular, we've seen in the past, but any bag that

and the bank also said that it would be freeing about $8780000000.00 in local bank reserves to boost equity. so all of these dramatic steps together, they underlined fears of a run on rushes banks, and already there are huge lines to withdraw. cash at 18th in russia, and the banks have reported significant outflows of deposits in a very short period of time. wow, that's a lot of concern that's continuing going from the top down to the average people there. now, when it comes to the measures of the u. s. u in the u. k. are taking against russia right now. what do we know and do we know what exactly is being cut off from the switch payment system so far? well, over the weekend, the us european allies in canada, they agreed to cut off key russian banks from the swift messaging system which connects more than $11000.00 banks. now this is a very significant move, and it means that there's going to be an enormous scramble for dollars in russia. and now russia over the past several years, they've a mass, a huge war, chest of some $630000000000.00 in foreign reserves, which is at its highest

with state bank. i think i mentioned that insurance companies need places to put their money so they put them in, they're friendly local bank and they buy shares in their friendly local bank. so these numbers of charters often attracts very closely together and often the same guy will have a hand in both local corporations at the beginning, they are often political allies. they found the same kinds of corporations. what's interesting is is how corporations lose their partisan flavor because states find it easier to chart new corporations than to try to compound the old ones. everybody just sort of decides that proliferation's of banks insurance companies are in their best interests. so insurance companies investment banks, banks do a lot of services for insurance companies. they, so if a merchant essentially pays for an insurance policy with an iou and then the, which he has to pay what his ship comes in essentially. it's really it's a legally binding iou, the insurance takes it to the bank, stashes i

reserve bank? >> the fractional reserve bank is backed by either deposit insurance or lender of last resort discount window facilities that can with regulation of the assets and the fractional reserve can prevent runs. fully reserved, for example, money market fund, fully reserved 100% high quality assets have limited reserve run. the difference between stable coin and, say, a money market fund is that a money market fund, in my view, is purchased for the purpose of earning yield. you purchase a stable coin to be able to use it as a payment mechanism. so they're slightly different. so i think the redemption feature will distinguish a stable coin from, say, a money market fund, a government money market fund. >> i think as we look at this, we should be particularly careful to accommodate the great potential that this shows to recognize that we want to keep america a competitive market, that that's in the interest of our economic security. we also need to take our national security interest into acco

at what point did insurance and banking joint up in the national and then state banks? also, love to hear more about risk insurance changes. how risk insurance changes the state. >> so, banks -- so insurance companies as state chartered businesses their lives are very intertwined with state banks. i think i mentioned that insurance companies need places to put their money so they put them in their friendly local bank and they buy shares in their friendly local bank so these numbers of charters often track really closely together and often the same guy will like have a hand in, you know, both local corporations at the beginning there are often, they are often political allies that found the same kinds of corporations. what is interesting is how corporations lose their flavor because states find it easier and everybody sort of just decides that proliferation and banks and insurance companies are in their best interest. insurance companies invest in banks and banks do a lot of services for insurance companies. they like, so if a merchant essentially pays for an insurance p

this is frolov, the president of the bank. pavlov vice-president of irokov bank.d of the security service guards the jewels in a cell, theoretically, any bagritsky did, an inventory of the stored. it is interesting to another who advised her to put the money exactly. why are you a key? i think that bagritskaya is familiar with the robbers and completely trusts him. she has ask. yes good afternoon, if you want to return, i can help. let's go okay? hello beautiful, remember me? i didn't steal anything. i want to prove it. but i need your help to stand on the nix. why they put the jewels in a safe deposit box, isn't it clear, i was afraid to keep them at home, by the way, this is all that i have left for a rainy day. and who advised you this particular bank? what's the difference to you? okay, i 'll ask differently. which of the employees pavlov frolov can be rogov clearly. look for someone shift your blame. why don't you want to return the jewels at all? yes i really want. well , first of all, thank god they are insured as well. second, i don't believe a single word

but 2 major russian banks, spare bank and gas from bank are exempted from the band the you wants to use them as channels to pay for russian oil and gas dust. and this is a weak point in the sanctions package. like we depend on gas supplies, which is why spur bank and especially gas from bank are still part of the system before it's not possible to identify other transactions that don't relate to energy supplies and just band them that is infeasible. i thought it did. you should see young visa also she's best is also mishma. pressure is also being put on russian. billionaires with ties to vladimir putin. they have assets in the e. you were frozen, and some yachts were seized and they are no longer allowed to travel to you. say well to the beloved french riviera if get a hold of dusty talk of i do assume that the pressure on this financial elite will have an effect in the sense that the pressure on the russian leadership circle will increase in these are mainly people who are associated with putin who have benefited from this association immensely over the past few years and decades. so t

lending club acquired it own bank -- its own bank. less dependent on other institutions and letting them grow more. to discuss the impact of that as well as the rising rate situation as well and the russia ukraine more, is the ceo, scott sanborn -- war, is the ceo, scott sanborn. you do biggest additional business and you sell into the marketplace institutions. are you concerned by the sanctions that you need to really evaluate -- reevaluate? >> we hold about 20% of the loans we issue and we still 80% to other institutions -- cell sell 80% to other institutions. we are not seen in immediate response in the returns on the assets. they have proved their worth during the last recession. it showed how will they performed versus other asset types. demand for the asset is really high. matt: are there any relationships you have to immediately sever? >> we have no connection to russia besides the human side, we have employees we are looking to support but we have no exposure in the market. john: the evolution of the business, the initial prem

banks getting smacked at this hour as western sanctions threaten to hurt investment banking business in russia. so we do have the biggies, citi, goldman sachs, bank of america, jpmorgan chase all in the red. and, of course, speaking of wall street, the fear gauge that tends to really get the -- sets the temperature of fear on wall street is spiking at the moment, up 7.8%. you can sees the actually off the highs of the session which were at about 35. we are right now at, what do we see here? that's not the vix level. [laughter] trust me. okay. but anyway, we're slightly off the high of 35. now, the palladium-focused exchange-traded fund pal is jumping as the metals price rises to its highest level since july of 2021. that, of course, is in reaction to russia being a very big! er -- supplier of palladium. so we see that up about 2%. we've got so much to discuss here. let's get to bob doll can, crossmark global investments and all-around market few rue. bob, what participant of the market reaction here is surprising you the most, and is there more pain to come? >> so the 10-year treasur

federal reserve bank. could you maybe just compartmentalize short-term, medium-term, long-term what the impact would be in terms of meeting the needs of the people in afghanistan? understanding that everything would have to be calibrated to elicit specific, narrow responses from the taliban, how optimistic would you be that we could create this? mr. smith: that is a good question. i don't pretend to have all the answers. but what my organization has recommended is phased release of selected portions of the central bank -- [no audio] mr. miliband: shall i tell you what he was going to say? mr. smith: that would allow us to put some liquidity into the central bank, so they could hold currency auctions. they would go to moneychangers in kabul to offer u.s. dollars in exchange for their money. fortunately, it is an electronic system and it can be and should be scrutinized extremely closely by the u.s. and other authorities. this is not aid. this is not money for the taliban budget. this is money so the central

there is also a number of listing of all the bank, the fees of payments from all of the banks. that is what makes the sanctions much more tangible. and indeed, we can, we're lucky to do something that goes beyond 30 percent. if this continues in this way, the question is how the young i'm tell you some pricing number. yes, because again, this is community effect. this would be on this week. it would be, and the reserves for the central bank happens with the reserves being frozen, is that the rubel lose his value. and if the ruble loses value, then anything the russia was importing becomes extremely more expensive. and of course, there is been a trickle down effect and community effect of all these measures all together. all right, so a follow up quick follow on that because you mentioned the central bank sanctions, are they going to be able to manage the ruble? we already seen it take a plunge after the 1st day of the invasion of ukraine. and this is something that also, i think, and many of us thought that it was not going to be done precisely because of the magnitude. now die

the stoxx 600 banking sector down 8.2%. that applies to individual banks as well.icredit each down double-digit, some 13% in the case of unicredit. off the lows by this time. those have the largest exposure to russia. it is not just about direct exposure, it is about the ripple effects of the u.k. in crisis. what does that mean for the ecb on thursday and potentially higher interest rates. let's get more with bloomberg financing managing director michael moore. let's talk about the ecb. if we do not get a rate hike, how much of the bull case deteriorates for european banks? michael: that is a major issue for the european banks and you've seen that in the stock price. if you look at the gap between the way the stocks of been hit in the direct exposure to russia, it is clearly not just about loan losses in lhasa -- in russia. it is about a lot of the things driving the optimism around european banks, the capital market activity and potential interest rate increases. those have fallen off and that has become a major earnings story for the banks. guy: what about the li

but 2 major russian banks, a spare bank and gas from bank, are exempted from the band the he you wants to use them as channels to pay for russian oil and gas process and bottle. but this is a weak point in the sanctions package. life we depend on gas supplies, which is why spur bank and especially gas prom bank, are still part of the system before it's not possible to identify other transactions that don't relate to energy supplies and just band them that isn't feasible for you. i thought it did, you should see young. these are done also. she's best is also mishma. pressure is also being put on russian. billionaires with ties to vladimir putin. they have assets in the e. you were frozen and some yachts were seized and they are no longer allowed to travel to you. say well to the beloved french riviera. get a home all just talk of i do assume that the pressure on this financial elite will have an effect in the sense that the pressure on the russian leadership circle will increase in these are mainly people who are associated with putin who have benefited from this association immensely o

actually moved from bank to bank in order to get this done last week the first part. we hope to repeat that over and over again here during the crisis. the magnitudes are astronomical. president zelenskyy discussed with me some of the memes because ukraine has been hit by the economic slowdown itself. feels difficult to harvest them. there are some assertions that the russians, not from president zelenskyy but i've heard from others the russians are trying to impede the farmers in ukraine so they saved the harsh and horrifying effort that's going on almost day by day. that means the rebuilding efforts that we envision will have to involve the highway system, the bridge system and the actualhe water system will e hit the electrical systems being damaged in airports, runways. that amounts to tens of billions of dollars. what we have done so far is simply to say we are going to bring forward to it last week and this week as much cash as we can. and be killed begin building a pipeline. insome of those are now living n poland. i just met with a polish minister on that spec

of banks. no one knows exactly for sure how many, but what i would really expect to happen, the most obvious work around, is for russian banks to turn to under russian companies, excuse me, to turn to unsanctioned banks pro, to leave the top 3 that are currently in the draft list, but if they were to turn to other russian banks, or if they were to sort of show corporations that they would open it account with foreign banks to try and process those transactions. it's going to create real headaches for western european banks. then we'll have to do some due diligence to find out exactly what's what, who's behind this question for the corporation. is it's the one they're allowed to do business with. is it? in fact, even a russian bank is lord knows what could be. and that's where i think it's going to create really headaches for some of the banks in western europe or north america. the olympus with lepus advisors in berlin. thank you very much. my pleasure. well finally, fans of story german soccer

the banking system has had its capital frozen, there's a liquidity crisis in the banking system. the value of the local currency has fallen by at least a quarter. bank branches lack cash and sanctions, which are meant to be on the taliban, end up freezing private sector activity. the impact of the current policy mix has therefore been fast and brutal, as it was predictable and preventable, and it leads to the statistics that senator murphy rightly quoted, the u.n. statistics that less than 2% of afghans will have enough to eat this winter. the testimony from my own staff is that media reports of young girls being sold into marriage are true, media reports of people having to sell their organs to feed themselves, also true. i do not believe, mr. chairman, that the united states or anyone else must choose between helping the people of afghanistan or helping the taliban. that's wrong. i won't argue today to help save the taliban from themselves, i'll argue for how we can make a difference to save afghans from being punished for the victory of the taliban last august. i'm going to su

the banks holding bank accounts with other banks and trade shortcuts as well as barter transactions house because there are many variants and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of contact on rudolph alamo. now lives in seclusion near sir ish, but he hasn't stopped criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center. but so far says he see no willingness in the government to take action. let's get more on that story. i've been speaking to you of rock hall, who's president of the european school of management and technology, s empty berlin. i asked him how surprising it was that switzerland had joined the you in sanctioning russia. the fact that switzerland joined be just representing the overall observation that we have at this point of time, that there's such a strong unified approach across west and countries that no one could escape. and in particular, we've seen in the past, but any back the 5 weeks cave base or convent

the banks holding bank accounts with other banks and trade shortcuts as well as barter transactions house because there are many variants and you have to see that this payment transaction business has become even more lucrative all day due to the sanctions of kentucky on rudolph elma. now lives in seclusion near the rich, but he hasn't stop criticizing switzerland's, financial institutions and authorities. he's demanding strict laws for better monitoring of the financial center. but so far says he see no willingness in the government to take action. and let's get more on that story. i've been speaking to your rock hall who's president of the european school of management and technology . s m t, berlin. i asked him how surprising it was that switzerland had joined the you in sanctioning russia. the fact that switzerland joined be just representing the overall observation that we have at this point of time that there's such a strong unified approach across west on countries that. busy no one could escape and in particular we've seen in the past, but any bag that 5 weeks came, bates or conve

thus politics, more central banks -- less politics, more central banks. this is bloomberg.a: keep you up-to-date with news from around the world. the expanded arsenal the u.s. is sending to ukraine includes 100 armed drones. bloomberg has learned the drones are called switch blades. president biden has also promised antiaircraft and antitank missiles. russia's finance ministry says it is paid $170 million in interest. bondholders and europe have received no signs of the funds. the payment is -- how russia plans to handle its usual relations with creditors. white house coronavirus coordinator jeffrey science plans to leave the abided administration in april and will be replaced by a public health expert from brown university. zients spent much of his time securing the purchase of vaccines. will examine why access to business -- the goal is to make it easy -- according to a 2020 report, more than one third of ethnic minority -- cited -- global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countri