no, i had an interesting discussion last hour with economist professor richard verna. one of the things he said, he believes washington is damaging the international financial system with the move if the aim is to punish russia is very strange, because essentially, the usaa saying, oh, russia doesn't have to service instead. and we're preventing them from, from servicing it quite a running because the u. s. has put all of resources into the i m f and the world bank in the last 70 years in order to get countries that borrow internationally, to, to make sure that they really pay their coupons in time. so we see that the international finance is very much political to essentially, i think the real story is that, trying to make russia look that which is kind of child is really if you think about it, i mean we've got a series international situation and they're playing games like that. now the regulators of the us say that then on allowed to, to deal even at arm's length with russian banks that are simply trying to meet the international obligations. then you are really dam

we heard from richard verna, a governance and sustainability experts at demand for university who says such measures would negatively impact ordinary people. if the european vessels do as american requesting, which is really what's happening here. because previously we've heard from the european governments of business impossible. we need the russian energy. but if they're now on the us pressure buckling and they are saying, okay, we have to ban russian oil imports maybe the end of the year, then that will be a serious, very significant negative impact on the economy on economic growth. in fact, on the standard of living because the energy inputs are an integral part and necessary input for almost all types of economic activity in europe. and yes, ordinary people will feel this. it will be very painful. food prices will rise energy prices, everything will go up. we are entering a period of accelerated stacks, lation, where the economy slows down and contracts and inflation goes up and ordinary people get squeezed. the spokesman for china is foreign. ministry has tend to the responsibil

for energy imports in roubles. professor of banking and finance at mon, falling of university, richard verna says western sanctions have so far failed to really hurt the russian economy. although they have damaged european markets, i don't think those that impose those sanctions way expecting the ruble to do this . well, the fact is that since 2014, with sanctions kicking in and the international financial markets being already at that time becoming increasingly hostile towards russia, there was a kind of market base discrimination against russia. they were aiming at brochure but not really achieving that. but actually if you look at the logic behind this, the sanctions, it is essentially sanctions imposed by the us on europe to had the european economy . i mean, they're not really sanctions to head russia, which is very difficult to do when you are, you know, the largest economy, the largest country in the world, and, and one of the largest economies that spanned from europe to asia, that is able to trade with the entire world the republic of south associate is said to hold a referendum on

but his economics and banking specialist richard verna, again for the company is not a good thing and for shareholders, it certainly is not about maximizing value for shareholders. and that's quite interesting because for, for decades we've been told that western capitalism is about shareholder value maximization until we find out it isn't. if you go back to the 1st world war, the 2nd world war. and at that time, both on the level of finance, banking system and industry companies, investments by american companies, you know, all that continued throughout. and so it was even, you know, american companies producing military equipment in germany during the 2nd world war. and so that, that is an interesting angle that really and russia is being punished in, in a very ran unusual way that didn't even happen when germany was the enemy, us climates and void john kerry. speaking of the world economic form endeavors warned against using the energy crisis as an excuse to build up more fossil fuel infrastructure. but at the same time, coal and oil production are rising in the us fuel prices are