G. D. P. So i cannot agree with you saying that internally that is cronus because it might be growing in terms of numbers more money but its not growing in the relation to the g. D. P. And theres also the you mentioned it before the russian diplomat succeeded in bringing a deal with saudi arabia and object finally great to curb Global Oil Production so all prices began to grow again it seems to me that whether we like it or not or oil is sometimes more important than politics geopolitics political statements and so turns out that we see where it really matters and thus have a say russia does call shots is it really soured is it an illusion that if they do. In this case it is so yes we have indeed brokered an extension for the Oil Production cap deal and that played a role on the Global Oil Price of course a growing Global Demand for oil. Has also been a contributing factor here and the fact of the demand is growing as a causative effect on the market in the prices so does bushs ability to negotiate because without russia Major Oil Producer and exporter the opec are going to wouldnt have come through with a solution to cap production. Our vision was that it is much better to have a certain degree of predictability in the situation and strike certain agreements that we can rely on that is why we made an effort and i think well continue down this path yeah so isolate russia are not sanctions are not moscow still has some influence on the World Economy and certainly my question can you tell us actions of that russias overproduction im guessing is a lot of important equipment and technology for instance one drilling for oil in the arctic which he can we manage without them thank you do we have to acknowledge is solve our own. Well you know applying restrictions to our country will indeed stimulate development of our own technologies for example gazprom russian oil giants used to import most of their equipment from abroad now theyre revisiting their policies and beginning to develop technologies and solutions of course it will take a while but the bottom line here is that our industry is adjusting by implementing this socalled import Substitution Program so on the one hand sanctions do impose limitations here on the other hand our industry can benefit from it but an interview given at the Gaidar Economic Forum you which proposed the idea that russia should become a new norway and that its economy should no longer depend on all the prices and this is all great but how is it possible that at least one third of russias budget is generated by oil and gas sales. That is true yes but before it was sixty percent so almost two thirds of immediate sales proceeds accounted for sixty percent of our budget and in two thousand and seventeen there were forty percent in our new budget. About one third of its oil and gas and thats a current goal to go down to one third and i think this is going to is close to what i consider normal would mean if we talk about the socalled neulander gas deficit this is the figure you get by substracting oil and gas revenues from the total revenues used to amount to thirteen percent of the g. D. P. So. Can you imagine if our budget deficit was equal to thirteen percent of the g. D. P. Without oil and gas and no it is down to seven percent of the g. D. P. Our goal for twenty nineteen is to go below six percent and were really decreasing our dependence on oil and gas and were taking that very seriously. Absolutely so there are real actions that will introduce tangible results and for the worse unless absolutely. Yes they are. Going to were going to take a short break right now where a lack will continue talking to the precious finance minister will talk more about cryptic currencies and precious and went on oil industry stay with us. How much of. This little bundle of joy would have no chance of surviving in the wild mother pandas can only win one cup at a time but usually give birth to. Every year china puts a lot of effort into making up for this cruel mistake of nature. Is just. Chinas penned the breeding has become something of a production line. Its almost as though theyve been copied three d. Printed and put on show for the public. Several cubs are born here each year. But only less work by dedicated scientists will be for nothing if panda love cant be encouraged in captivity its not as though they dont practice until but in the same lazy way they do Everything Else with this proud mommy gave birth to twins and has no idea that a special love potion was formulated just for the. Old make its manufacture consent to instant of public wealth. When the ruling classes protect themselves. When the final merry go round lifts only the one percent. Time we can all middle of the room sick. To my around the. World. Were back with. The finance minister of russia to discuss the impact of russia west economics down on russia and the World Economy now with some other ways some kind of paradoxically all this sunshine on one hand the west is seeking to isolate russia and shout it out from the global on the other hand this isolation that and also insulates russia from granik anomic problems doesnt it in simple words if the financial catastrophe of two thousand and eight repeats itself today and the us economy starts to a nosedive again what really care. Well it. Degree of russias integration into the Global Economy is so high that we have no choice but to care about such developments there are many things that is to the Global Economy for example if the Global Economy is growing oil prices follow suit which is important for us and thats a very basic fact and if the economy is in decline in demand for a key export commodity oil is dropping as well again thats something that we will care about the demand patterns are the same when Global Demand is on the rise. Grow as well not only from russia but from any country and. That means that russia as part of the Global Economy would certainly feel it if the Global Annual growth rate which is about three point five to two point six percent decline global actors are interested in keeping the current pace of Economic Development and safeguarding against any serious economic crisis and let me have no theres another aspect to this that ive been thinking about i mean since day one and as a let us why cant we just turn to using the chain and the impact of the sanctions can we move money in the crypt occurrences past the existing Financial System one of the what i look for to. Using crypto current. Before transactions only you know just by passing the Global Financial framework. Well its a thing that transactions and big point which you can allow you to skirt sanctions thanks to anonymity now this is nothing but any illusion measures to control crypto currency are already being developed in the immediate future i believe that every payment in crypto currencies will be monitored the same way as traditional transactions in u. S. Dollars euros roubles etc but at the end of the day what is it that makes a crypto currency better which on the ruble. The answer is nothing or shes could you dont suppose there are restrictions on transactions with a certain Russian Company on the sanctions list how can this Company Deliver its product to the buyer and receive the payment of the conventional way would be to use it was dollars or euros or what have you but if the commons is no longer possible so if and this is no longer possible so if a Company Bought lets say some military goods from us i want to make the transaction roubles theres nothing stopping them all they need to do is just to buy rubles at the exchange what about the joint sure but why would you want to do that the ruble is a much more simple its reliable its easier to use because you see the problem with a coin was that its. Just this much smarter twice as much then it goes down again you said the corn transactions are just as transparent as with any other currency United States doesnt really develop the way to monitor these transactions so actually if they want so they can identify you and other countries are already working along similar lines in fact its the gimbal thats more secure crypto currency this is because all transactions approvals can be monitored exclusively by our central bank and no one else once again is no reason to retreat to using viewpoint especially when we can safely use our own national currency. To its missions on order. But i can see now. Coins can be used to the sanctions but the quote but generally i never heard you say that only professionals should attempt using week on a genuine discuss the possibility of passing legislation that would restrict its use but isnt it if you share its kind of new reversible always been like that you know one day when money trains first people fear of them and one on using horses to deliver mail and what about you when you have you tried using bitcoins yourself when. Transactions know. He worked in. I dont believe the future belongs to big coins the future belongs to the Block Chain Technology yes its what they call distributed Ledger Technology which we are already starting to implement in our own databases like the us a register in the country soon people will be able to store their data using block chain these kinds of applications are very promising but cryptocurrency is just as promising but its hard to say i think that at least for the time being transactions in conventional currencies will dominate trade reason is because theyre easy to control. Points there is a central bank that issues the currency with bitcoins distributed ledger nobody can control the value of the currency today its high its more its not hi story volatile i was like i said theres nothing backing it theres no issuing bank which means that there are no controls the whole process is very chaotic thats why i believe the conventional transactions that use dollars euros are now swiss francs still be given priority and those who wanted to make money using a bit have probably realized by now the futility of this endeavor so i wouldnt say that i mean theyre quite out of here because im millionaires are on the right. Like to keep something under the radar by paying in because they will now have to abandon that idea because it is no longer possible as for the Block Chain Technology we will use it and actually were already starting to apply it. Well i see crypto currencies as simply speculative. If you want to choose what we not in your current capacity but to some other day as an individual use we want to become a become billionaire or some other cryptic are still billionaire which would anyone would be quite happy to become a billionaire you know i suppose they would what about you are you ready to buy some crypto currency yet will i be frank if i only knew how to pay for dresses like with bitcoin i mean ive used them right now im clueless but ill get to it that is for sure because i believe the crooks occurrences are the future. Well thats debatable lets see how these things stand after a while. Now lets talk a little about what will Goldman Sachs recently well they made a projection but others here want three g. D. P. Growth regression and twenty chain when i mean well russias own ministry for Economic Development expects only two percent gross if i remember right yeah i believe so why but you mean if it isnt from call that said why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening to that that could certainly be one reason but there is quite a different set of numbers there so. You know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministrys projection was just over two percent which of course it will be very nice to live up to the three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now is to run a comprehensive structure reorganization that would trigger. A move that would involve reorganizing that taxation system work restructuring our expenses reforming economic sectors and this will give impetus to Economic Activity and stimulate Economic Growth so my only guess here is that maybe Goldman Sachs is aware of a reform. And perhaps its made its projection based on them because we should go i dont want to get about the decisions that they are russian government makes i wanted to ask you about your hero so im sitting up im not sure you are who take a minister in this country but this guy knew that youre exaggerating. To make a minister and ive had little with so many things from sanctions to advise and rebel hauling and i was so you holding your ground but in the end people are always asking you for money although that is the bottom line thats the only thing they want and they probably call you dangerous. They call you and im sure but you know what the question of whether someone loves you or your million seems so relevant it probably makes you lie awake all night and i must be very unrewarding a lonely kind of work about how do you live with that if you do it. With your sneakers well no maybe thats just what it seems like from the outside of course Everyone Wants to get more money for their economic sector or projects overseen by the ministry but they all know the budget has its limits you know we cannot just take it apart piece by little piece of back fire us or so yes i have to refuse and i have to make my case and sometimes i have to get in some strong arguments and happen sometimes to go and sometimes people do take it personally yes. Sure im sure everyone does. You know. I guess i think. To each other by now weve been working together in this government for over five years now. And at the beginning that was probably the case which people thought. Had Additional Resources to this person but not to me hes a zone so well thats not how it works we at the ministry of finance analyzed to see where the money will have more effect on growth in social welfare we have analysts who are just as. Good as an other ministries and sometimes theyre even better because often they have to know economic sectors be education or health care or agriculture and what have you perhaps they have to rely even better than the experts at the specific ministries this is very important i actually do take great care to preserve that tradition and preserve this continuity and keep it alive this tradition of expertise. So when your people can argue their decisions convincingly when they can justify why you can give money to this approach and you cannot give money to. People get it and people dont let personal feelings get in the way. Of work. So person what in your life that you feel a personal connection to trust maybe outside russia for instance take love rove and kerry i mean in terms of ideology their opponent was about in terms of their personalities they match and when the rhetoric between our countries boiled down to who will be the first to push the new claimants to achieve amazing diplomatic success with iran do they nailed it but when you have a person like that i mean someone you trust and someone who is very like you maybe i dont know christian or instance or someone else which. Brought it yet. Well. When other Foreign Ministry of course but. I do know many of my counterparts especially from g twenty countries as we meet fairly often several times here i like mr lavrov though i dont really have a person like that but when you say you dont have your own character. No but i do have a very good colleague or rather had the former finance minister of germany mr shah but we worked together a lot especially while organizing the twenty summit in russia and we worked really discussed in the ukraine that chris worked on that in detail and we had a really good working relationship and now he changed jobs and he became the president of the bundestag in germany and of course i congratulated him. Honestly i felt a little story to see him go because he is the person i Work Together on International Matters for six years and we had some plans for the future concerning ukraines Debt Settlement for example. Know he no longer works at the finance ministry so well have to be entering into dialogue with other quality eggs but since you asked about a Long Term Partnership and a longtime Partner Relationship that will be with mr shah but i guess. The gas prices are still one of thanks for coming and i hope you have a balanced budget and everything going to just as you planned including the oil prices thank you very much and the very best thank you let me talk into and answer one of the russian finance minister discussing everything from western sanctions to the current influence and prospects of russian economy is it for this edition of second coffee next. Turkeys decision to invade Northern Syria has Foreign Policy implications far beyond the middle east what are anchor his objectives in syria and the region does it to suit table a final peace settlement to syrias proxy civil war and what is turkeys future in nato. Dropping bombs brings police to the Chicken Hawks forcing you to fight the battles they dont. Produce offspring to tell you that the public by file for the most important day. Off the bad guys who tell you are not cool enough to buy their products. Are the hawks we along with our. Watch. Forever. If. It. Is. Angry. That. Her son. Is just a. Social mother was just. Broken and. Isnt going to be put on trial so to be doubted she. Is a. Fortress enough to stand up. To our youth. This little bundle of joy would have no chance of surviving in the wild mother pandas can only read one come at a time but usually give birth to two every year china puts a lot of effort into making up for this cruel mistake of nature if two cubs are born then to mr vive. These are. Gentle Senior Management decision among. Endangered species dont have to become extinct now if you take good enough care of them mr darwins theories dont all hold good here. Penders way just one hundred twenty grams. Slipped a little. Here and kept him. Its either come to read buy stuff or the Panda Breeding center in the wild its the mother who takes care of the young she just swallows anything the cub wants to get rid of. These might well be the most helpless little ones in the world as well as the most endearing and quite probably the most expensive. Tender is chinas National Treasure. Even its coloring is a living symbol of the past an illusion to the home country. A balanced opposites. Black and white light and dark day and night sun the moon sky and earth heat and cold. War i think oh. My god what a cub is born it becomes the property of the peoples republic of china. Theres no getting around that law but zeus can rent and this from the state for a limited period its not cheap so they have to pay over a Million Dollars a year to the government. So. This is one National Treasure thats guarded like the most priceless of jewels. They may be predisposed to laziness but pandas still wake up early and that means their keepers have to as well. And judging paying work at the panda center starts at six am i worth their while i tell. You theyre thinking and think about. How many mama. Rule warning and ohio. Sound they laid down with our boy theyre coming and. Going then how do you think well bought. A house for him and be the business. People and this one is. I dont know how to spell but this is for your front door and theyd have hit yeah one year if we. Use this one. You meet them and. Its not just their focus interest but thats it youre going to treat all talk. This through the show told. To the support it was just it just goes to what we do all the time look at it and say theres no use to get out you know all the obvious that you see you know. This. Sad. Truth i smoked a whole. Treatise and it. Uses anything. To mislead us and see to attend. To them probably a lot. Of how to do that it was all bullshit to. Do that on the hopi. Editions of how to juggle the cheese and today. To eat yet to hold a traditional war due to legal. Which is how the. Material oh. Yes you can go there to go. Dont feel your hot food hot. She was so you could this is a more. Reason that. Chinas Panda Breeding has become something of a production line. Its almost as though theyve been copied three d. Printed and put on shows for the public. Good. To. The. The Panda Breeding center isnt just a first rate to the bar a tree its also a zoo where anyone can go to see the fruits of chinas Breeding Program through fifty eight one thats around ten dollars. Fifty but how were going. To. Do well there were. Several cubs are born here each year. In two thousand and sixteen the panda was removed from the red book officially its no longer an endangered species but it is still vulnerable. Building up the population is just the first step the toughest challenge for the breeders is still ahead. That will lead to your down so far for us you know us theres work. Here you know where theyre teaching g. O. P. Friends who got to do it. However years maybe even decades of work and needed to make that possible. What the oil for the. Children. Of these who say you know what i sense your from what im going to. Well done its and. We said that you. Mortality rate is just one of them he said tell it only. So. They were certain of how to die out the other shoe or the dogs or the mothers or. The pressures that the guy down by when your interest in time amanda should shoot with your coat is underway just. Because it. Was the you at home that figured seeing the intended audience was i fear that your heart