The arctic which you can manage without them that 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 the 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. Order 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 allocated about one third of its oil and gas and thats our current goal to go down to one third and i think this is going to as close to what i consider normal i mean if we talk about the socalled annoying 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 now it is down to seven percent of the g. D. P. Our goal for twenty nineteen is to go below six percent of the g. D. P. And were really decreasing our dependence on oil and gas and were taking that theory seriously. Absolutely and so there are real actions that will have traduced tangible results in corby or something that 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. Turkeys decision to invade Northern Syria has Foreign Policy implications far beyond the middle east. Objectives in syria the region. Final peace settlement to syrias proxy civil war and future to. The all this getting away from the wall reserve currency. Russia and china out of the dollar every last trade oil away from the dollar. To get out of the dollar so the dollar is going to lose about what everybody says the treasury secretary trying to make it look like. Or what he says the dollar is going lower for a number of years because the u. S. Dollar a currency other countries recognize as funding wars on the web. That theyre trying to scale. Back with. Finance minister of russia discuss russia west economics on russia and the World Economy thats not the way some kind of paradox is going. On one hand the west is seeking to isolate russia and shout it out from the global purses on the other hand this isolation that unless it insulates russia from granite comic novel it doesnt it in simple words if the financial catastrophe of two thousand and eight repeats itself today and the us economy starts to. Really care if you like well it. Degree of russians integrate. Into the Global Economy so high that we have no choice but to care about such developments there are many things that science 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 anything connellys and 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 but export volumes 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 all 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 they want to isolate us why cant we just turn to using a chain and stand up thats avoid the impact of the sanctions can we move money in cryptic currency is passed the existing Financial System i want to be what i look like to the day its given using crypto currency for transactions only you know just by passing the Global Financial framework the. Thing that transactions and the point at which you can allow you to skirt sanctions thanks to anonymity you know 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 prada. So the buyer should receive the payment the conventional way would be to use dollars or euros or what have you but if the companys under sanctions this is no longer possible so if a Company Bought lets say some military goods from us and wants to make the transaction roubles theres nothing stopping them to do is just to buy rubles at the exchange what about the joints sure but why would you want to do that the ruble is a much more simple its reliable its easier to use you see the problem with. This much smarter twice as much than it goes down again. Transactions are just as transparent as with any of the currency states as a really developed a way to monitor these transactions so actually if they want so they can identify and other countries are already working along similar lines in fact 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 no reason to retreat to using viewpoint especially when we can safely use our own national currency. But i can see now i can be used to the sanctions but generally i never heard you say that only professionals should attempt using records and even discuss the possibility of passing legislation that would restrict its use but isnt that of the future or its kind of the new reversible always been like that you know one day many many trains at first people fear them and one on using horses to deliver mail what about you when you have you tried using big guns yourself. Transactions no. He wanted him to. Leave the future belongs to big coins the future belongs to the Block Chain Technology is what they call distributed Ledger Technology which we are already starting to implement in our own databases like the acid register. In the country soon people will be able to store their data using block jane these kinds of applications are very promising but which are cryptocurrency is just as promising thats 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 this high its more its not hi story volatiles 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 have probably realized by now the futility of this endeavor so i wouldnt say that i mean theyre quite out of here because i millionaires are on the right it. Would like to keep something under the radar by paying in big point 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 while i see crypto currencies as simply speculative what if you want to choose what we not in your current ambassador but in some other day as an individual client i mean doesnt want to become a become a billionaire or some other cryptic are still billionaire that anyone would be quite happy to become a billionaire you know i suppose they were what about you are you ready to buy some cryptocurrency yet will i be frank if i only knew how to pay for dresses like what bitcoins i mean ive used them but i know im clueless on you but ill get to it that is for sure because i believe the crypt occurrences are the future. Well thats debatable lets see how these things stand after a while i shall now lets talk a little about what will Goldman Sachs at recently. They made a projection but others here want three. Hundred twenty chain and what i mean while russias own ministry for Economic Development expects only two percent gross if i remember right belief so why but you mean if it isnt from call the sack why do they see a more jolly picture than the russian government or maybe there are jolly fun people listening but 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 just to run a comprehensive structural reorganization that would trigger. A move that would involve reorganizing the taxation system 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 our reform plans and perhaps its made its projection based on. What we should go to get about the decisions that they are russian government makes i wanted to ask you about your growth so im sick when you are who take a minister in this country but this guy knew that youre exaggerating. The minister and ive had it with so many things from sanctions to advise and rebel hauling and i was so you holding your ground but in the hands people are always asking you for money that is a bottom line thats the only thing they want and they probably call you. They call you and im sure of it you know with the question of whether someone loves you or your million seems so relevant it probably makes you lie awake all night i mean it must be a very unrewarding a lonely kind of work about how do you. If you see that. With your sneakers well no maybe thats just what it seems like from the outside which is the sort of course Everyone Wants to get more money for their economic sector or projects overseen by this or that ministry but they all know the budget has its limits you know we cannot just take it apart piece by little piece will backfire on us are so yes i have to refuse and i have to make my case and sometimes i have to get into a lot of strong arguments that the span happens sometimes to go and sometimes people do take it personally yes. Sure im sure everyone does. You know. I guess i think we got used 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. He allocated Additional Resources to this person but not so many or hes a zone so well thats not how it works we at the ministry of finance analyze data to see where the money will have more effect on growth and 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 to education or health care or agricultural what have you perhaps they have to know 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 is a push and you cannot give money to vadra people get it and people dont let personal feelings get in the way of business of work with the reforms. Person what in your letter that you feel that person. Connection to trust maybe i can for instance take love rove and kerry i mean in terms of ideology their opponents a bit in terms of their personalities they match and when the rhetoric between our countries boiled down to who be the first to push to new claimants to achieve amazing diplomatic success with iran do they named it what do you have a person like that and someone you trust and someone who is very like you maybe i dont know christian or instance or someone else. Yet. I was there. When the other foreign minister of course but. I do know many of my counterparts especially from g twenty countries as we meet fairly often several times here like mr lavrov though i dont really have a person like that 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 or because hes 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 colleagues but since you asked about a Long Term Partnership and a longtime Partner Relationship that will be with mr shah but i guess. One of thanks for coming and i hope you have a balanced budget and everything going to as youve planned including the oil prices thank you very much and the very best thinking when talking to and also 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 cos the next. Years ago i traveled across the United States exploring americas deadly love affair with a gun if a bad guy tried to get to one of my family members he would have better a lot better and i think they are inheriting whenever my my babies since my book was published in the year two thousand more than hoffa million americans have been killed by firearms in the us how to saute me as i did this is a middle school we go through drills and we put ourselves in real scenarios it was interesting to see who actually got hit. And i just saw i did to return to the subject to track down each gun owner who id met and photographed those years youve got i dont know that but we are not. If it was. Only you know what i mean you know. Its terrible you want to know the truth i think its a disgrace a lot of people should be ashamed of themselves and much worse than that the f. B. I. And the u. S. Justice Department Security warrant to spy on Donald Trumps two thousand and sixteen Election Campaign using a highly dubious report partly paid for by the democrats a newly hired newly declassified memo claims. The World Antidoping Agency says it is seriously concerned with a disk. By sports top court to overturn lifetime olympic bans imposed on twenty eight russian athletes also. Five migrants are shot and dozens more injured in a mass brawl at a food bank in the french port city of galle number of locals we heard from tell us that they are living in fear or you could get on hold i think we need a structure put in place to protect this president to delinquency its a catastrophe for the french and especially for the people of cali the violence is really damaging. We have more on those headlines that are to dot com but stay with us and there is a new episode of the big picture coming right up next. There is still trouble in paradise. Im hala cook and youre watching the big picture on r. T. America. Hurricane maria ravaged puerto rico over three months ago killing hundreds destroying nearly one hundred billion dollars of property and plunging the entire United States territory into the dark tens of thousands still are murders and suicides are up banks are beginning to foreclose on homes across the island because these americans cannot afford to keep up with mortgage payments. The city of ponce on the south end of puerto rico is no exception to the island wide months long crisis and were now joined by the mayor of ponce Maria Melendez but jeter to her friends maria welcome to the big picture thank you for being here thank you for the british we spoke to puerto ricos nonvoting representative to congress back in october and back then she was optimistic i think congress is acting as you know congress usually is slow in doing with this issue but this is the first time you had republicans and democrats in the same side. Mayor please describe life in puerto rico today after four months that my reclaim the devastation still continue even though weve the mayors the seventys mayors are in the phase of recuperation yes right now. But there are still people. There is the people with our water and we are coming here to washington to speak loud and said many things we are american citizens even though we are a territory Jennifer Gonzalez i want to missioners she has a voice in the congress but you dont have a vote but we are american citizens and we came here you as defeat we because we are in the he was mayor Convention Second i just visit Elizabeth Warren from the democratic primary and we claim to care as an american citizen we need first of all that the Energy Problems will resolve second roads bridges should be reconstructed a third we are people without housing or so were taking care of that leaves thats my responsibility so i came near as a big boys to tell the people that well still after four months. Suffering and doing things i have to be grateful to malin i have to be grateful to kima i have to be grateful to army corp of engineers work there are discussing board it you are the superman to our area we have to consider that the way you can see the texas california and florida casilla the same thing is because of your citizens we are brothers and how did the people of puerto rico feel when the president visited and how do they feel about him now what the president is a brewery or a person who has many potential if he had me or his a important guy no doubt about that he has certain wroclaw known as a few minor restrainer he has and the people elizabeth. Elaine joke nilsson and the secretary of housing both things are going slowly use right now in the reverberant of the morning we have spain so for us the mayors are important that she should consider of us as american citizens also i was but what gives doing what i believe that our people are fighting wars our people are working here in this state more than three hundred thousand people are left the island and come to different states so the program will be having home the person who are living there or the person who are coming here we ones we are intelligent people we are barry and graphed people and we are person who study also i am a dentist for thirty four years and i the last nine years i have been a male but i am taking care of the needs of my people right now the president ial considered in the budget to three of us equally. They to read california texas and the world is in for just one year ago it was prime winter Vacation Time there in ponce. Del suhr pearl of the south you have to have some resort casino those what is their status now these two handsome resorts you know the resorts. Is is is in Good Condition they have the theme of people over there we have five zero tells of where theyre at their fridge and there are all those hotels in the in the well in the east coast that have been so over and now in august or authority are going to be open in the in the north there theyre all theres a whole tour of the are open impose it all the hotels are opening all the waters are open because the first three weeks the First Responders where the mayors right the mayors so what i did impose that i open the roads i clean the breeze so that the current nominee will move in the city so people are common during the weekends when the days are over they are imposing so we are taking care of that but there is an health issue and so it is you that were worry about and were worried about people are leaving three hundred thousand people live in the sea the island come into the state. On the other rest till the end of the year there will be more people coming up here so we once a month said we are intelligent people we are working universities are open schools are open there are places where there is no power but generators no more you know it is important rico we cannot have it there we are there we are asking come from here from mainly because there are no war materials over there really are we sources are here so we are asking for the resources we have support employment impose it through the port we receive also merchandise and many of those things while shapes cruise ships that are coming in right now already yes already because gov runs that you will sign a new law thats get the permission to open the port and use it so in part say the hotels are opening yes the ships are coming so that this tourist season has not been lost entirely no i will say no i will send several banks there have been lenient with mortgage payments when does that run out but because it was not because of money or is before that because we have a crisis economical crisis there is an Oversight Board that the Congress Said i was with my mr jaharis called mrs dorrance who is in charge of the president so there has to be a political plan that has to be presented now it has to be demand because if the amendment because. This was pin money viewing that he worked after four months for example in ponce i spent more than three point one Million Dollars and it was not in the budget so we have to make arrangements to continue we are running out of cash flow what were doing things for example importantly i am my gabby and i. Were fifty person working with me again slow and i was seventeen i get out fifty six Million Dollars in contracts there are no more contracts so we are doing things to reduce all our salaries and many of the things sure we have to take care of that well the plans are for isnt it just right now let us get the permission of the vangs to make of the loans that were going for example the Community Disaster loan were asking the mayor for that your governor has recently revised the budget estimating that puerto ricos economy will shrink by eleven percent and its population will drop by eight percent next year thousands of jobs lost in the pharmaceutical and other industries what business is there in ponce do you see getting back on track that one of the things is the truism the second one has to be that the oil industry that are there which you want to have them which will give you the only incentive they can have it the third one is that the governor has to make laws that help also all the mayors in the take in money for their Central Government in taxes many of those things and all the things that have to be counted and hes going to be