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CNN New Day With John Berman and Brianna Keilar March 1, 2022 12:54:15
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gold were at record levels worth over $630 billion. only about 16% of that foreign exchange is now actually held in dollars, down from 40% five years ago. they have also been other changes with russia relying less on foreign loans and investments, seeking new trade opportunities away from western markets, creating same system of international payments and cutting the size of its budget. it could be a dangerous game for moscow, sanctions on russian banks would hurt but president putin may be calculating that the us, the uk and the eu has slightly different strategic interests.- the eu has slightly different strategic interests. while in the short term strategic interests. while in the short term the strategic interests. while in the short term the russian - strategic interests. while in the | short term the russian economy strategic interests. while in the - short term the russian economy might suffer, short term the russian economy might suffer, this short term the russian econ
[applause] he thought he could divide us at home in this chamber and this nation. he thought he could divide us in europe as well. but he was wrong. we are ready. we are united and that s what we did. we stayed united. putin is now isolated from the world more than he has ever been. we are cutting off russia s largest banks and international financial system preventing russia s central bank from defending making putin $630 billion war fund worthless. we are choking russia s access. to technology and weaken its military for years to come. steve: your reaction to what he s doing. it s bizarre. he talks about it like the war is over. like he is a victory lap. he has even done everything he should be doing.
$630 billion of foreign reserves are no longer so impressive. they can t be used to support the ruble because no u.s., uk or european institution is allowed to trans act with it. that s why the ruble went into free fall. they lost 30% of the value today. it s worth less than a penny. that s going to lead to surging inflation in russia, a reduction in purchasing power, and a deep economic recession. it s a raw deal for the russian people. and we expect it s going to exchange the strategic calculus. walk us through that. because all of this is designed not only to punish or deter but to try to change the bet that putin s made that he thinks this is good policy or in his interest. so what would it look like if these sanctions achieved the ultimate u.s. and allied goal? would it be be a thing where putin would say to you, to the united states privately or publicly, okay if you let up on
been readying itself for today. further west measures. by drawing down its dependence on the us dollar and its economy, by upping its foreign reserves, international reserves of foreign exchange and gold. they are now at record levels of more than $630 billion which is money that can be spent on things by propping up its currency if it comes under pressure or simply by keeping the economy going. russia is also sort of changed its trade and investment model, not really looking west as much any more. much more looking east towards china and other markets in the east and it is also really shrunk its budget over the last three years, almost preparing, if you like, a war economy. prioritising stability rather than growth in the economy, to make it, if you like, more hardened and more ready forfurther west if you like, more hardened and more ready for further west are measures which have begun today. so it could be quite difficult, i think, to make a russia change course and when you think a
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