ruble, which lost about a quarter of its value against the u.s. dollar on monday alone. there have been long lines at atms across the country, many scrambling to exchange rubles for euros and dollars but foreign currency has been difficult to find. after heavy losses last week, the moscow stock exchange will remain closed for a second day on tuesday. still, the kremlin insists preparations have been made to compensate for western sanctions. we re joined by ryan patel from the drucker school of management. ryan, thanks for being with us. my pleasure, john. part of putin s preparation was a nest egg, a foreign currency reserve of about $640 billion. about half of that, if not more, is now out of putin s reach because of sanctions and other measures by the u.s. and europe. it seems odd firstly that putin did not predict that. but more importantly, how does this now impact russia s economy, and how will it impact it over time? well, obviously impacting the war chest they ve built and
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lot of countries that have imposed bands on exports to russia and so the impact this can be. but it seems russia won t actually default today, thanks to a 30 day grace period. here s the bbc s economics correspondent andy verity to make sense of it all: the money has gone and according to the russian finance ministry to a bank account with c groups but we haven t gotten any further word is whether or not that money has been cleared, but you can see with a fair degree of certainty is if russia is at risk of default, it s not because they don t have the money, for about $640 billion of foreign currency reserves in gold. and that money if accumulated over lucrative exports of oil and gas, what is happening here is the west wants to make it harder for russia to defend itself economically and what are the things they ve done is make it harderfor them to sell their foreign currency
covered up, the a1 north of berwick into scotland, and blocking those coagulated roundabouts, putting on 4000 more clean green buses made in this country, some of them running on hydrogen. and as we come out of covid, our towns and cities will be buzzing with life because we know that a productive workforce needs to spur that only comes with face to face meetings and water cooler gossip. if young people are to learn on the job cooler gossip. if young people are to learn on thejob in cooler gossip. if young people are to learn on the job in the way that they always have and must, we will and must see people back in the office. and that is why we are building back better with a once in essentially £640 billion programme of investment. once in a century. admitting neighbourhoods safer by
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