its debt payments, or it will face default. if it defaults, that will cause generational harm to russia in terms of borrowing costs, the investment going into russia and its growth profile. and lastly we added to the individual sanctions including putin s daughters, lavrov s wife and a number of members of security council. right. and that s powerful. but you didn t answer may question. why weren t we already doing that? it s not as if bucha is the first bad thing that putin has done in ukraine in the last two months. i mean, why are we not giving him the maximum? a complete blitz. today s actions are done in line with the eu and the g-7. and sanctions alone are not a stand-up solution. you know what the elements are. aware doing all we can to help
20%. reporter: other prices could rise for energy as well. think about heating your home. think about keeping the lights on. things like a plane flight will get more expensive. driving to work will get more expensive. reporter: overall inflation could get worse as they offset higher energy coasts and interet rates could go up faster. when interest rates go up, your debt payments on everything from your home, to your car, to education, to any kind of debt you might have, credit card debt, that all goes up. and markets could see a sell-off or more volatility, so our 401(k)s could drop. another concern, cyberattacks. while ukraine has been hardest hit with banks going temporarily offline, the colonial pipeline hack in the u.s. last year shows hackers can easily disrupt american economy. just one attack caused a price spike and many east coast gas
if a conflict in ukraine damages oil infrastructure, if vladimir putin decides to halt exports in retaliation, gas prices in the u.s. already at an eight-year high of $3.52 per none for regular could spike. the last time we saw oil prices that high was 2014. and that translated into gas prices of about 3.70-something per gallon. sow could imagine, you will see something similar today. reporter: other prices for energy could rise as well. think about heating your home, keeping the lights on. a plane flight, driving to work will get more expensive. reporter: overall, inflation could get worse as businesses raise prices to offset higher energy costs and some goods or materials may see price volatility and interest rates could also go up faster. when interest rates go up, your debt payments on everything from your home to your car to education to really any kind of did he tell you might have,
the russian government is ratcheting up pressure with andrew adams, the top doj prosecutor hunting oligarch s money knowing he d use every tool available to track them down. adams told nbc there will not be an escape hatch around the sanctions with money laundering and opaque financial networks. this comes as russia is facing possible default with the money they used to make debt payments today frozen under sanctions. a 30-day grace period before they actually fall into default but if that payment is rejected, it will be the first sovereign default on foreign currency debt since the revolution in 1918. i m joined by former u.s. ambassador to russia michael mcfaul and editor at news week and fbi double agent and author of how to catch a russian spy. what would that mean in your view if russia defaults on debt. they are looking to sell off gold reserves. that sounds dire. what does that mean big picture
also deciding these things, could decide price caps the summer and i most certainly, you have to come back out of the normal budget cycle and do something more. as we sit on the front pages of the ft, he s got tax cuts in mind that s probably because it s a philosophy thing that s so you stimulate the economy mixer people have more money to spend and boost gross but also politics going on here as well and we know that many conservative mps in a particularly happy with this direction and there also worried about signs of this debt payments and the sign the spending which is been going on with borisjohnson after coming into office in 2019 and so by promising that income tax cut which would cut the rate from 23 to 19p in april 2024, that certainly goes down pretty well with tory mps. we have wonder, if you look at the