bombardment today probably doesn t sound like the very near future at all. another thing, another aspect to this which i like to put to you. the swift financial transaction system, while the americans have tried to cut russia off completely from that system, the eu has not cut off sperbank or gazprombank from swift transactions. now those are banks which are crucial to europe s energy transactions. that suggests again europe isn t serious here. you always start with the sanctions in a way that it hurts your adversary in the hardest spot. the russian rouble is down while stock market is not operating very well, their economy has severe consequences so sanctions are working. but isn t the point, commissioner, the sanctions sometimes going to be deeply hurtful to the people who impose them and you have to absorb that pain if you are serious about sanctions. but it looks from the european
and the real aware they will continue to go up in the months ahead, particularly because of new shocks created by this war, this russian invasion in ukraine that has disrupted oil and gas markets. i wanted to ask you about that next. what effect might what russia is doing in ukrainester on the economy globally and then here at home for people sitting at home wondering how they might be affected? well, europe is a much, is much more dependent on russian oil and international gas than is the united states. so europe will by far feel the brunt of the price increases that result from disrupted supplies, from sanctions. meaning that countries may decide they re no longer going to purchase oil and gas from russia, or they re going to make it harder for energy transactions to occur by disrupting the banking transaction essentially related to energy, et cetera. europe will feel the brunt of this, but the united states will
needs to be tomorrow. you re talking about the next seven years, which to a ukrainian who is suffering under constant bombardment today probably doesn t sound like the very near future at all. another thing, another aspect to this which i like to put to you. the swift financial transaction system, while the americans have tried to cut russia off completely from that system, the eu has not cut off sperbank or gazprombank from swift transactions. now those are banks which are crucial to europe s energy transactions. that suggests again europe isn t serious here. you always start with the sanctions in a way that it hurts your adversary in the hardest spot. the russian rouble is down while stock market is not operating very well, their economy has severe consequences so sanctions are working.
what you mean by that? , what i mean is the president has been very timid but moreover he s made it very clear is going to put multilateralism ahead of american leadership. to give you one example here, paul, he announced at the end of february were going to sanction all these russian banks. an treasury belatedly put out guidance explaining well, none of the sanctions will apply to the banks and their energy transactions until june. this was because the european allies want to continue using russian energy so we did not want to unsettle them. that s been general the biden approach. if you can t get everybody s agreement, he is not going to go more aggressively. i think it s just a mistake we need to be leaving here. yes it s better would sanctions are done multilaterally. but if you go out and leave your choir of when to follow you and get on board. paul: dan only about 40 seconds left we think the impacts going
needs to be tomorrow. you re talking about the next seven years, which to a ukrainian who is suffering under constant bombardment today probably doesn t sound like the very near future at all. another thing, another aspect to this which i like to put to you. the swift financial transaction system, while the americans have tried to cut russia off completely from that system, the eu has not cut off sperbank or gazprombank from swift transactions. now those are banks which are crucial to europe s energy transactions. that suggests again europe isn t serious here. you always start with the sanctions in a way that it hurts your adversary in the hardest spot. the russian rouble is down while stock market is not operating very well, their economy has severe consequences so sanctions are working.