way from it, with a care of warning signs, turning yellow on bill days that they've been off so long. we talked about europe looking towards africa. well, i guess it certainly turn heads and made france look when fresh troops are being drop kicks out across the mediterranean by advocate countries after christ ability emissions result in the cruise, which are kind of the opposite of stability. the head of new jazz transition government sounds like he's actually going to leave nicole a google or yelp review of the whole experience. so basically the knowing what math chrome replied to the authority of this country, new jersey does not belong to you in his chair and belongs to france. and it's not up to you to suggest any solution. if it's chrome, the equal or i must have a history kinda because he didn't know that while they were having their revolution, we had already circumnavigated the will to clearly not deterred why discrepancies between reality and fantasy macro and speech also celebrated. you're addressing the migration challenge, which the state basically paid to outsource the countries like turkey,

tanisha mauritania, and he jet, which last i checked weren't actually in europe, but they outsource everything else by this point. so why not that too? right? macklin talked about europe meeting the ecological transition as to farmers in europe, street jacketed by european climate change detached with their farm land, be spied on by european satellites to ensure compliance. how great that is, brought up europe's energy sovereignty and re industrialization. not so that's about germany. in particular, it's still busy the industrialized thing, so they're not quite on the other side of that. yeah. all the year has become more dependent on price here. american liquefied natural gas o and francis own this ellen g imports from russia are now up 75 percent in the 1st few months of this year compared to a year ago. so i guess my call figure is that people are so stupid that if he just says something enough times like in the speech, they'll just simply accept it all as objective reality a male of paris. i'm watson's and have something well,

the notable in colon that in fluids in africa is fading. and that's according to political alice, at all, the cuban hello. we recently waiting on the mazda what we seen in this a whole region, and even in west africa as a whole, is a growing, this contains a towards imperialism and colonial. most is. and so we see the us and for us being from marched out of the continent. and i would say it's very overdues because these so foothold powers have a stripped african countries of mineral resources of wealth. the extraction has been one of simons and phases, will be beneficial to sion in these african countries. so just a few weeks ago, we saw not yet, not just taking the americans to go home. and that's the military component.

because actually the military has done very little to stabilize the country and we have to operate difficult questions. why have they not done so? and is who, whose interest is the lack of stability assisting. and just um, just a few days ago we see a chat following. so we now have bettina fall, so we have cynical, we have money, not j, the very wealthy nation of not j, which america is very interested in for the, for the wealth. um and i think collectively what we seeing, which i think is very exciting, is leasing a new agent of young african leaders say enough is enough to collect your powers and these, um, so how lead is saying we have the interest for the nations has to give a to make sure that people benefit rather than the children of europe and the truth of america, it's time for the african control to drive. a lot of guess, terrorism is on the top of the agenda,

the formats. and pete is the kinds of incentives of countries around the world have gathered into the dress global security issues. we had a chance to speak with the medium boxes as a roster. he emphasized the importance of cyber security in combating terrace. in particular, in this confidence, the agent was focusing on a match as of uh, the new technology aspects and the, the, what the things of the challenges. and that's why is it what are some discussion about the site for security. but also the 2nd point of the agent that was on the complex in different parts of the world. and there was some focus on what's going on in the media least also other conflicts is like the conflict in our country,

our government, illegal government to them. and out of cooperating with the special invoice of the you in on the method of human uh for the asking positively to own it for us to actually piece uh, based on the truth. which is their last name for the last 2 years on an agreement to complete si, fi out of him. and well, that's open. i will be back at the top of the out the, the 2024 is the year of process chairmanship and brooks. some of you may have heard that besides brazil, russia, india, china, and south africa. the organization now has new members such as egypt, iran,

you opiate and be united air en route. so this isn't an easy time for growth and yet brooks seems to be steadily moving forward. today i have the privilege to speak with the senior banker at the rest of the state development corporation, b e d r f. certainly start check about bricks, sanctions, the declining role of the us dollar and what lies ahead for the economies around the globe. so again, that's what it shows up nice. some ups are done with. so again, until you each one of the most to discuss topics is the possible confiscation of rush and assets by the west. american legislators are discussing transferring these funds to ukraine by your team. that you will be in union, they're discussing transferring any profits from the frozen funds to key if these are radical, unprecedented measures. but does this mean that essentially all other sanctions have failed and how can rush or respond to see logistically, i think he's really got, well, let me start a bit from a fall off. i agree that it's likely to most discuss the topic, perhaps, except for everything related to conflicts. my suspicion is that extreme decisions

related to compass station simply cannot fail to have a negative impact on the central bank, internal policies related to placing temporarily free funds. what will be written that will outs, official restrictions be introduced, or some limits set that it's hard to say, but it's a historical fact. we have a completely new situation related to such actions and you cannot make entities particularly the back v t b. i've taken steps towards the legal aspects that are trying to protect and secure that assets. i think this is the posts we will take. we will see what has accumulated here in the russian federation, in terms of assets of developed country, economic entities, well assets of russian economic entities to being seized. so i guess we will go down this path. it's quite difficult for me to speculate on this samantha, since i'm fall from these processes. but in any case, experience will definitely be considered by many of the economies of developed countries to acts more cautiously with the western financial system. we perhaps

with moving towards creating an alternative financial system. it's not about finding the dollar or financial institutions of different countries, but having an option, having the right to choose a menu of choices. everything points to a situation way instead of one international financial system. we will have more, maybe an alternative, maybe even, and not just one, no time to save of knowing my share of view with others that globalization as a dominant phenomenon, is beginning to recede and regionalization has become the dominant trend countries within a region of folding, global markets and within these markets, they're already establishing that i'm local payment and settlement systems, enabling economic entities to trade most smoothly and flexibly with each other. i don't know like, what like, what kind of those up and exactly why different things are so many western sanctions and why have the not succeeded in crippling the russian economy despite all of those predictions by so many western officials, did they all know this would happen from the very beginning and were simply following washington's the into russian agenda or did a general, you come as

a big surprise to them, a punch in this list. and this is a while we want to mention the causal relationships that threatened us. we bit some basis, my point of view is very simple. russia has a large economy. furthermore, it's a diversified economy, no matter how much we say we depend on natural resources, primarily oil and gas, which constitute almost off of the federal budget. revenues from the sale of those results is, is now evident in the 21st century that we rely no, certainly on the oil and gas sector, but also on many of the industries that have stood on their own. 2 feet of goals, primarily agriculture, whose ex pulled performance has been mentioned as a splendid result to cheat by the government in recent years. this includes the banking services sector in terms of quality, speed of service, and the capabilities provided by the banking sector. today we seem to be far ahead of switzerland. i haven't been to europe for a long time, but they say that such financial trend spasm payments we easily make every time using smart phones, phones, or q archives,

a quite rare in europe. whereas here we have from my diversification perspective, at least 3 strong pillars within the country. and these pillars have proven that viability does not a comparison with how the banking sector operates in these conditions and how we operate it off to be 1998 crisis. when we regressed and started carrying caching out pocket, and of course the industry related to the military industrial complex to show that it can quickly restore production needing too strong demand for a variety of products driving development. essentially we largely rely on this demand, these metals, right of elements, electricity and demand for labor, which is also in short supply. i believe all this has ensured resilience to external pressure. although i also believe one should be fairly restrained in assessments as 2 years of such caution sanctions. and it's such a large economy, it's still a relatively short period of time looking at a longer term perspective, especially considering the great desire to undermine all financial system. we need to be, i would prefer i restrained evaluation of our resilience. this is what is called

resilience in english, not sustainability, but specifically resilience, resilience to external pressure. the economy and numerous enterprises have shown that we can do this. but let's continue to observe weights and prepare personnel. just like in the past, past will make all the difference at the current stage. that's my point of view. i understand it's from the lines with what the government discount is saying and dreaming of in terms of retraining. the masses. so that though as it should be waiting for the north, let's briefly discuss the dollar according to i am at the data last year. it's sheer and global currency reserves a decrease to 50.31 percent the lowest in 20 years. do you believe this trend will continue considering the sanctions policies and the growing us national debt? which this year is set to exceed spending on defense and can do you want strength. and under these conditions, again, my attitude towards the dollar is peculiar. my thing perhaps, is an exaggeration, but the dollar is like impacts. it's like a 2 person. everyone says, get rid of

a dollar, blaming the dollar for everything. but what's the fault of the acts if it's use not to chop wood, but it's set to shop heads. it all depends on who wields that. the problem is that the financial system, even systems related to transactions to a greater extent, so called financial infrastructure and it's key elements like clearing houses, central counterparts, east central deposit trees, but especially correspondence accounts. those are all controlled by authorities and authorities through the supervision mechanisms. potential oversight regulation will sippy through legal means issue relevant instructions and complaints services of pacific american banks, which process dollar payments comply with these instructions. if they don't comply, then they should be penalties gold. a legal entity, the bank itself, west of all, i'll send it affects the specific individual, like a credit or payment officer, making those decisions. the problem isn't with the dollar. it's in the financial infrastructure. more precisely in how the financial infrastructure is utilized for

political purposes. as for this, indicates a well, the share of the dollar in international reserves has decreased. yes, but that's not the most important factor regarding the dollars influence on the global developments and global financial system. i liked the category introduced into circulation by default by governor of the bank of england monk connie. i've known him for a long time. we've had many discussions sort of started using the term dominant cover and say, that's the key point dominant. it will try to coordinate something else like the prime rates, most important or something else resides currency is understandable. besides the dollar, we also have revenues in europe, chinese and japanese yen now. but in terms of quality, the main dominance of the deluxe lies in the fact. this currency is the basis for pricing, especially for commodities on exchanges. and at this stage, it's impossible to move away from this. at least we have one good example when a trend began with the use of futures on the shanghai commodity exchange denominated in the national chinese currency. this is

a significant step towards reducing the dominance of the dollar. from my perspective, this is much more important if we want to come back this dominance, then decreasing the dollar share of international reserves. if these trend accelerates, that's one scenario. but we know, for instance, the chinese authorities on pushing for the international lives, ational bend national currency. for instance, just recently in the vent representatives of india mentioned that that goal is to internationalize the indian currency as part of the state policy or agenda. while i haven't read such statements related to the people's republic, i'm try it out. moreover, in order to exert significant influence to enter this international circulation, bits of payment supplements, reserves, or any other purpose, you need to have a trade deficit over time. you'll money needs to fly out of the country, creating demand for it. similar to what happened post world war 2 with the american told that it was, she became what it is because of a precision us balance of payments deficit and the accumulation of dollars in the eurostar and accounts. i understand that the people's republic of china is not

ready for that because of questions about trade surplus and consequently a surplus with the balance of payments all the priority for people's republic of china. i see it is russia ready to move away from the dollar? how advisable in diesel is this? what would be needed for this to happen? to smother you do? what is this about the framing of the issue here? should be old nuanced, often roll russia as a silver an entity practically does not engage in cross border money transfers except when perhaps we have placed the bones boned obligations in numbers of currency. i have been forced to repay and service the participants in currency relations all across the board of financial flows, economic entities. this is the fundamental basis for understanding the situation. for many of our exposes and import is abandoning the use of the dollar does not entirely fit into that commercial strategies. to put it mildly, therefore, in the absence of pressure from below. no one will suddenly go down the path of banning the use of the dollar. if your tax paid generates value added exports and

believes that it's more important to receive compensation for his expenses in this particular currency, no one will heading to him. so how can brush of refuse? this is to abstract the reticle thoughts. i think we need to come down from this perspective. the main participants in cross board of money flows, all economic entities, not separate entities. they genuinely care about their business, their profits, and if its beneficial to them, they will never refuse. they will continue to do what they do. i want to, can you please explain in simple terms of what and you can nomic entities more to prepare to enterprises of various legal forms. it could be a corporation, a trading company, a commercial bank, or a non banking commercial organization. all those who state and that funding documents a goal of making a profit. i'll consider economic entities to me like this category. it is the most encompassing. this includes both large and small enterprises, trade, industry, transportation, and services of all kinds. these are economic entities,

even an individual entrepreneur and like a plumbing in all case, he's also, i mean that you can, we can say, well, if he pays taxes, that's good. oh, if he's getting a license, now, 1st we would have to start. so you were saying that the actions of all these legal entities depend more on them and then on the authorities. if, of course, at least the government will never allow itself to go against the interest of economic entities. bots, if the government where to take that route, then who would form the tax base? who would pay taxes? if there's no profit, what would you pay from? that's why we have a system when no presentations are in place. and in russia's central bank governor, mister w, and my, my opinion, has repeatedly stated that there are no restrictions on operations involving evers of currency nor any plant. moreover, as far as i can judge from the press, if the government supports extending the period for a mandatory sale of foreign currency earnings literally today, yesterday there was information then the central bank believes that the time has come to abolish this. no. well, everyone has to own arguments, the government has its arguments, the central bank has 8, sorry,

i want to comment on who's right or wrong here, but the period of a fairly stable rouble. it happened. we live with it forever. yeah. i believe that citizens and most of the staff inside the responsibility predictability in how the route exchange rate changes, relative to reserve currencies. just never the less that are totally operations and national currencies between wish and china, almost entirely avoiding the use of the dollar and euro in bilateral trade because something similar happened within bricks yesterday, but some of the data, if we look at the trade flyers, it presented in india, these are trade flows that rely on the dollar interest you mitigating those same economic entities. all these jurisdictions will decide today that is not interesting, not profitable, and not necessary. is it very difficult for me to, although at the event we had, it's called the breaks into bank corp mechanism partners in this club, united development banks of 5 countries would hopefully 5 more institutions joining us together. they say, let's still look at how we will stimulate settlements in national currencies,

even most, i'm not just settlements, but financing investment projects in national currency. so, but this is very logical because if you implemented project in a specific jurisdiction, it's expected that if your project is successful, the sailor products from this blog a fact rates will be a national currencies. accordingly paying off the credit. attracted for this project will be easy and the topic of course, always sounds like how to meet the demand for national currency for an economic and see from a foreign country how they have access to the national financial market. how open it is. we are advanced in this sense, but all markets when breaks a not yet deep and diversified enough for these operations to run smoothly enough. the main advantage of americans live precisely in this, a huge deep market with different participants and most importantly with different opportunities and financial aid just from in there. all kinds of them have, this is something we still have to do within the brakes union. i think a one thing is when you have come and board is have the opportunity to form joint

projects when economic entities for 2 countries participate. that's one situation. like what happened with china to joined production, export and import contracts that understandable how they implemented, how they have funded. and the other thing is trading with south africa or trading with brazil where they have completely different logistics completely different supply and demand regarding investment goods. but simply withdrawal materials and energy results is now when it comes to industry head, there are different standards, different measures related to technical compliance and so on and so forth. one of your questions was about forming a customs union. i think that in the near future, within breaks this is simply impossible. usually 1st comes the customs union, then we move on to a free trade zone, as well as the case in the razor. and you can make unions. there is a certain sequence here. can you imagine how many economic and commercial ties and needed the business pressure from below to full? so authorities to engage in this way, i can fully corresponding agreements which should be multi lateral, not biological,

but multi lateral. i would prefer it more if within the brakes or lines we managed to united lee and energetic the act within our international trade organization, which, judging by the reports coming in is currently going through challenging times. i'm talking about the world trade organization, how to modernize it, and how to manage the strong dominance of the united states, which has prevented arbitrations for being appointed. and many processes have been sold. that would probably be a more pragmatic golden thinking in terms of a free zone. and i have heard about this idea of from south africa. but it is, i brought a small economy, as they say themselves, do not view us as just an economy. as south africa, we represent the interest of being tiny african continent. well, that's that stance. so that's why you said he believed creating a single currency with embrace was a utopia for me. and i remember that statement. it also had the words at the current stage or to and the future. and no one can say in which direction. doug development book guides, county right now here, and i'll building the focus is on creating the most favorable conditions for using

natural currencies and for settlements and mutual trade in investments. this is the main task. meanwhile, in the background, there are many ideas and proposals related to incorporating digital tendencies or digital assets into this turnover. as all the central bank likes to say, i don't know, to what extent the use old baseball drink technologies and all these exhausting one . that's where the naval operations on huge done arguments. after all is trade, it's billions. it's one thing to have one. it sounds like there were billions in one, it's 2, but that's billions, not hundreds of billions. to assume that these modern technologies won't be able to replace these fit currencies that we currently rely on. the lowest of large numbers . they live that life. maybe something will happen, but certainly not non lifetime. i think in all lifetime we will continue to rely on fayette currency, transitional bridges, to special funds related to these i. t. technologies will be formed. the perspective is very strong, that a, the id companies will significantly push banks. i would say the financial markets or banks themselves will start transforming into i t corporation model. everything

is moving toward static. clearly the trend is in that direction. how fast that this will happen? well, i don't know, it's impossible to predict that for a noun, for in your question, i would still reiterate that the current stage, the priority is suffering payments in national currencies. discussions regarding a common currency in the brings unions may take place at the level of academic circles or the level of authorities, primarily money, tre. authorities, central banks, considering the session of a new group to the union. it's clear that the task is becoming even more complicated. although the task associated with expanding the practice of using national currencies can be somewhat facilitated with more participants, more practiced, a more experience. there may be more opportunities when you make money from supplying goods to one country. in simple changes, we have the option to spend the funds in another country in the same currency. so such opportunities will begin to a much more promotional bundle you mentioned to the bricks, to develop and bank competes with or be more attractive than the i. and that's why i'm kind of neat to but it's me, it's look,

there is no breaks development bank. there is a new development bank, that's the official name of the international organization that we negotiate. just having dealt with this name or was this is a new development bank. yes. it's found is all members of the bricks grouping? why is it new? how did it come about? well, it happened because they tried to find some terminology related to describing what brakes is. but the times, what somewhat awkward. so what presenting colleagues, propose a workable time. let's coordinate the new back room just so others don't do left out. yeah, that, well yes, they started watching on it. what's new about it? first of all, the group agreed that each member would have an equal amount of capital and consequently an equal number of votes. this is unprecedented. everybody else symbol you have the more about you gets and so i want to have them all. they agreed that the banks presidency would write site every 5 years in a set order. every 5 years, a representative from one of the founders would step down best innovation. now the innovation involves the rotation of vice president. the roles,

all the vice presidents are divided. someone is responsible for the credit operations, someone for a while, and others, but managing temporary surplus funds for handling treasury functions. all these roles must be rights. i did every 5 years. and perhaps the most important novelty of this institutions is that one can join the composite by invitation only. so if you want to join any of the multilateral bank, if you apply on the process begins, applications, don't what you need to be invited. would you need to be a member of brooks for this? no, no, we have bangladesh, for example. it's not the brakes man, but we've just to put an order in this sense. russian has for given debts to many countries, especially too many african partners, or is that what benefits it is moscow gain from this source? totally quits. well, it's good that you would least use this idea in the past tense. indeed, everything has been written off. well, if not everything, they're all remnants, but hey, you need to remember one thing. russia went toward cycling or writing off that's from lines provided by the soviet union. that's it. this is the key point from this

to move things to such fact as need to be understood. firstly, historically, the soviet union wasn't particularly concerned about the issue over the payment of lines. roughly speaking, they weren't especially attentive, political and strategic tell us related to presence in africa. well being addressed and accordingly, legs were grounded, but these were always cycled type loans. no actual money was given machinery equipment, food was sent. soviet enterprises would, lo did they receive money and goods was applied, that institution, external economic bank, all the soviet union, recorded the equipment value of the supplies against the dead, agreeing on a schedule for the return of these funds, these labels, well then it continued from there that's the 1st part. the 2nd important aspect to is that we spend so being roubles or rather not we, but the finance ministry, but don't is all some of the currency was set aside for the debt as an interesting exchange rate. and therefore, they began to recalculate the debt denomination in dollars denominated in roubles

in to dollars, we calculated the dollar is $67.00 carfax, and in reality, how much was it back then? when in reality, there was no market. so the debt recorded as $100000000.00 roubles, turned into $140000000000.00 a bullet. therefore, when they talk about these commercial vital, so you need to evaluate the circumstances depending on the context. if you are somewhere presenting and talking about how cool we are in terms of rights, also you can say that, but in all conversation, you see i'm saying it this way. and another fact more regarding the russian federation to normalize financial relations with many states. if you don't have regulated relations, including those related to that, you or we at a minimum cannot provide new loads. plus we made concessions because fall from old texas to the former soviet union agreed with the assumption that russia is the rightful successor to these assets. well, some neighbors were reluctant and came to capitals and argued that they to, from their factory supplied goods. and so they also have the right to make a claim. that's why it was necessary to settle the relationships. and during the

settlement, we negotiate to the exchange rate and that we apply the official exchange rates are converging. ruble obligations in dollars, name, return, of course we and to discount the received amount within the framework of i primary upfront discount. economically speaking, everything is perfectly fine. i don't see any problems. let me join the powers club of credit as we worked like everyone else within the club framework under a principle of solidarity. yes, much had to be written off spot in commercial times. this is called hopeless debt obligations. you can keep them on the books and definitely no one will work on that with the government emphasized as pragmatic approach. but yeah, i personally messed up a lot. my wife scolds me a bounce. it. lots of things that you have quite an interesting story. good. if this is a good, she said you gave 3000000000 to the ukrainians. why? that's when we bought your right bones full, 3000000000 before the payment was different, those present. so i wanted to ask you, these neighbors also forgive soviet union's better, and i see opinion,

one of us know, but we took everything for ourselves. russia assume the obligations of the former soviet union's debt. consequently, we also took on all the assets, our colleagues from the c, a u. s. in general, would not complaining a tool. everyone agreed funny because they had in this stage of national suffering states where they had no debt obligations. of course, feel free to go to the markets engaged in activities and so on and so forth. so good, good. so again, i totally understand you so much for your time and the the along the casualties as a result of israel's genocidal assault on gaza include suspension of international humanitarian law, but also free speech across the western world. perversely, being pro palestinian and pro peace is condemned,

is can i submitted the we urge the united states not to interfere in china's internal affairs and not to step on china's red lines on our sovereignty. china, as far as this is a lamp wanting to us side of the state, anthony banking, giving a meeting in beijing i worked with inside the to my debt. will file as well as being fake and video budgets proposing to show the kind of been the president pulling for an attack against china. we look into the potential dangers of optimism intelligence technologies. also we need to build a, you're capable of showing that it is never the vast of the united states of america was haws was why that.