Money Talks: Is the West losing its sanctions war?
Money Talks from The Economist
The Economist
4.4 • 1.2K Ratings
🗓️ 29 February 2024
⏱️ 45 minutes
🔗️ Recording | iTunes | RSS
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Summary
It's been two years since Russia brought war to Ukraine. America, Britain and the European Union may not have intervened by putting boots on the ground—but they have launched a massive financial counteroffensive. Vladimir Putin’s government, his cronies and the businesses profiting from the war are all subject to sanctions, yet the Russian economy has proved remarkably resilient. So, does financial warfare work?
Hosts: Mike Bird, Alice Fulwood and Tom Lee-Devlin. Guests: The Economist’s Cerian Richmond Jones; Juan Zarate, the architect of America’s sanctions after the September 11th attacks; and Nicholas Mulder, author of “The Economic Weapon”, which examines the rise of sanctions as a tool of war.
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Transcript
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| 0:00.0 | Hello, this episode of Money Talks is available to listen to for free. |
| 0:05.0 | But if you want to listen every week, you'll need to be an economist subscriber. |
| 0:10.0 | For full details, search online for Economist Podcasts Plus. |
| 0:18.8 | Funding from Horizon Europe's 80 billion pound fund |
| 0:22.0 | is now available to UK innovators and businesses |
| 0:24.5 | including SMEs from engineering to the creative industries. So if you have an idea |
| 0:29.7 | that you want to make reality, search Horizon Europe Innovate UK and apply for the funding you need for |
| 0:36.2 | your R&D project. For terms and conditions and to see how you or your business can qualify, |
| 0:41.7 | visit Iukk.K.K.org. The Economist. |
| 0:58.0 | Russia's war against Ukraine sparked a counter-offensive, |
| 1:02.0 | not just by Ukrainian forces defending their homeland. |
| 1:04.8 | Together along with our allies we are right now enforcing powerful economic sanctions. |
| 1:10.4 | We're cutting off us as largest banks in the international financial system, making |
| 1:15.2 | Putin's $630 billion war fund worthless. |
| 1:20.0 | The U.S. and its Western allies came at Russia with weapons from their economic arsenal. |
| 1:25.0 | They imposed sanctions targeting Vladimir Putin's government and the oligarchs and businesses profiting from Russia's invasion of Ukraine. |
| 1:33.5 | In the two years since, the US, UK and EU have imposed thousands of individual sanctions |
| 1:39.6 | meant to hurt Russia's ability to wage war. |
| 1:42.9 | Imports of Russian goods from diamonds to coal were banned. |
| 1:47.1 | Some $300 billion in assets that the Russian Central Bank held overseas were frozen. and wealthy oligarchs have had their |
| 1:54.7 | private jets and yachts seized. Tonight the UK seizing a nearly 50 million |
| 1:59.3 | dollar super yacht owned by a Russian businessman tied to Putin. |
... |
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