#Russia: G7 studying confiscation of overseas Russian assets. Michael Bernstam, @HooverInst
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 5 January 2024
⏱️ 11 minutes
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Summary
#Russia: G7 studying confiscation of overseas Russian assets. Michael Bernstam, @HooverInst
https://www.reuters.com/world/europe/what-where-are-russias-300-billion-reserves-frozen-west-2023-12-28/
1901 St. Petersburg
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| 0:00.0 | It started with a rusty bike. |
| 0:03.0 | I was clearing out the garage and I found my old one that I hadn't ridden for years. |
| 0:07.0 | So I searched how to fix up a bike on Tik-Tock. |
| 0:10.0 | I found loads of videos on there, like how to fix a chain, change the brakes and mend a puncture. |
| 0:15.6 | That led me to a video about local bike routes around Manchester. |
| 0:20.1 | Turns out there's a nice one that goes past work, so I started cycling in. |
| 0:24.0 | Now it's only me that's a bit rusty. |
| 0:27.0 | It starts on Tik-Tock. This is a CBSI on the world. I'm John Bachelor. The Russian economy in wartime |
| 0:39.8 | sanctioned severely by the United States and other allied nations. |
| 0:45.0 | However, I welcome Michael Bernstam of the Hoover Institution, my guide on the Russian |
| 0:49.9 | economy under severe sanctions, and we turn now to a story that was in the beginning |
| 0:54.6 | mentioned very early in the war in the winter of 22 and then understood is not |
| 1:00.8 | feasible but now the United States has proposed that working groups, |
| 1:06.4 | this is Reuters reporting, from the group of seven major industrialized nations, |
| 1:11.0 | explore ways to seize the money that is kept in Western banks. |
| 1:18.3 | This is estimated by Reuters to be around $300 dollars of sovereign Russian assets. |
| 1:25.0 | Michael, a very good evening to you. |
| 1:26.3 | This is an old idea, that's new idea again. |
| 1:29.0 | My memory is that it was rejected early in the war |
| 1:32.3 | because it would establish a precedent where nations could start seizing funds from other nations under pretenses. |
| 1:40.4 | Why is it back and is it more practical now than in the beginning of the war? |
| 1:44.3 | Good evening to you. |
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