This is CBS. I on the world. I'm John Batchel, welcoming my colleague and mentor. Michael Bernstein,

the Hoover Institution, who's followed the story of the sanctions regime on Russia since before

the beginning of the war in 22. Now, however, we go to an extremely romantic place in Inner Mongolia.

This is wonderful because it's built to be, I guess you'd say,

Disney World in the middle of the North Asian plain.

The number of buildings here that are copied from somewhere else in the world

are too many to describe. However, the point here of this city going there is that this town

for hundreds of years since the 19th century, perhaps the 18th century, has been a border town where traders don't ask hard questions about their business.

They just get it done.

And the New York Times identifies this place, Manjo,

as the reason Russia has been able to survive and even prosper.

Michael, a very good evening to you. You tell me that this has been going on survive and even prosper. Michael, a very good evening to you.

You tell me that this has been going on for hundreds of years, and it works whether you're

under sanctions regime or not.

Is that correct?

It is correct.

Traditionally, traditionally, anywhere in the world, there used to be, before the modern

era, these towns or cities were trade outposts.

That's what they did.

That's how the West Coast started in the United States.

So now under the sanctions regime, when the Biden administration, in the last month of the Biden administration, imposed sanctions

on some Chinese banks which were trading with Russia and threatened sanctions to the entire

...