This is CBSI on the world. I'm John Batchel.

Michael Bernstom of the Hoover Institution joins me my guide on the sanctions regime

directed at Russia since its unprovoked attack of Ukraine in 2022.

The rubble. Michael, for more than a year, has reminded me that the rubble is important to Vladimir

Putin and the Russian people to defend the rubble from parity with the dollar or worse. Immediately

after the invasion in 2022, the rubble collapsed above 100. However, since then, whenever we did that reporting, it would touch 100 or touch 98,

and then immediately the banks would intervene.

They'd start buying, and it would go back down to 90 or 92 and float there.

However, I examined the ruble price today, and Michael tells me I'm out of date.

It was 107 and I thought, good heavens, it's collapsed.

Michael, what happened all of a sudden?

Good evening to you.

Good evening to you.

It started a few days ago on November the 21st when the Treasury, the United States Treasury, the United

States government put under sanctions, the third largest Russian bank, which is called

Gasprom Bank. Gasprom is familiar to many people because it is a national gas company,

which sold gas to Europe and ourselves to other countries. And that bank remained the one bank of Russia not under sanctions.

Why?

Because it is the energy provider to the world.

So now all import and export payments went through that bank, naturally, because all other

major banks were not good for international

trade for international transactions.

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