This is CBS I on the world with John Bachelor.

Here's John Bachelor. Welcomeing my colleague Michael Bernstom, the Hoover Institution.

The Financial Times in these last hours, I highly recommend an article that has a very large important clue to understand how Russia is breaking the

sanctions regime directed at it for its invasion of Ukraine in 2022. The article is entitled Russia-built covert trade channel

with India Leeks reveal. Files outlined Moscow's plan to spend rupees from

oil sales on sensitive electronics for war effort.

Not quite the whole story, if I follow correctly.

Michael, a very good evening to you.

The FT article mentions that Russia is buying gold in India, buying gold in India.

All right. Why? Russia doesn't need gold. You tell me it has 135 billion dollars of gold in the Russian Central Bank basement.

Why would this article say it's buying gold?

Good evening to you, Michael. What do you mean to you? Why would this article say it's buying gold?

Good evening to you, Michael.

What do you mean to you?

And gold, you know, when they say talk about oil, they call it black gold.

So now gold has become around this sanctions some kind of a way to avoid

sanctions and to evade sanctions. We are several countries so what happens

between Russia and India? Before the war, which started in February 22, Russians almost didn't sell oil to India, 70,000 barrels a year, nothing.

India has become the world's largest buyer of Russian oil, 2.3 million barrels a day.

And now, suddenly it has decreased in 2024

to 2 million miles a day and now in August 24 it is 1.2 million

barre a day so India is buying less oil why because it cannot pay it based in the rupee and the rupee is the Indian currency which is not

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