#Russia: The PRC banks quit banking for the Kremlin for fear of secondary sanctions. Michael Bernstam, Hoover Institution.
The John Batchelor Show
John Batchelor
4.5 • 2.8K Ratings
🗓️ 18 January 2024
⏱️ 10 minutes
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Summary
https://www.newsweek.com/china-deals-major-blow-russian-economy-1861079
1925
Transcript
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| 0:00.0 | Sometimes running a business can feel like cycling uphill with square wheels. |
| 0:07.0 | But zero online accounting software can help predict the future cash flow of your business. |
| 0:15.0 | So you can stay one step ahead. |
| 0:18.0 | Soon it'll feel more like free-wheeling downhill. |
| 0:20.0 | Woo-hoo! |
| 0:21.0 | On a tandem! |
| 0:22.0 | All right right mate. |
| 0:23.0 | With a mass sir on the back. |
| 0:25.0 | Oh that's nice. |
| 0:26.0 | Search Zero with an ex, |
| 0:28.0 | because healthy business is beautiful business. This is a CBSI and the world. I'm John Batzler. Russia, Russia in wartime, |
| 0:40.2 | the severe sanctions directed against Russia because of its invasion of Ukraine. |
| 0:45.4 | The war continues. |
| 0:46.4 | I welcome Michael Bernstom of the Hoover Institution, my guide on the Russian economy |
| 0:51.8 | under sanctions and it's trading with its colleagues in Eurasia |
| 0:56.4 | that would be India and China and its many ways of working around the sanctions except it seems to have hit a wall. |
| 1:05.0 | I read from Newsweek, China's state-owned banks are tightening curbs on funding to Russian clients |
| 1:11.4 | as they fear being subjected to secondary sanctions from the US |
| 1:15.9 | according to a report by Bloomberg. Michael a very good evening to you what are |
| 1:20.8 | secondary sanctions and why do they make a giant like the Chinese banks quiver? |
| 1:27.0 | Good evening to you. |
| 1:28.0 | Good evening to you. |
... |
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