Book your ticket to happiness with Sun Express Airlines. This is a

is CBS I on the world with John Bachelor. Here's John Bachelor.

Michael Bernstein, my good colleague at the Hoover Institution, my guide on sanctions against Russia

after the invasion of Ukraine, which happened twice, if you'll recall, 2014 and 2022. Three lessons, according to the Financial

Times. The first one, it is important for you to understand that states that are about

to be sanctioned or think they will start early to prepare defenses.

Russia didn't start in 2022.

Russia started in 2014 and made adjustments that were severe in order to prepare for the sanctions.

Michael, a very good evening to you, the first lesson is it

the lesson also is if you go to sanction a country be ready for the fact that they've got

defenses in place? At this point is it too late to do anything about those defenses?

Good evening to you, Michael.

Good evening to you, and it is correct that the sanctions started in 2014, 2015, after the first annexation of the Ukrainian territories

by Russia.

And what is interesting, they made a much bigger effect than, and they were very mild sanctions, then the

effects they didn't do 20-22-23.

And the Russians lost 4.7% of their gross domestic product in 2014, 2015 because of the financial

sanctions and namely what happened that at that time they had to repay a lot of external debt to European banks and their Eurobonds

and they didn't have the money so they had to defeat their foreign exchange reserves,

they reduced their money supplies, they paid the debt, they had lower credit, low investment

in the economy, altogether the money supply shrank, the production shrank, they lost part of GDP.

But because of that, they were lucky later because they

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