Ukraine war: Economic fallout

Business Daily

BBC

News, Business

4.4 • 796 Ratings

🗓️ 20 February 2023

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Nearly a year since the Russian invasion of Ukraine, Ed Butler examines the real state of the Russian economy.

Ami Daniel, chief executive of Windward, a maritime data company, tells Ed about the Russian oil tankers transferring millions of tonnes of crude oil between ships to bypass sanctions.

As the war continues, millions of euros worth of Russian assets remain frozen as a result of sanctions. Urmas Reinsalu, the Estonian foreign minister, tells us about an initiative Estonia is leading to actually seize and exploit some of Russian’s frozen billions for the benefit of Ukraine.

Presenter / producer: Ed Butler (Image: A market in Kyiv; Credit: Getty Images)

Transcript

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0:00.0	Hi, I'm Namu Lanza Kombo and I'm excited to tell you that my award-winning podcast, Dear Daughter, returns on the 27th of February for a brand new season.
0:11.0	Dear Daughter is a podcast from the BBC World Service full of personal insight and thoughtful letters of advice.
0:17.9	It's a handbook to life for daughters everywhere.
0:22.9	So, if you haven't already,
0:28.7	catch up with the first season now while you're waiting for season two. Search for Dear Daughter wherever you get your BBC podcast. Hi there. My name's Ed Butler. Welcome to Business Daily
0:36.5	here on the BBC World Service.
0:38.5	Today, as we prepare to mark one year since the Russian invasion of Ukraine, we're asking,
0:44.4	how is the economy there coping?
0:47.0	Russia held back better than many expected.
0:50.2	And the reason being is that Russian Central Bank and Russian authorities has spent a lot of time and effort to build fortress Russia
0:57.1	and disentangle from the global markets community.
1:00.8	Well, if Russia's holding up, Ukraine certainly isn't.
1:04.4	Its economy is crashing.
1:06.0	And Estonia's foreign minister says it's time to spend Russian money to rebuild it.
1:11.3	Russian Federation is committing an unprecedented atrocities in European soil,
1:19.5	and it needs to be also responded by the national community.
1:25.1	Crunching the numbers on Russia's Ukrainian war, that's Business Daily from the BBC.
1:34.1	The sound there that Ukrainians woke to 12 months ago.
1:40.5	The 24th of February last year, the day their worst nightmares proved true.
1:49.5	Russia's army had invaded. The Air Force was shelling Ukraine's capital. Western leaders in Washington,
1:58.3	London and Paris were swift to express their condemnation.
2:02.8	The Russian military has begun a brutal assault on the people of Ukraine.
	...

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