Fortress Russia: Has Putin built a sanctions-proof economy? • FRANCE 24 English
Russia is facing a raft of financial sanctions after it invaded Ukraine. But it's spent years building up its economy to protect against such measures. We take a closer look at Vladimir Putin's fortress economy with Alistair Milne, Professor of Financial Economics at Loughborough University.
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Пікірлер: 453
This just made China and Russia stronger together
“Our politicians, bless them, are very week.” 😂 brilliant
@ConstructiveMinds100
2 жыл бұрын
Weak
@adamt7531
2 жыл бұрын
@@ConstructiveMinds100 well, please do excuse me sir
@XerxesGammon200
2 жыл бұрын
When I see cookies, I get very week too.
@mid-nightjourney8720
2 жыл бұрын
When a politician becomes too powerful u get dictator !
@mask_vids9834
2 жыл бұрын
@@mid-nightjourney8720 I don’t think they meant literally weak more like mentally.
Great point on the difference between politicians and parliament, but sometimes it's hard to tell the difference.
@nswanberg
2 жыл бұрын
@@mandosamurai4169 "Unitary executive."
This is the different between listening to politicians and a real, honest academic mind.
As a russian I was wondering why food (grain especially) is cheaper now even though ruble is suffering. Thank you for explanation.
@eyeofthetiger6002
2 жыл бұрын
Enjoy it while you can because the mother of all recession is heading your way!
@Maria_Nizhny_Novgorod
2 жыл бұрын
@@eyeofthetiger6002 Mother of all recessions was after the fall of USSR and I lived through it.
@stardust0075
2 жыл бұрын
@@eyeofthetiger6002 lol
@stardust0075
2 жыл бұрын
@@Maria_Nizhny_Novgorod I support Russians and hope nothing bad happens to your countries economy. From India
@sollte1239
2 жыл бұрын
I think it is because you have your own farmers
Very honest man, straight to the point, unlike fake news that other channels are spreading
20 years sound good
North Korea is "sanction proof" too! 😆😆😆 "New North Korea-en-Volga"!
@j.k.1239
3 ай бұрын
North Korea doesn't have trillion worth of natural resources.
This guy is spot on with his comments well done!
In this era of globalization, it is unbelievable that a country can be self sufficient on foods supply, no need foreign investment, no need foreign reserve and no need foreign trade.
@firstlast8190
2 жыл бұрын
It's believable, but its simply far less efficient than globalization
@cyprianusl.krismantoro4069
2 жыл бұрын
Well of your country is the largest in size and full of natural and technological resource it is possible.
@stevenfetzer4911
2 жыл бұрын
All people truly need is food,water and medicine. The rest is a distraction.
@TheShadowOfZama
2 жыл бұрын
@@stevenfetzer4911 And sufficiently advanced weaponry to defend said resources.
@stevenfetzer4911
2 жыл бұрын
@@TheShadowOfZama so the only threat to people is other nations government? Government is a plague on Humanity.
Sanctions work, but not the perfect way they are supposed to. Sanctions often force countries to become more independent and stronger over time.
@mariahsmom9457
2 жыл бұрын
Exactly. Thats what we are seeing. Bad plan.
@gamesong6600
2 жыл бұрын
Independent yes, stronger not really, they get left behind in information and technological race
@celluskh6009
2 жыл бұрын
What are these independent and strong countries?
@graykennedycapital789
2 жыл бұрын
@@gamesong6600 black market will take care of that…
@graykennedycapital789
2 жыл бұрын
@@CosaNostra12342 Everyone? The west isn’t everyone…
It is so strange to see a country which have killed millions of civilians can take moral high ground
Ok so swift wont even worry them that much but we arr made to believe it will cease their operations... how do you sanction a country that gives u gas... unless europe has alternatives
@jaydelay4082
2 жыл бұрын
We have the natural resources here in north America to produce enough oil to supply ourselves and alot of Europe but Biden shut down our pipelines because of global warming
@ronaldwiafe4707
2 жыл бұрын
@@jaydelay4082 too unfortunate then Mr President will need to reconsider reopening the pipelines
China will make sure that the Russian economy remains viable so as to keep Russia as a key strategic ally. India will also continue to import Russian military tech.
@zorgonfire
2 жыл бұрын
Yep. The only one who will suffer is us.
@bluesky4845
2 жыл бұрын
141 countries should Sanction China and India!
@metalhamster14
2 жыл бұрын
@@vivekp4854 Good to know.
@ebaypolice8761
2 жыл бұрын
@UCe8HDmIufO6tR_Yn4UTcNjA US will consider India as next target...
@anabona4764
2 жыл бұрын
@@zorgonfire Europe definitely will suffer more.
This is the most honest interview ......
@sethamaning3267
2 жыл бұрын
I’m amazed by the level of honesty here
@grizzybear9111
2 жыл бұрын
Honest? huh you mean you just agree with this guys opinions.. its all opinions
@j.k.1239
3 ай бұрын
We rarely see honest analysts like him on MSM.
I don't usually comment on any youtube video, but what a great interview and what a great academic perspective
If Ukrainians and Russians are one people it is time for Russians to depose their dictator and regain their freedom, too. Ukrainians will be happy to help
@ngakadaakhlak8314
2 жыл бұрын
that won't happen, American dolls will feel the impact of the gas increase which is 2 times the normal price
@nacccnelson
2 жыл бұрын
Another naive Ukrainian... Open your eyes and realise how the west is using you. They fear Russia and you are being propped up to stand up to them. Neutralise Ukraine and be free.
@reallifehack4790
2 жыл бұрын
@@ngakadaakhlak8314 wait for Russia's economy to sink hard... Russia's has a nominal gdp less than California 🤣🤣🤣.....the ruble is already collapsing
@swagedelic
2 жыл бұрын
@@ngakadaakhlak8314 Americans will release their oil reserves and Americans will accpet the price increase.
@lifeisneverthesame910
2 жыл бұрын
@@ngakadaakhlak8314 bahasa inggris belepotan sok ikut komentar.. goblok malu-maluin aja.
Comment l'avoir en français svp ? Les sous titre ne sont même pas disponible
Well, sad. We should all set a concrete time line for the sanctions, and force Putin to sit down for displomacy. At the moment, he is still hoping for a quick victory and then wait for us to forget what happened.
@graykennedycapital789
2 жыл бұрын
I don’t think he is hoping for a quick victory. He will be there for a while, maybe forever.
@Crashed131963
2 жыл бұрын
The Occupation is the expensive long part. The US found that out in IRAQ.
Notice that Milne isn't at Oxford or Cambridge, but at an obscure University. That says a lot.
What he says is exactly the right way to go.
again, excellent interview, thanks for the fine reporting
If you legislate fixed sanctions for 20 years as this expert suggests, then you give Russia no reason to stop hostilities and negotiate, it makes little sense to me.
@jakelexington7610
2 жыл бұрын
Yep they will make them the villains no matter what they do
@MoraqVos
2 жыл бұрын
@@jakelexington7610 They ARE the villains, let's be clear about that.
@RequiescatInPace
2 жыл бұрын
@@MoraqVos I don't think so.
Not addressed is the possibility that Russia could build a rival "alternate world economy" with its friends China and India, among others.
@ivanramos1809
2 жыл бұрын
That's impossible tho. Even tho they have economic agreements India is not a friend of either.
@MrJonezy541
2 жыл бұрын
Lol imagine india joining forces with China, won't happen.
@psn3694
2 жыл бұрын
@@MrJonezy541 but china and india still doing business right
@RajaRam-xx1kp
2 жыл бұрын
@@psn3694 China US also do loads of business
I am suprised to see somebody saying the truth on mainstream media
Than you lady for interviewing that gentleman ,he just nailed it
Any Idea why Bitcoin pumping after the sanction was announced?
As this guy has rightly identified, there are inherent flaws with democracies: 1. Short term political agendas, 2. Policies orientated towards electability, 3. Politicians capable of being bought and corruption given that they have a short window to leave their mark and make gains... And all of this is being exploited perfectly by Russia and China by making the West economically dependent, flooding western economies with their money (purchasing properties, housing oligarchs etc.). Sometimes its hard to see if that could ever rival the long termism of autocracies. In spite of this, autocracies equally have their inherent flaws: 1. Finite lives of dictators (hence foreign policies should base themselves around this- i.e. the potential political turmoil when Putin becomes senile in 10yrs or so), 2. Tensions between the political and business classes (the latter who value free enterprise and innovation and hence free thinking) 3. The value and use of western education systems, 4. The corruption and indolence that will ensue when the children of ruling class feel entitled and/or get into power
Really good point and maybe We'll eventually get there as sanctions get tougher and tougher. Here's hoping
@AlexTorres-qv3hv
2 жыл бұрын
Tougher?...how?.. the west has already used almost all its ammo...tell whats left
Another way to pursue finance and exports from Russia is that Putin has established a debt. He owes us things like oil, wheat and palladium as compensation.
@FunkcijaDijagonale
2 жыл бұрын
ye i dont see that happening 😂sadly
He makes it sound like Russia is slowly turning into a huge, slow motion North Korea.
... and in 20 years, when we're finally ready for a re-open, well be shocked to see young Russians speaking fluent Chinese
The tanking of the rouble appears to answer that question
We took Putin’s money.!!😂😂 I find that funny..😂😂
From the way the Russian economy is tanking I'd say the answer to this question is No.
Very accurate stuff well done
The swift ban is not in effect yet. It will be the 12th. There might be ways to get around it but it’s really not easy for normal business to do so and trading with other countries becomes really tedious. Try to do business with an Iranian company or even hire an Iranian freelancer and you will realize that sanctions on banks are extremely efficient. It makes exports harder and thus harder to get foreign capital into the country and protect the Rubble from keep crashing.
Alistair Milne is exactly right.
We rarely see honest analysts like him on MSM.
It is not the politicians that are weak. It is the voters that are weak. That is true.
Chris Beauchamp forgot to mentioned how North American farmers will profit greatly by grain exports (though their domestic consumers certainly well not(.
Yes
Strong leader means strong nation.
who builds Putins table ive never seen one 50 ft. long
Is this man really a professor? He first said 'kurdistan' (a non-existing country) communicates with Russian banks and secondly he claims that kicking a country out of SWIFT doesn't matter a lot. Well, Iran was kicked out of SWIFT in 2012. Look what it did to the economy of that country. On the other hand, I totally agree with his idea of parliamentary sanction of all economic transactions with Russia.
Only at the cost to the individual Russian that Putin cares nothing about. Russian military prep was awful and most likely their financial prep will be the same.
@godwinonah8628
2 жыл бұрын
That's what they want you to believe
@jefferyhellerjh
2 жыл бұрын
Wait, nobody has told you?
@stardust0075
2 жыл бұрын
Someone please tell him everything.
I look forward to your story on Is the moon made of brie? This report is as king a question answered 8 days ago.
Remember the strong man of Russia has sold bonds a few years ago. So, cash is inside in it.
short answer yes.
No, it´s just they don´t have an economy.
They are counting on Mozambican LNG
3:59 Did he just say Kurdistan is a country?
@Contractor48
2 жыл бұрын
Turkey..are you hearing this!?
@GlobalSouthObserver
2 жыл бұрын
Kyrgyzstan
Well said by analyst
Every country should refer to Mr Alistair on how to make Russia pay economically.
@pikapikapikachu6679
2 жыл бұрын
@Goseth Jones Then grow their own wheat.
Its ok having a lot of money. but when its worth nothing in the world no good having heaps of paper that is only good for burning and keeping warm.
That Professor is brilliant
Is Alistair related to A. A.?
Of course I did
Stop buying oil off russia
@lonelywolf6056
2 жыл бұрын
and buy it from america because america have plenty oil Stolen from middle east during their invention over there
@useall7665
2 жыл бұрын
@@lonelywolf6056 america is bad but ther not gona drop bombs on europe like putin
@gouthamchelluboyina2113
2 жыл бұрын
@@useall7665 but us drops bombs on middle east
@mrroazam3977
2 жыл бұрын
@@useall7665 Nope. US did to Japan.
@anneslot7013
2 жыл бұрын
@@mrroazam3977 no to Yugoslavia
Bless that INTP
It is rather difficult to see balances point of view (pov) on this war. Majority of news come from US News Outlets. This is one that exhibit a rather balanced and fair pov.
Possibly
Keep the sanctions on… keep the pressure on…
It’s a big World. We don’t need to trade with Russia. Let’s develop other countries and make better more secure trading partners.
@Rudyjosephjr
2 жыл бұрын
You do know Eu and US do not have incentives to do so right? The only way they have been keeping the hegemony is to keep majority nations in chaos and improverished. Any nation that is projected to surpass america will be castrated just like Japan in the 80s or middle east being bombed to oblivion.
U.S. farmers won't be paid not to grow crops, anymore, at least not for years.
Short answer.. No
European countries that use gas for heating should make geothermal heat pumps much cheaper. Subsidies, use them in all government buildings, etc.
He still trades with india and china, thats more than enough to keep the economy going.
Gold reserves? Oil reserves? Wheat reserves? Along with a people that r used 2 not needing a new iPhone every month they will prob be ok. Buuut the oligarchs, thats another story, they might get pissed off
I love Prof. Alistair Milne's interview! Been telling my peers the technicalities behind the SWIFT block, but they all bought the hype...
Can you tell us then what's the thing to do to really tie them up the hands and stop war?
@stardust0075
2 жыл бұрын
Wars cannot be stopped.
@gouthamchelluboyina2113
2 жыл бұрын
answer:nothing
That's a great idea Prof. Milne. I also think we should tell Putin's siloviki that whoever makes Putin retire to obscurity in his dacha gets all his overseas riches.
@1Know1tHurts
2 жыл бұрын
Google translate detected, "John".
Explain the long lines at the ATM Machines, and de delay in taking the entire Ukrainian
Total war, mate, means nuclear war, and the end of humanity.
You cannot trade in £ $.
I love this guy
I agree with what this guy is saying . Sanction put in place will also affect the west and Europe as much as it affects Russia. So they will eventually remove them.
What could France do when US besieged Alstom?????
Takes a brave Russian to want to world travel right now.
Its not enough. Russia needs to be isolated in every little possible way by now.
@wolfthequarrelsome504
2 жыл бұрын
It's too big.
@user-FUCKYOU18
2 жыл бұрын
you dreaming
@eldios831
2 жыл бұрын
not happening world needs to be multipolar....1st step ditching the petrodollar....let's see how long you can print money
@tp1558
2 жыл бұрын
That'll risk them spiralling into a second DPRK.
@AbhishekRaj-ph2tb
2 жыл бұрын
Let’s do that with US
Saying it won't affect it is naive thinking.
I can see protests soon coming in Europe.
For their friends and him but not for the real Russian.
Curious, why would this not effect their war chest?
Stopping buying their oil
I'm starting to,, think, NATO, should impinge, as well.
I don't know if this economist knows this but definitely the TV presenter should know this, one of three farmers every year in the United States is paid not to grow food. So worries about shortages of wheat corn and just about any Bean is unfounded
About time an honest interview not a bunch of BS
Of course he has?
Smart guest. Much appreciated.
@stardust0075
2 жыл бұрын
Thank you
i think the info they are giving us is missleading,others say that China and Russia got a similar thing to Swift but it doesn't work as well as Swift and they still have to go through Swift even if they are using their own and they said 1 $ in Russia is 0,2 of their currency that they have to use
@UmbraWeiss
2 жыл бұрын
This guy have no idea how those system works :))
Only for a certain amount of time.
The guy had trouble remembering Eurasian countries :D
Atleast this is the truth
No.
No
We have do something that shows we are strong when we are not says this knowledgeable man. If we pass laws of 20 years sanctions it wouldnt work because we need their minerals and gas and oil.
@graciamokemba3821
2 жыл бұрын
And also i think I am not sure maybe our politicians do not want the situation to escalate
A. No.
Putin and Russia mightn't care about sanctions but the Russian people will as their savings and wealth are destroyed. Just in terms of the average wage in Russia it is already a very poor country and Putin has done nothing to preserve what little they have. I think Putin's biggest battle and threat is from his own people. If Putin ever opens his stock exchange again it will be a blood bath only compounding hid problems. What would be the effect of western interest rates rocketing to 20% while having our currency devalued 35% in 5 days and our companies decimated on the stock exchange?
@user-FUCKYOU18
2 жыл бұрын
You are dreaming
@brianfox771
2 жыл бұрын
As the professor said though, their economy really isn't hinged as much on that stuff you mention as deeply capitalist western countries are.
Definitely ,the guy wouldn’t have taken this action without having secured the needs of his country !