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Transcripts for CNN Fareed Zakaria GPS 20220313 14:44:00

that doesn t produce the full range of stuff. it doesn t produce the semi-conductor high end semi-conductor chips that russia needs, it can supply the parts for western airplanes, which is mostly what russia flies, even on domestic flights. so china is much less of a useful escape valve for russia than you might imagine. is there a danger that this kind of weaponized use of the dollar, particularly when you re up against china and russia, you know, and some other countries like india that continue to buy everything from russia, that it will lead to some kind of alternative regime to the dollar, to s.w.i.f.t.? could it accelerate that transition? well, what we ve learned and this is from lots of stuff that comes from long before this crisis is that replacing the dollar as the global key currency is a lot harder than

Transcripts for CNN Fareed Zakaria GPS 20220313 14:42:00

russia can even quite get at the cash that s coming in. i mean, you have to ask how are those imports being paid for? how are people paying for russian oil? if they re putting money into a russian bank account, well, russia doesn t have access to that bank account. also i think the biggest problem for putin is really not export revenue, it s actually the ability to import, which is not at all the same thing, and it s becoming extremely hard for rufgts to access the stuff it buys, which is crucial to its economy. so that gets us to china. can china be the solution? can china buy russian oil and then give russia, you know, a series of essentially a kind of barter, a remedy that can be used to buy stuff in china and, therefore, china is a huge economy? okay. there are a couple problems with that. one is in terms of china buying russian oil, you need to think a little bit about the physical side of stuff, that s one of the things we ve learned in this

Transcripts for CNN Fareed Zakaria GPS 20220313 14:41:00

what kinds of sanctions he was going to be facing. he thought maybe it would you know, a few exports would be restricted, not that russia would be shut out completely from the world financial system, which is pretty much what s happened. and when you do that the fact that you have, you know, reserves which are mostly just deposits in banks overseas doesn t do you a bit of good, they are all frozen. the rest of the reserves is largely gold bars sitting in russia which are also actually not really useful for global commerce. i think putin just had a completely false idea of what kind of economic regime he was going to face. but what about the oil and gas revenues? those seems to continue uninterrupted and is that a big loophole in the sanctions regime? it s not clear that it matters first of all, it s not even clear exactly that

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