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The scale that they've been in post. i mean, central bank sanctions, cutting off the financial system through swift. we did that to iran and so we have a sense of the scale. the currency reserves of the russian central bank are 620 billion dollars, that's larger than the entire iranian economy when we impose the sanctions. it's not a direct military conflict between russia and nato at this point. and look, i think we do need to step back and there is risk of escalation. i agree that one of the hoax here in the unfolding circumstances of people around middle putin and the military. we'll see th...

Deterrent. or serve as a deterrent. so how is the kremlin responding tonight? >> you know, i think publicly they're -- in fact, it was interesting when president biden spoke, the kremlin said they didn't have time to watch his speech because president putin was -- had another meeting that he had to attend. so they're kind of brushing it off. sanctions over the years have hurt russia. the problem is putin new as you said, that sanctions were coming. so he has prepared his country. and by saving up a lot of money, $620 billion, but also what he does with sanctions is they have had countersanctio...

$620 billion of reserves. the debt levels are down. presumably, china can only step insofar, even if it is minded to, to step in to stop the gap. well, it an interesting example what _ well, it an interesting example what happened back in 2010 when europe _ what happened back in 2010 when europe imposed the first round of sanctions following crimea. 0ne of sanctions following crimea. one of— of sanctions following crimea. one of the retaliation measures which _ one of the retaliation measures which brush undertook back then was biden... the import of certain_ was biden... the import of certa...

Warning, not the kind of warning that biden gave putin in geneva or phone calls that putin obviously ignored, but a real warning. i'm not sure they would be willing to die because they know that nato has enough firepower to polarize russian troops in the ground probably within 48 hours. >> ben, would you agree with that? where do we go from here? his conflicts unavoidable? >> well we are in a state of conflict and in the sense that the united states is using economic warfare. i mean, stephanie, you understand we've never imposed sanctions like the ones that have been imposed on russia at the s...

Crosstalk. do come back to that. i want to, as you are the bbc�*s environment correspondent, justin. don't you mean bbc's climate editor! - climate editor! forgive me. just in terms of that, in practical terms, pavel, what about the impact on the russian economy here? because the point is of — we are told — is that russia has built up these enormous reserves — what?, $620 billion worth of reserves. its debt level�*s down. but a quarter of its exports are bought by europeans. i mean, china presumably can only step in so far, even if it is minded to, to help fill some of that gap. oh, ...