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Gold were at record levels worth over $630 billion. only about 16% of that foreign exchange is now actually held in dollars, down from 40% five years ago. they have also been other changes with russia relying less on foreign loans and investments, seeking new trade opportunities away from western markets, creating same system of international payments and cutting the size of its budget. it could be a dangerous game for moscow, sanctions on russian banks would hurt but president putin may be calculating that the us, the uk and the eu has slightly different strategic interests.- the eu has sligh...

[applause] he thought he could divide us at home in this chamber and this nation. he thought he could divide us in europe as well. but he was wrong. we are ready. we are united and that's what we did. we stayed united. putin is now isolated from the world more than he has ever been. we are cutting off russia's largest banks and international financial system preventing russia's central bank from defending -- making putin $630 billion war fund worthless. we are choking russia's access. to technology and weaken its military for years to come. >> steve: your reaction to what he's doing. >> it's b...

$630 billion of foreign reserves are no longer so impressive. they can't be used to support the ruble because no u.s., uk or european institution is allowed to trans act with it. that's why the ruble went into free fall. they lost 30% of the value today. it's worth less than a penny. that's going to lead to surging inflation in russia, a reduction in purchasing power, and a deep economic recession. it's a raw deal for the russian people. and we expect it's going to exchange the strategic calculus. >> walk us through that. because all of this is designed not only to punish or deter but to try t...

Been readying itself for today. further west measures. by drawing down its dependence on the us dollar and its economy, by upping its foreign reserves, international reserves of foreign exchange and gold. they are now at record levels of more than $630 billion which is money that can be spent on things by propping up its currency if it comes under pressure or simply by keeping the economy going. russia is also sort of changed its trade and investment model, not really looking west as much any more. much more looking east towards china and other markets in the east and it is also really shrunk ...

>> reporter: well, willie, i think diplomatically speaking, you heard matt there talk about the changes on the ground in detail, the daily changes. diplomatically speaking nothing has really changed, and that's the issue. those negotiations that president macron is trying to push, i guess they can delay things, certainly we may see a delay until secretary blinken and mr. lavrov meet later this week, if they do indeed meet. maybe there will be a delay until president putin and president biden can meet. but the reality is that fundamentally ukraine, the ukrainian government isn't going to start ...