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Shoring up the foreign currency reserves. 630 billion dollars of reserves that they can deploy as the ruble has collapsed. as he was expecting sanctions, some of the swift sanctions. so the ruble collapses but he won't be able to deploy that money. the hundreds of billions of dollars because the central bank has been cut off from the rest of the world essentially. it's been paralyzed. and what you are seeing is the ruble collapses, the central bank in russia raised interest rates to 20% trying to attract money into the banking system. so what the united states and europe, u.k. and even japan a...

Eugene robinson is back with us. and tim, we have the beginnings today of sanctions by the biden administration, based, first, on vladimir putin simply recognizing, as independent, the rebel controlled areas of ukraine. there are more sanctions to come. what can we expect to see in future sanctions? >> i think one thing the russians learned, lawrence, from the sanctions that were imposed after putin invaded and annexed crimea in 2014, was that they had to insulate themselves. russia now has massive currency reserves on order of 630 billion dollars, very little is dollar denominated, it's gold....

At the height of the cold war. but the question is, you know, what is the strategy here? what is the endgame? and i wonder if putin actually understands that or knows that. we can't know that, but we know putin has shown scant regard for human lives and international rules, and we know he has the weapons. let's turn now to the impact of unprecedented western sanctions against russia. the us treasury has blocked americans from engaging in any transactions involving russia's central bank, national wealth fund and finance ministry. the eu and the uk have also cut off all russia's banks from finan...

Scored a way like $630 billion he is survived the sanctions since 2014 from crimea as a historical figure trying to reestablish the soviet unit by grabbing ukraine and being off to other nations. >> yes we have talked about this before. i want some examples were determined great powers have stopped their behavior because of the threat of sanctions. that is why ukrainian officials are going to use a punishing sanctions do them now. even if we do them now they bring up a really good point, eric. it is so critical for the united states to be credible when russia has the kind of putin ambitions of...

Biden administration is taking more severe actions against vladimir putin. the u.s. now cutting off russia's central bank from u.s. dollar transactions to move design to ensure russia can't invade and get around sanctions already in place. jeremy diamond live at the white house. joining us now. how significant is this move now? >> reporter: this is a hugely significant step being taken by the u.s., kate, essentially going at russia's most powerful he means to try to mitigate the effect of the european union and other western allies. this will essentially stop the russian central bank from tran...