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What it means for individual businesses and confirmation there of brent crude at nearly $110 a barrel. a quick look at what happened in the us, the state of play at the close and again the nervousness about what impact sanctions could have and individual businesses, banks and financial institutions and travel firms, energy and mining also affected. that is the implication for the market. it is the invasion of ukraine by russia that is driving that market right now. the growing conflict did dominate president biden�*s first state of the union address. during the addressee told lawmakers that ...

Canceled in russia is also long as well. they're really feeling it. keir simmons, thank you so much. joining me now is senior fellow edward fischman who served as the state department's russia and europe sanctions lead during the obama administration. thanks for being here with us. when you look at the sanctions levied against russia, is there one that stands out to you? >> the sanctions issued by the united states and europe and japan and other members of the g7 against the central bank of russia i believe is the single most in history. the central bank of russia has about $630 billion wort...

President biden and president putin. but you know what, alex, i think we owe it to people to take a step back from the world leaders and the politicians continuing to talk day to day and the warning as you heard there again from secretary blinken that we are looking at a matter of days. let's just look at a graph that shows russia's foreign reserves over the past few decades. when you see that, now up at 630 billion, goes back. it was built after president putin's famous munich speech where he lays out the grievances drop in 2008 for the financial crisis. grew again and fell around the annexat...

On the slovak—ukrainian border. western sanctions have rocked the russian economy with the central bank having to double the key interest rate up to 20% and the value of the russian rouble has fallen to record low. the eu, us and uk have prevented the russian central bank making its reserve useless. let's talk about the sanctioned aspect of the story. 0ur sanctioned aspect of the story. our business correspondence is here. theo, we are really seeing those sanctions announced over the past seven days beginning to have a real impact on the ground.— seven days beginning to have a real impact ...

There is still a lot we don't know about how the sanctions will impact the central bank. it is not like venezuela, not like iran. this is a major g7 economy, right. when you take a step back and think about it, this country has $46 billion in transactions daily on the market. and most of that, 80% is usually done in u.s. dollars. they have to figure out the 620 to 630 billion dollars in reserve, how can they access, can they do it as a result of the sanctions? one of the questions we have been asking as well, i asked the former deputy chair of the russian central bank, i said how difficult wil...