business with moscow. so is there a financial consequence to not taking a side? i m going to be discussing all of that with these two. there they are. a former uk diplomat and adviser to the prime minister and a renowned indian economist with the ear of the modi government. also on the show, global interest rates, they are on the rise in response to rampant inflation. but is it all too little, too late in the face of soaring prices? i m going to be speaking to a former chief economist at the us treasury to find out. wherever you arejoining me from around the world, once again, a big hello, and a warm welcome to the show. you know, since russia invaded ukraine, the western world, led by the us, has responded with a raft of sanctions looking to halt the kremlin war machine and stop the conflict. the war and the sanctions have had a huge impact on the global economy, with widespread inflation driven by soaring energy and food costs leading to warnings millions are at risk of hun
here in london, finishing at around six o clock this evening, the parade, and partying well into the night. now it s time for a look at the weather. hello. today is bringing some sunny spells, yes. but also some big shower clouds bubbling up in the sky. some of those showers will continue to be heavy and thundery. more generally cloudy and rather wet weather in the northern half of scotland and this little band of rain approaching the south east corner, although it won t arrive across parts of kent until we get into the evening. temperatures 16 21 degrees, but we will see some showery rain into the far south east later on. then, overnight, most places will be dry, but we will see some more showers feeding back into northern and western scotland and northern ireland on a strengthening breeze. that breeze will be a feature of the weather across the northern half of the uk during tomorrow. there will be showers around again but probably not as many as we have today. still potent
ukraine, the western world, led by the us, has responded with a raft of sanctions looking to halt the kremlin war machine and stop the conflict. the war and the sanctions have had a huge impact on the global economy, with widespread inflation driven by soaring energy and food costs leading to warnings millions are at risk of hunger and unrest. the sanctions have sought to target russia s war chest, blocking access to financial markets and targeting those close to president putin, and restricting access to international markets for goods and services. and when it comes to russia, the most important set of goods for them are from the energy sector. gas and oil. with fossil fuel money making up nearly half of moscow s federal budget last year. but the west and particularly europe s dependence on russian gas has made weaning themselves off these fossil fuels particularly difficult. to cut russian gas supplies, it is simply not possible for large parts of europe.
the sanctions have sought to target russia s war chest, blocking access to financial markets and targeting those close to president putin, and restricting access to international markets for goods and services. and when it comes to russia, the most important set of goods for them are from the energy sector. gas and oil. with fossil fuel money making up nearly half of moscow s federal budget last year. but the west and particularly europe s dependence on russian gas has made weaning themselves off these fossil fuels particularly difficult. to cut russian gas supplies, it is simply not possible for large parts of europe. but reducing russian oil that s another matter. with the us banning imports, the uk phasing them out by the end of the year and the eu cutting supplies that come in by sea, but there are a number of countries that are not following these sanction regimes and taking a different stance. these include countries condemning russia s actions but not following the sanctions,