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By european union, he keeps enough cash, he gets enough cash, because oil prices are very high. well, you've pinned everything there on oil and gas revenues going to moscow. your implication is that there is this extraordinary potential leverage that the west has. now, let me just quote you a different opinion from an economist from latvia, andris strazds, who looks closely at the russian economy and its politics. and he says, "it's strange to think that we, "as the collective west, can come up with sanctions of "a size that will immediately break the russian war machine. "even if," he says, "...

Prices are very high. well, you've pinned everything there on oil and gas revenues going to moscow. your implication is that there is this extraordinary potential leverage that the west has. now, let me just quote you a different opinion from an economist from latvia, andris strazds, who looks closely at the russian economy and its politics. and he says, "it's strange to think that we, "as the collective west, can come up with sanctions of "a size that will immediately break the russian war machine. "even if," he says, "a full embargo on gas and oil "imports is imposed, it won't do the trick b...

Have just listened very carefully to what you said and they might say, ah, the key element of what sergei guriev just said is that inflation has stopped rising so dramatically. and, indeed, one could look at the rouble, for example, and the fact that it has stabilised after crashing in the first few days of the war. the russians appear to have found ways of dealing with what you call the unprecedented sanctions that have already been imposed. right. there are several elements here. first and foremost, and that is a response to your first question, is the initial sanctions immediately froze the...

Soldiers are not volunteering without being paid. as we speak today, russian government is trying to recruit new cannon fodder — the expression used by you — to send them to the new offensive initiatives in the east of ukraine. and for that, putin needs cash. he can print roubles, but inflation in russia is already high. just to give you a magnitude, the first week of the war, russian consumer prices went up by 2% per week, and the same happened in the second week. the same happened in the third week. only now, the inflation is coming down, but it's still at 1% per week. so, inflation is a...

Because you don't know it's going to happen to. >> dana: do you think putin's state of mind at the moment is to make things even so much worse for the ukrainians who have already seen what has happened in bucha? or those eastern towns really in for a terrible situation? >> bill: it will be so horrible you can't even imagine. putin cannot win a real direct military confrontation peer to what is he do? he butchered civilians. >> bill: the war in 2014 went 37 days. i have to think eight years later he miscalculated about ukrainians in their own forces. for what he experienced. we do agree with th...