"These are Putin's sanctions": Understanding the economic sanctions against Russia

in ukraine today president vladimir zelinsky  accused russia of war crimes over its continued   bombardment of the port city of mariopol  after reports of a military strike on an   art school sheltering hundreds of civilians  zielinski renewed his call for direct peace talks   with vladimir putin as the west attempts to aid  ukraine not with boots on the ground or air cover   but with economic sanctions think of it as  an economic shock and awe campaign never   before has such a large modern economy been  cut off so quickly from most of the world   to better understand the biden administration  strategy we spoke with veterans of financial   warfare against iran and north korea and the  white house official who designed the current plan   to batter nearly every facet of russia's  economy the story will continue in a moment on the first day of the war in ukraine it wasn't  a general who briefed reporters at the white house   it was dileep singh good to see all of you again  but this is a briefing i never wanted to give   singh is the deputy national security advisor for  international economics credited with designing   the sanctions that putin himself described  as economic blitz creek we met deleep singh   last week steps from the white house where the  administration was watching the impact of its   assault on the russian economy play out in real  time what are the types of things that you can   look at and say you know what the sanctions  are working you hear top russian officials   describing the pain they're under the indications  about how we're impacting putin's calculus   are really evident when um you look at the ways  in which they're trying to harden their defenses   what do you mean well they're taking some  desperate measures capital controls for example   preventing people within russia  from taking foreign currency out   how do you read that i think it's a desperate move   he's self-isolating his economy russia is now  on the fast track to a 1980s style soviet living   standard it's looking into an economic abyss and  that is that is the result of putin's choices and   i can see from his reaction that's where it's  headed this is the second time that de leip   singh has engaged in financial combat against  the kremlin singh was working at the treasury   department in 2014 when russia annexed crimea  he helped create the sanctions that followed   that 2014 experience helped singh who has a degree  in economics from duke had master's degrees in   public administration and business from harvard  and mit create a sanctioned doctrine a playbook on   how to better wage financial war on putin so this  time as troops massed on the ukraine border singh   presented his plan to president biden a sanctions  package so severe they hoped it would bring putin   and the russian economy to its knees putin's  called the sanctions akin to a declaration of war   is it you know we need to stay sober uh with our  rhetoric this is a moment for american result   there's nothing more important right now i  mean this is about the freedom of 44 million   innocent people who are being terrorized by a  dictator and no one in ukraine wants him there   within 72 hours of the invasion the  u.s and its allies kicked most russian   financial institutions out of swift the  backbone of the global bank payment system   then they froze the foreign bank accounts  of dozens of russian billionaires   and began seizing their toys such as the 700  million yacht with its own indoor swimming pool   but the most dramatic strike was directed at the  central bank of russia the u.s and its allies cut   the central bank off from 300 billion dollars  it had stashed in american european and asian   banks so the russian government could pay its  bills if it ever faced sanctions again you knew   that there were going to be specific economic  sanctions as you approached this invasion why not signal the specifics could that have  been a deterrent we signaled as clearly as we   could that these were going to be the most severe  economic sanctions ever levied on russia and that   we would take steps that we had not contemplated  in 2014. do you think that putin didn't believe   you or didn't care he probably thought he played  chess better than we do we've disarmed his central   bank and that's why his economy is in free fall i  don't think he planned for that were you surprised   how quickly the allies came on board it's unlike  anything we've seen in the sanctions context and   you know maybe at the risk of um there's a  certain irony of quoting lenin but decades   are happening in days you know switzerland broke  centuries of neutrality to join these sanctions   almost immediately the ruble turned to rubble  losing a third of its value the moscow stock   exchange shuttered russians lined up at atms  and cleaned out stores credit agencies warned   that russia is likely to default on its foreign  loans something that hasn't happened since 1918   during the bolshevik revolution the best  projections i see out there right now   are suggesting that russia's economy is going  to be half of its size that it was before this   invasion and we take no pride in the suffering  of the russian people this is putin's war these   are putin's sanctions and this is putin's  hardship he's putting on the russian people   that pressure mounts every day over the last few  days australia added 11 banks to its sanctions   list japan put another 15 russian officials in its  crosshairs according to the brookings institution   more than 30 countries have leveled a total  of 2500 sanctions on russian targets including   vladimir putin himself there's never been  sanctions like this before is there any concern   that vladimir putin is now in a corner and can't  get out that there's nowhere else to go for him   diplomacy is never dead there are always  ways for us to step back from the brink but   dictators have to pay a price for their  aggression we've always had two different tracks   of effort deterrence and imposing costs as well as  diplomacy that's still our strategy one official   directly involved told us there was a back and  forth between americans and financial technocrats   inside russia but that line of communication  mysteriously went silent two days after the   war started look we can't get into putin's mind  he's a he's a brutal tyrant all we can control   all we can ensure is that this will be a  strategic failure for putin and what does a   strategic failure look like today it means his  ability to project power and exert influence   are fundamentally downgraded power is not  the exercise of brute force of land ground   to acquire land that's not what it's all about  in this century our view is power is much more   closely tied to your economic strength your  technological sophistication and your story can   you attract ideas and talent and goodwill what  targets are left we can broaden our sanctions   so take the measures take the sanctions we've  already applied apply them to more targets   apply them to more sectors more banks more banks  more sectors that we haven't touched like what   well the commanding heights of the russian economy  it's it's mostly about oil and gas but there are   other sectors too i don't want to specify them  but i think putin would know what those are   de leip singh's plan got added fire power he  didn't expect when private companies started   fleeing russia coca-cola which sold coke  in every nation except north korea and cuba   suspended operations in russia mcdonald's closed  850 restaurants boeing and airbus have cut off   the spare parts russian airlines need to keep  flying across a nation spanning 11 time zones   in three weeks time 400 companies have  left or closed their doors is doing   business in russia worth the aggravation at this  point the answer is no david shaffer is the ceo   of cogent communications it provides high-speed  internet service in 170 countries including russia   at this network operations center in washington  employees monitor the flow of internet traffic   around the world cogent has terminated its service  to carriers linked to the russian government   we were concerned that the size of the  connections that we provide to those companies   could be used offensively to launch a cyber attack  that's correct that was our number one motivation   was there specific intelligence that you were  seeing or traffic that you were seeing that   concerns you so we are routinely attacked and we  had in normal times been attacked by state actors   and by the jru and were particularly concerned  that we were seeing unusual activity and the   possibility of a much greater cyber attack the gru  is the intelligence wing of the russian military   it specializes in computer attacks shaffer told  us his decision to cut service in russia would   cost the company less than one percent of their  revenue about 10 million dollars so it wasn't   worth the risk we do not at this time have any  physical equipment inside of russia that can be   taken over we do have equipment as  far east as kirkhof in the ukraine   that equipment has been taken offline that  territory has been invaded by the russians and we   had to equip our equipment with effectively a dead  man's switch so once we lost connectivity to it we   had to disable the equipment in such a way that  if the russians took it it would do them no good   on friday in a case of audacious nation-state  spin the central bank of russia referred to the   exodus of companies and the cratering economy  as a large-scale structural transformation   days earlier during a televised address vladimir  putin admitted his country's economy had taken   a hit from the barrage of sanctions and warned  it won't be easy for russians who should expect   a rise in prices and unemployment the idea is to  put so much pressure on him that he has to make a   change to his policy but could all that pressure  backfire absolutely richard nephew knows about   dictators feeling cornered nephew worked on the  iran sanctions during the obama administration   and left the state department last month he told  us sanctioning an autocrat such as putin comes   with risk a couple weeks ago they were talking  about alerting their strategic nuclear forces   they've already talked about how this is economic  warfare and that they will retain the ability to   respond accordingly and if you think about that  right now they're in the midst of actual warfare   if their perception is that they're under  attack from other countries that's pretty   scary thought it's a delicate walk it's one  where you don't actually have a guidebook   there's no uh you know set of rules that  tell you implement sanctions this far but   not that far and take this step not that step  for russia what are the potential workarounds   well sanctions evasion is a long practice  activity there are ways in which they can   work with other countries potentially those that  are subject to sanctions themselves venezuela   iran they could potentially also try and increase  their relationship with china and countries at one   point have to make a decision are they really  interested in helping out the russians or are   they more interested in helping out themselves u.s  officials said russia asked china for financial   support on friday president biden spoke with  china's president xi jinping for two hours   we've been very clear with china about any support  uh for this invasion and any help it may provide   russia and evading sanctions and we've also  made it clear what those consequences would be   what would the consequences be  sanctions that's going to remain private   what is the first thing that vladimir putin  needs to do so that you might lift sanctions   well we're nowhere near that point the first thing  he has to do is to stop a reckless and barbaric   attack on the civilians of ukraine that's  not happening secretary of state andy blinken   told national public radio that ending russia's  economic isolation would require putin to stop   his war and agree not to attack ukraine again  we're not cowboys and cowgirls pressing buttons   to destroy an economy we've spent hundreds of  years in this country shaping military doctrine   we've spent a small fraction of that time shaping  the doctrine of economic statecraft but we have   one it's our objective to demonstrate resolve  that sanctions should have the power to impose   overwhelming costs on your target there  are people who think the sanctions   are only about regime change  that that's the ultimate goal   that's up to the people of russia our our  cause our purpose is to make sure that putin's   actions are remembered as a strategic failure  that's what's within our control full stop the head of the imf on the  economic fallout of russia's war   could this set off a global recession at 60  minutesovertime.com sponsored by colaguard

Channel: 60 Minutes

Views: 2,267,261

Keywords: 60 Minutes, CBS News, russia, ukraine, sanctions, Sharyn Alfonsi, 2022

Id: l_x2LQZOzF8

Length: 14min 7sec (847 seconds)

Published: Thu Mar 24 2022

Reddit Comments

[u/perspective2020]

Ya, Vlad The Vile really fucked up

[u/ElginStWally]

I'm not allowed to see this in my country?

[u/harshvoldy]

I understand that the sanctions were unprecedented, and certainly applaud those who played an important role in making them happen on such a tight timeline.

However, let's not start a victory lap before the sanctions have achieved their intended purpose. If the war + sanctions don't utterly decimate the Russian economy, to the point where Russians realize that the truth has been hidden from them and Putin and his oligarch cronies are responsible for their life taking a shitty turn, until then, the sanctions aren't entirely successful. Yes, the same sanctions when they were applied to Iran brought them to the table to discuss a nuclear treaty. Let's hope these sanctions bring Russia to its knees, and then to negotiating table.

[u/xdrolemit]

Is there any alternative link to that video please?

“The uploaded has not made this video available in your country”

[u/viwkeks]

wrg, monx or not doesnt matter

[u/[deleted]]

https://out.reddit.com/t3_tjyh5x?url=https%3A%2F%2Fwww.cbsnews.com%2Fnews%2Frussia-economic-sanctions-ukraine-60-minutes-2022-03-20%2F&token=AQAAevo-YlCBRGjqJL0dFzbU9F3NyZbqfvG7EG8TJtDFUJaRomYA&app_name=ios

Found a link

[u/dribrats]

Noted