WITH INFLATION GOING FASTER
THAN THAT.
NEIL: THANK YOU VERY MUCH.
WITH US NOW IS THE PRESIDENT OF THE WORLD BANK, THEY OVERSEE A
THE WORLD BANK, THEY OVERSEE A
LOT OF FINANCIAL ISSUES LEADING
THE SANCTION LIST AGAINST
RUSSIA.
>> GOOD TO HAVE YOU BACK ON.
NEIL: I’M HONORED TO HAVE YOU.
I WOULD LIKE TO GO AND A
LAUNDRY LIST WHERE THE WORLD
BANK STANDS AND HOW TO
INTERPRET WHAT IS GOING ON ON
THE FINANCIAL SANCTIONS.
THEY HAVE YET TO GO INTO EFFECT
BUT IS THERE SOME SURPRISE AT
YOUR LEVEL THEY’VE NOT ALTERED
RUSSIA’S BEHAVIOR OR VLADIMIR
PUTIN’S BEHAVIOR?
>> I CAN’T SPEAK TO THE
SANCTIONS WAS WE ARE LOOKING AT
RUSSIA HAD ECONOMIC CHALLENGES
OVER THE YEARS AND OVER THE
DECADES SO VISITS FROM HARD
FROM THE STANDPOINT OF THEIR
INTERACTION WITH WORLD
FINANCIAL MARKETS AND
DEPENDENCE ON CHINA.
MOSTLY WHAT I’M FOCUSED ON HIS
LOSS OF LIFE IN UKRAINE AND HOW TO PROVIDE FINANCING TO HELP
TO PROVIDE FINANCING TO HELP
THEM WHEREVER WE CAN RIGHT NOW. NEIL: HER PRIORITIES ARE RIGHT
NEIL: HER PRIORITIES ARE RIGHT
BUT IF YOU WILL INDULGE ME, HOW
FROZEN IS IT FOR RUSSIA TO GET
FUNDS SLATED TO BE FROZEN, TO
BE LOCKED AWAY FROM HIM OR
RUSSIA.
HOW DOES THE WORLD BANK WORK IN
THAT REGARD SHEPHERDING THIS
PROCESS?
>> WE ARE NOT ENGAGED IN THAT,
THE US PUT IN STRONG SANCTIONS
AND IT AFFECTS WORLD OIL TRADE
AND THE FOOD TRADE WHICH IS SO
IMPORTANT, RUSSIA AND UKRAINE
WERE BIG PROVIDERS OF FOOD AND
AS BANKS STOP WORKING WITH
RUSSIA IT CHANGES THE TRADE
LINES, CHINA MAY BE ABLE TO
MAKE UP FOR SOME OF THAT BY
BUYING SOME OF THE OIL FROM
RUSSIA BUT FOR THE TOTAL WORLD IT IS A HUGE SUPPLY SHOCK THAT
IT IS A HUGE SUPPLY SHOCK THAT
IS GOING ON.
NEIL: I WANT TO CLARIFY THOSE
FINANCIAL ISSUES UP FRONT BUT THIS MONEY HAS TO GET IN AND
THIS MONEY HAS TO GET IN AND
WITH THE RUSSIANS TAKING A
NUMBER OF PORTS, MADE OF ANY
SORT BEYOND THE MONEY GETS TO
BE PROBLEMATIC, DOESN’T IT?
>> THE DIRECT FOOD AND GASOLINE
SUPPLIES ARE MAKING THEIR WAY
ACROSS THE BORDER.
AS FAR AS FINANCING WE ARE
STILL OPERATING WITH THE
FINANCE MINISTER AND CENTRAL
OPERATOR AND THE IMF ON THIS SO
MY UNDERSTANDING IS THERE IS
STILL SUBSTANTIAL NEED FOR
GRANTS NOW AND FINANCING FOR
PAYMENT OF THE ONGOING WAR
EFFORT, DEVELOPMENT EFFORT AND FOOD AND MEDICINE EFFORT THEY
FOOD AND MEDICINE EFFORT THEY
NEED TO DO AS A GOVERNMENT SO I
AM SCHEDULED TO SPEAK WITH
PRESIDENT ZELENSKYY THIS
AFTERNOON.
WE WILL BE SENDING TO OUR BOARD
A LOAN DOCUMENT THAT STARTED AT
$350 MILLION, WE ARE EXPANDING THAT THROUGH GUARANTEES THAT
THAT THROUGH GUARANTEES THAT
HAVE COME IN FROM THE
NETHERLANDS AND SWEDEN AND
LOOKING TO HAVE A COMPOSITE OR
PACKAGE FOR UKRAINE, ONE OF THE
CHALLENGES IS THE CAPACITY IN
UKRAINE, WE ARE WORKING EVEN
TODAY WITH PEOPLE IN BUNKERS IN
UKRAINE IN ORDER TO HAVE THE
DOCUMENTS AND CHANNELS FOR THE
FINANCING SAFELY IN PLACE TO
USE THE MONEY QUICKLY.
I HOPE THAT CAN HAPPEN NEXT
WEEK.
NEIL: YOU TALK ABOUT
HUMANITARIAN AID.
IF THE UKRAINIANS WERE TO TAKE
THAT FOR THEIR MILITARY OR TO
FIGHT THE RUSSIANS, THEY WOULD
INTERPRET THAT AS HUMANITARIAN
AID PUT TO GOOD USE.
THE WORLD BANK WORKING IN
CONCERT WITH THE INTERNATIONAL
MONETARY FUND HAS RULES ON THIS OR HOW THAT MONEY IS USED OR
OR HOW THAT MONEY IS USED OR
THAT AID IS ULTIMATELY TAKEN.
>> WE HAVE A LARGE PROGRAM WITH
UKRAINE SO THE USE OPERATIONS
ARE PART OF THAT PROGRAM WHICH
ARE DEVELOPMENT PROGRAMS THAT
HELP UKRAINE WITH ITS INDUSTRIES SO WE ARE WORKING
INDUSTRIES SO WE ARE WORKING
FULLY IN THAT SPHERE.
NEIL: YOU WERE ON FACE THE
NATION BEFORE THIS BLUE UP IN
THE MIDDLE OF IT BLOWING UP.
WHAT CAN ORGANIZATIONS LIKE THE
INTERNATIONAL MONETARY FUND,
CENTRAL BANKS AROUND THE WORLD,
DO TO HELP OUT HERE.
PART OF THE STRATEGY WITH OTHER
CENTRAL BANKS IN COORDINATION
WITH THE UNITED STATES IS TO
FREEZE ANYTHING RUSSIA HAS SO
IT CAN’T DO MORE HARM.
WE ARE GETTING REPORTS, THIS
MIGHT BE BEYOND YOUR PURVIEW,
THEY ARE PLAYING AROUND IN THE
CRYPTO CURRENCY MARKET AND
FINDING WAYS AROUND FROZEN
FINANCIAL FUNDS, DO YOU KNOW IF
THAT IS THE CASE AND YOU FEEL
RUSSIA IS DOING AN END RUN
AROUND THE GLOBAL FINANCIAL
COMMUNITY AND EVERYONE ELSE?
>> I DON’T KNOW ABOUT WHAT YOU
ARE TALKING ABOUT.
I AM SURE THERE ARE LOTS OF
OPERATIONS UNDERWAY BY
SOPHISTICATED CENTRAL BANKS
INCLUDING RUSSIA TO ADJUST TO
THE SANCTIONS.
THIS IS THE FIRST TIME THAT A G
20 CENTRAL BANK, A GROUP OF 20
MAJOR NATION CENTRAL BANK HAS
BEEN SANCTIONED IN THIS WAY.
IT IS VERY POWERFUL.
WHAT WE’VE DONE IS STOPPED ALL
OPERATIONS IN RUSSIA AND
BELARUS SO I KNOW, WHAT YOU ARE
TRYING TO GET AT IS IS IS
HAVING AN IMPACT ON RUSSIA?
IS HAVING AN IMMENSE IMPACT ON
RUSSIA AND RUSSIANS, THE
SINK’S, THE WEAKNESS AND
DEVALUATION OF THE RUBLE, THE 2
PEOPLE HARD.
NEIL: YOU DON’T WANT TO TAKE A
LEAP, IT’S NOT YOUR PURVIEW BUT
THE WORLD IS YOUR PURVIEW, YOU
HAVE A CRUCIAL ROLE IN SEEING
HOW LIFE RESUMES AFTER
HOPEFULLY THIS ENDS, HOPEFULLY
WITHOUT MUCH MORE VIOLENCE.
I’M WONDERING IF ACTIONS THE
FINANCIAL COMMUNITY HAS TAKEN
AGAINST RUSSIA CONTINUE NO
MATTER HOW THIS ENDS
PARTICULARLY THE WAY IT COMES
TO VLADIMIR PUTIN, THAT IT --
WE CAN RESUME EVERYTHING
FINANCIALLY WE WERE DOING PRIOR
AFTERWARDS?
>> SEEMS TO ME THERE IS A
GLOBAL OUTPOURING IN FAVOR OF
UKRAINE AND THAT WILL HAVE
LASTING CONSEQUENCES WHATEVER
THE OUTCOME OF THE WAR AND WITH
REGARD TO RUSSIA THERE’S A
CLEAR FOCUS ON VLADIMIR PUTIN BEING THE SOURCE OF THE PROBLEM
BEING THE SOURCE OF THE PROBLEM
AND I’M SURE THAT WILL LAST
LOSE THESE ARE NOT NEW THINGS.
THEY INVADED HUNGARY IN 1956,
CZECHOSLOVAKIA IN 1968, GEORGIA
IN 2008. AFTER THE OLYMPICS THEY WAITED
AFTER THE OLYMPICS THEY WAITED
UNTIL THE END OF THE OLYMPICS, THEY INVADED CRIMEA RIGHT AFTER
THEY INVADED CRIMEA RIGHT AFTER OLYMPICS SO THERE’S A HISTORY
OLYMPICS SO THERE’S A HISTORY
OF THIS AND I THINK THIS IS A
MUCH DEEPER AND BROADER WAR AND
THE WORLD IS TAKING IT
SERIOUSLY AS THEY SHOULD.
LAUREN: 1 VLADIMIR PUTIN DOES
CRAZY STUFF LIKE THE CRIMEA
THING AND CHECHNYA, KILLED A
LOT OF INNOCENT CIVILIANS THE
WORLD WAS OUTRAGED BUT DOESN’T
SEEM TO BE SO FOR A LONG.
ALWAYS OVERCOMES IT, THEY ARE
SANCTIONS IMPOSED ON THE
SANCTIONS HE GETS AROUND, THEN
HE SHOWS UP AT G7 MEETINGS,
INTERNATIONAL ORGANIZATIONS
THAT SAW HIM AS A PARIAH
WELCOME HIM BACK, YOU AFRAID
THAT HAPPENS EVEN HERE?
>> NOT THIS TIME.
THIS IS ORDER OF MAGNITUDE
WORSE IN TERMS OF THE
DEFAMATION AND DEATH THAT ARE
OCCURRING.
THERE WILL BE LASTING
CONSEQUENCES.
THIS IS PUSHING BEYOND MY
LIMITS WHICH I LISTEN TO MY
SHAREHOLDERS AND THEY ARE
HORRIFIED.
I MET WITH THEM A WEEK AGO
THURSDAY, SOME 10 DAYS AGO.
I MET WITH PRESIDENT ZELENSKYY
IN MUNICH AND THERE WAS
CONSTERNATION, SHOCK AND HORROR
AT WHAT IS GOING ON.
THAT CONTINUES AND IS LIKELY TO
STAY IN PLACE.
ONE ISSUE IS HOW DOES CHINA
REACT?
AS YOU LOOK AT THE SITUATION
CHINA ITSELF HAS TO BE
HORRIFIED AT WHERE THIS IS
DEVELOPING.
THAT IS AN IMPORTANT ISSUE AND
HOW WORLD TRADE DEVELOPS.
THEY BUY OIL FROM RUSSIA WHEN
SECTIONS ARE IN PLACE BUT THE
COMPANIES REMAIN PART OF THE
WORLD SYSTEM WHEN THEY ARE SO ENGAGED WITH RUSSIA TAKING WE
ENGAGED WITH RUSSIA TAKING WE
WILL HOW THAT WORKS.
NEIL: ANYONE ASSOCIATED WITH
RUSSIA GOING FORWARD, THAT
SOMETHING YOU ARE LOOKING AT.
>> INCORRECT THAT I AM LOOKING
AT IT.
SANCTIONS ARE A POWERFUL GLOBAL
FORCE AND THERE ARE ALSO
INTERNATIONAL JUSTICE SYSTEM IN PLAY, THE UNITED NATIONS IS
PLAY, THE UNITED NATIONS IS
PLAYING A ROLE IN THIS.
THE OUTPOURING FROM THE WORLD
IS GIGANTIC, BEYOND THE
EVERYDAY AND AFTER CRIMEA AND
WILL ENDURE FOR A LONG TIME.
NEIL: A REAL PLEASURE, THANK
YOU FOR TAKING THE TIME, BE
SAFE, BE WELL.
DAVID IS A KEY PLAYER IN HOW