oil price fluctuations or any sanctions what does that mean it means that our budget deficit should stay around the possible minimum and that we would generate the budget primarily from domestic investments so if we keep our budget deficit at the minimum. one broke. internal and the projections for the next few years will stay within the range of fourteen to sixteen percent of g.d.p. so i cannot agree with you saying that internally that is corona's because it might be growing in terms of numbers more money but it's not growing in the relation to the g.d.p. . it's. myself and there's also the oil so you mentioned it before the russian diplomat succeeded in bringing a deal with saudi arabia an object finally great to curb global oil production so all prices began to grow again it seems to me that whether we like it or not or oil is sometimes more important than politics to politics political statements and so
turns out that we see where it really matters to us have a say russia does call shots is it really soured is it an illusion that he did they do. in this case it is so yes we have indeed brokered an extension for the oil production cap deal and that played a role on the global oil price of course a growing global demand for oil has also been a contributing factor here and the fact of the demand is growing as a positive effect on the market in the prices so does bush's ability to negotiate because without russia major oil producer and exporter the opec are going ization wouldn't have come through with a solution to cap production starvation was that it is much better to have a certain degree of predictability in the situation and strike certain agreements that we can rely on that is why we made an effort and i think we'll continue down this path yeah so i. question are not sanctions are not moscow still has some
influence on the world economy certainly my question can you tell us actions of that russia's overproduction i'm guessing we as a lot of important equipment and technology for instance one drilling for oil in the arctic which he can we manage without them you know that you do we have to acknowledge is solve our own yeah well you know applying restrictions to our country will indeed stimulate development of our own technologies for example a gasp from russian oil giants used to import most of their equipment from abroad now they're revisiting their policies and beginning to develop technologies and solutions of course it will take a while but the bottom line here is that our industry is adjusting by implementing this so-called import substitution program so on the one hand sanctions do impose limitations on the other hand our industry can benefit from it but an interview given at the guide our economic forum you which proposed the idea that russia
should become the new norway and that its economy should no longer depend on all the prices and this is all great but how is it possible that at least one third of russia's budget is generated by oil and gas. that is true yes but before it was sixty percent so almost two thirds immediate sales proceeds accounted for sixty percent of our budget and in two thousand and seventeen there were forty percent in our new budget allocated about one third of its oil and gas and that's a current goal to go down to one third and i think this is going to be as close to what i consider normal if we talk about the so-called neulander gas deficit this is the figure you get by substracting oil and gas revenues from the total revenues it used to amount to thirteen percent of the g.d.p. so. can you imagine if our budget deficit was equal to thirteen percent of the g.d.p. without oil and gas and now it is down to seven percent of the g.d.p. our goal for twenty nineteen used to go. six percent and we're really decreasing
dependence on oil and gas and we're taking that theory seriously. absolutely and then so there are real actions that will extrude use tangible results or the orders unless i absolutely. yes they are. going to we're going to take a short break right now. continue talking to the freshest finance minister we'll talk more about crypto currency. went. with. getting away from the wall reserve currency. out of the dollar every last trade oil away from the dollar. to get out of the.
the world economy there is some kind of. on one hand. to isolate russia and shout it out from the global on the other hand this isolation that on the. ground a comic problems doesn't it in simple words if the financial catastrophe of two thousand and eight repeats itself today the u.s. economy starts to. really care. well the good degree of russia's integration into the global economy is so high that we have no choice but to care about such developments there are many things that tie is to the global economy for example if the global economy is growing oil prices follow suit which is important for us and that's a very basic fact and if the economy is in decline in demand for
a key export commodity oil is dropping as well again that's something that we will care about the demand patterns are the same when global demand is on the rise but export volumes grow as well not only from russia but from any country and. that means that russia as part of the global economy would certainly feel it if the global annual growth rate which is about three point five to two point six percent to decline all global actors are interested in keeping the current pace of economic development and safeguarding against any serious economic crisis and that should we have known there's another aspect to this that i've been thinking about i mean since they were an isolated us why can't we just turn to using a chain and stand up that's avoid the impact of the sanctions can we move money encrypt occurrences past the existing financial system i want to be what i look like given day is given using crypto currency for transactions only you know just by passing the global financial framework there. is
a thing that transactions and the point at which you can allow you to skirt sanctions thanks to anonymity you know this is nothing about any illusion measures to control crypto currency are already being developed in the immediate future i believe that every payment in crypto currencies will be monitored the same way as traditional transactions in u.s. dollars euros roubles etc but at the end of the day what is it that makes a crypto currency better which on the ruble. the answer is nothing or she's could you don't suppose there are restrictions on transactions with a certain russian company on the. sanctions list how can this company deliver its product to the buyer and receive the payment while the conventional way would be to use dollars or what have you but if the company's under sanctions this is no longer possible so if a company bought let's say some military goods from us and wants to make the transaction roubles there's nothing stopping them need to do is just to buy rubles
at the exchange what about the joints sure but why would you want to do that the ruble is much more simple it's reliable it's easier to use the problem with because . it's cost this much some are twice as much then it goes down again. transactions are just as transparent as with any other currency united states doesn't really develop the way to monitor these transactions so actually if they want so they can identify and other countries are already working along similar lines in fact that's more secure crypto currency this is because all transactions of mobiles can be monitored exclusively by our central bank and no one else once again no reason to retreat to using viewpoint especially when we can safely use our own national currency. but i can see now why be calling scan be used to the sanctions but generally i never heard you
say that only professionals should attempt using week on a genuine discuss the possibility of passing legislation that would restrict its use but isn't that of the future it's kind of that neighbor verse that will always be like that you know one day in many trains at first people fear them and one on using horses to deliver mail what about you when you have you tried using because yourself. transactions know. he wanted him to. leave the future belongs to big coins the future belongs to the block chain technology yes it's what they call distributed ledger technology which we are already starting. implementing our own databases like the acid register in the country soon people will be able to store their data using block chain these kinds of applications are very promising but which are crypto currency is just as promising that's hard to say i think that at least for the time being transactions in conventional currencies will dominate trade reason is because they're easy to
control. points there is a central bank that issues the currency with bitcoins distributed ledger nobody can control the value of the currency today it's this high it's more it's not hi story volatiles like i said there's nothing backing it there's no issuing bank which means that there are no controls the whole process is very chaotic that's why i believe the conventional transactions that use dollars euros are all swiss francs still be given priority and those who wanted to make money using a bit have probably realized by now the futility of this endeavor well i wouldn't say that i mean they're quite out of here because i'm merely an heiress or on the right. like to keep something under the radar by paying in because they will now have to abandon that idea because it is no longer possible as for the block chain technology we will use it and actually we're already starting to apply it while i see crypto currencies as simply speculative. if you want to choose what we not in
your current capacity but to some other day as an individual use we want to become a become a billionaire or some other cryptic are still billionaire that anyone would be quite happy to become a billionaire you know i suppose they were what about you are you ready to buy some crypto currency yet will i be frank if i only knew how to pay for dresses like with bitcoin i mean i've used them right now i'm clueless but i'll get to that is for sure because i believe the crooks occurrences are the future. well well that's debatable let's see how these things stand after a while. now let's talk a little about what will goldman sachs recently well they made a projection of what three. hundred twenty chain one i mean while russia's own ministry for development expects only two percent gross if i remember right yeah i believe so why but you mean if it isn't from goldman sachs why do they see a more jolly picture than the russian government or maybe there are jolly fun
people listening into that that could certainly be one reason but there is quite a different set of numbers there so. you know there are so many various analysts and experts some of them predict less than two percent growth for russia believe our ministry's projection was just over two percent of course it will be very nice to live up to the three point five percent growth projections go even higher but i believe we can begin to talk about such numbers in a couple of years our task for now is to run a comprehensive structural reorganization that would trigger. a move that would involve reorganizing the taxation system restructuring our expenses reforming economic sectors and this will give impetus to economic activity and stimulate economic growth so my only guess here is that maybe goldman sachs is aware of our reform plans and perhaps it's made its projection based on. what should go i don't
want to get about the decisions that they are russian government makes i wanted to ask you about your growth so i'm sick when you are who take a minister in this country but the spaniard that you're exaggerating. the minister had to deal with so many things from sanctions to advise and rebel hauling in there so you holding your ground but in the hands people are always asking you for money that is the bottom line that's the only thing they want and they probably call you with the what they call you. and i'm sure that you know the question of whether someone loves you or your million seems so relevant it probably makes you lie awake all night and i must be a very unrewarding lonely kind of work about how do you live with that. with your sneakers well no maybe that's just what it seems like from the outside of course everyone wants to get more money for their economic sector or projects overseen by this or that ministry but they all know the budget has its limits you know we cannot just take it apart piece by little piece will backfire on us or so
yes i have to refuse and i have to make my case and sometimes i have to get in some strong arguments and happen sometimes to go and sometimes people do take it personally yes. sure i'm sure everyone does. you know. i guess i think used to each other by now we've been working together in this government for over five years now. and at the beginning that was probably the case which people thought. he had additional resources to this person but not so me or he's a stone so well that's not how it works we at the ministry of finance analyze data to see where the money will have more effect on growth in social welfare we have analysts who are just as good as an other ministries and sometimes they're even better because often they have to know economic sectors be education or health care
or agriculture and what have you perhaps they have to know even better than the experts at the specific ministries this is very important i actually do take great care to preserve that tradition and preserve this continuity and keep it alive this tradition of expertise. so when your people can argue their decisions convincingly when they can justify why you can give money to this was a push and you cannot give money to. people go. people don't let personal feelings get in the way. of work with. the person in your life that you feel personal connection to trust maybe. for instance take love rove and kerry i mean in terms of ideology their opponent also but in terms of their personalities they match and when the rhetoric between our countries boiled down to who will be the first to push to new claimants to achieve amazing diplomatic success with iran do they nailed it but when you have
a person like that i mean someone you trust and someone who is very like you maybe i don't know christian or instance or someone else which. well. when other foreign ministry of course. i do know many of my counterparts especially from g twenty countries as we meet fairly often several times here like mr lavrov though i don't really have a person like that when you say you don't have your own character. no but i do have a very good colleague or rather had the former finance minister of germany mr shabazz we worked together a lot especially while organizing the twenty summit in russia and we worked really discussed in the ukraine that worked on that in detail and we had a really good working relationship and now he changed jobs and he became the
president of the bundestag in germany and of course i congratulated him. honestly i felt a little story to see him go because he is the person i work together on international matters for six years and we had some plans for the future concerning ukraine's debt settlement for example. know he no longer works at the finance ministry so we'll have to be entering into dialogue with other quality eggs but since you asked about a long term partnership and a long term partner relationship that will be with mr shah but i guess. the gas prices are still one of thanks for coming and i hope you have a balanced budget and everything going to just as you planned including the oil prices thank you very much and the very best thank you let me talk into and answer one of the russian finance minister discussing everything from western sanctions to
the current influence and prospects of russian economy is it for this edition of the next. the. global war hawks sell you on the idea that dropping bombs brings police to the chickenhawk forcing you to fight the battles that they are going. to stop spreading to tell you that what we gossip and public are styles of the most important news today. the mocks of advertising telling you are not cool enough and want to buy their products. these are the hawks that we along with our audience will watch.
i think it's terrible if you want to know the truth i think it's a disgrace lot of people should be ashamed of themselves and much worse than the f.b.i. justice department secured a warrant to spy on donald trump's twenty sixteen election campaign using a highly dubious report paid for by the democrats a newly declassified memo clee. all to come in this hour the world. seriously concerned with a decision by sports court to overturn life. twenty eight. also ahead this hour.
five migrants are shot more injured in a mosque brawl at a food bank in the french port city of a number of residents we've heard from tell us they are living in fear. i think we need a structure put in place to protect this there's a lot of delinquency it's a catastrophe for the french and especially for the people of cali the violence is really damaging. from right around the world. to moscow and to archie international my names you know neal good to have your company breaking news is where we start this hour the controversial congressional memo that's been stealing the headlines in recent weeks has now been released after receiving approval from the u.s. president it accuses the f.b.i. justice department securing
a warrant to spy on donald trump's presidential campaign based only on verified claims in the trump russia steal dossier which was paid for by the democrats. i think it's terrible you want to know the truth i think it's a disgrace what's going on in this country i think it's a disgrace the memo was sent to congress it was d. plus and congress will do whatever they're going to do but i think it's a disgrace what's happening in our country and when you look at that and you see that and so many other things what's going on in a lot of people should be ashamed of themselves and much worse than that well if you take a look at the four page memo that there was so much anticipation of you'll be coming across some rather interesting facts now the christopher steel dossier this was the basis on which the f.b.i. acquired their warrant under the foreign intelligence surveillance act their warrant to wiretap members of the trump campaign that was based on the infamous
r.c.a. from christopher steel and now we also know that the f.b.i. chief said it was so lace this and unverified furthermore the f.b.i. was aware that the d.n.c. and the hillary clinton foundation paid roughly one hundred sixty thousand dollars for this deal dossier they knew it was paid for by the d.n.c. but they did not mention that in their applications for a warrant from pfizer courts furthermore sequester still wasn't only working for the democrats christopher steele was a long time paid f.b.i. informant and they departed just as the f.b.i. were well aware of the fact that christopher steele had an agenda against trump was quite biased they still used the report furthermore we know that the deputy attorney general bruce or his wife was actually hired by fusion g.p.s. the firm that the democrats hired in order to get this information on trump so essentially this document points to the fact there is a great deal of what appears to be collusion between the clinton campaign and and
the f.b.i. and department of justice two entities that are essentially supposed to be bipartisan enforcers of u.s. law it appears according to this document or at least it's purported in this document that they were working to. the election of donald trump we heard of many calls from many prominent figures for this document to remain classified they wanted this four pages to be not in the perspective and not available to the american public remember nancy pelosi the leader of the democrats in the u.s. house of representatives said that releasing this document which is now fully public would somehow be a threat to the national security of the united states intelligence is that it's the cia that d.n.a. at the end. national defense everybody has their element of it and sources and methods must be protected now as the debate about the releasing of the memo escalated russia most certainly came into the picture there was a letter that was sent to the owners of twitter and facebook urging them to
investigate the role of russian bots or possible russian bots in the hash tag release the memo furthermore we even saw an escalation of this rhetoric with allegations that devin noon is the chair of the house intelligence committee was himself a russian agent let's take a listen to some of what was said is it possible that the republican chairman of the house intel committee has been compromised by the russians as a possible nuclear threat or russian agents reading the house intel committee on the republican side i hope that's not the case i mean this is behavior speak of that though i mean i'm not the first person who's raised this he's behaving like someone who's been compromised now we're waiting for a different reactions to come in but all eyes are on washington d.c. as the four pages have been released and the memo is now public. let's get some about reaction from dummy down is executive director at the rome poll done good to have you on the program yet so there we go were a few hours into the memo being released what's your takeaway points from it.
well i think your report covered very well this provides very clear evidence that the democratic party colluded with with like minded people in the f.b.i. to undermine the trump candidacy and presidency they misuse defies a process to do so it's essentially what we expected we've gotten some information about it the real issue though the only people who should be shocked about this are people who are living in lala land thinking that the federal government is full of boy scouts this is what the files according to this is what the f.b.i. has done dozens and dozens of times this was always the query wasn't after will this actually be released the question was did the f.b.i. did the justice department where the bias against the trump campaign has that question being answered now do you think. well i think it has been i think you know
the the d.n.c. this got steel to do a bogus dossier they used it they misled the court which the f.b.i. has done according to the files of court more than seventy five times since one nine hundred seventy eight when the court was putting in place it was supposed to make it harder to spy on people the pi's a court has made it easier now we're seeing it only when the when the elites only one trump is a victim we're talking about the fires of course but yes indeed that is that does look like what happened it also completely undermines people like adam schiff the representative from california who is one of the chief movers behind the whole russia gate idea he was desperate for this information not to get out he said the world would end if it gets out and now that it's out he says well it's just a nothing burger so it really undermines the narrative of the russian gay people i'm just looking at some of the reaction. to what you could say i suppose is the other side some of the democrats saying the f.b.i.
was investigating both the trump and clinton campaigns and twenty sixteen but kept quiet only about the trump investigation this is not there for undermining claims that there was a conspiracy against trump that's what they are pointing out your thoughts on not no i think it has to do with his zeal with which the investigations were take were carried out we know that they sat on information from on the hillary clinton's issue for for those three critical weeks we know we know many much more about it but it has to do with the zeal we know that these f.b.i. agents were compromised by their own political biases and not just passively everyone has a political view they were actively motivated to do things to make things happen to undermine the will of the american voter the consequences of the memos released what do you think they're going to be now. well there will be
a lot of politicization of course of the issue the sad thing that will not happen is revisiting the issue of pfizer now here i think here is one of the real crimes and this has to do with devon newness and the republicans as well they all knew about pfizer abuses they knew in detail about abuses before they reauthorized section seven o two just a few weeks ago they knew all this stuff but they chose to keep it secret from us the american people so they could continue spying on the rest of us unfortunate that's not we will not see this issue resolved it will be devolved into a political fight yeah i'm just looking at some some of the other reaction to this some notable democrats saying doubt that if donald trump uses the memo to fire d.o.j. an f.b.i. officials that is going to be an obstruction to justice how do you assess that claim well i think right now they're desperate and in damage control they're trying to spin this to their advantage certainly i think the
president is justified with what we've seen in this four page memo saying this was a essentially a covert operation the intelligence community colluded with people who wanted to prevent me from becoming president and if this is the kind of banana republic that the u.s. is going to have not that this is unprecedented but it is out in the open just like when snowden revelations came we knew they were spying on us but snowden's revelations put it in front of us and so now that we know that the intelligence community is actively involved in the elections in what kind of a country are we going to be that's the question we should be asking do you think big heads are going to roll here do you foresee the f.b.i. director able to survive this is he going to be sacked resign or stay in his position do you think i think there will have to be some people sacrificed in this that the worst thing that will happen is that they'll form another commission and talk about reform.