The economic cost of conflict in Ukraine
Business Daily
BBC
4.4 • 796 Ratings
🗓️ 2 February 2022
⏱️ 17 minutes
🧾️ Download transcript
Summary
Sanctions, energy supplies, cyber-attacks - how bad could the economic fallout be if the situation in Ukraine spirals out of control?
How likely would Russia be to simply cut the gas supply off to Europe in the middle of winter for example? Ed Butler asks Jane Collin, editor of the UK-based publication, Energy Intelligence. Meanwhile Matthew Olney, director of threat intelligence at Cisco, discusses another possibility - the disabling of key energy and other infrastructure in America by Russian hackers.
Meanwhile the West has plenty of threats it can make against Moscow, in the form of further economic and financial sanctions - including the option of kicking Russia off the SWIFT international financial payments messaging system. But Maria Shagina, a visiting fellow at the Finnish Institute of International Affairs, says the West will need to look beyond sanctions if it wishes to influence President Putin's thinking
(Picture: Ukrainian soldier with rifle; Credit: Wolfgang Schwan/Anadolu Agency via Getty Images)
Transcript
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| 0:00.0 | Hi there, my name's Ed Butler. Welcome to Business Daily from the BBC. As Russian troops gather on the border |
| 0:07.6 | with Ukraine, what are the wider risks? Could there be cyber attacks, for instance, on Western nations? |
| 0:14.0 | We've certainly seen foreign adversaries active in the US utility space for years. The presumption is that they're trying to establish |
| 0:23.7 | a place to work in future conflicts. Or could there be a cutoff of Europe's gas supply? We're looking |
| 0:30.8 | at all the economic risks for both sides, the West and Russia, and ask who has more to lose? |
| 0:37.9 | It's all about courage at this point, how much the EU is prepared to risk, to bear the |
| 0:44.3 | cost of sanctions, to be more proactive. |
| 0:47.4 | That's all to come in Business Daily from the BBC. Russian tanks and armoured |
| 0:54.4 | Russian tanks and armoured personnel carriers |
| 1:03.6 | perform drills near the country's Ukrainian border. |
| 1:07.5 | In the last three months, some 100,000 Russian troops appear to have gathered on or near |
| 1:13.2 | the border or inside neighboring Belarus. The Russian military is all too willing to share the TV pictures. |
| 1:24.0 | Russia says it has no plan to invade Ukraine at the moment, but it does say it wants an end to what it calls Western provocation, no further NATO expansion into Eastern Europe, for example. |
| 1:35.8 | It certainly got the West's attention. President Biden's White House this week called on the UN Security Council to urgently censure Russian saber rattling. |
| 1:45.8 | We continue to urge diplomacy as the best way forward. |
| 1:50.1 | But with Russia's continuing its build-up of its forces around Ukraine, we are ready no matter what happens. |
| 1:59.4 | Well, in response to these words, Russia's UN ambassador, Vasilyna Bensia, |
| 2:03.7 | accused the United States of attempting to mislead the international community. |
| 2:12.3 | The delegation of the United States considers the deployment of Russian troops within Russian territory |
| 2:19.0 | as a threat to international peace and security. This is an attempt to mislead the international |
| 2:25.1 | community on the situation in the region. Global tensions, well, whatever their cause, |
| 2:32.3 | they have been increasing with the spike in energy |
... |
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