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00:00Mr. President, thank you again for having us at Russia Energy Week.
00:05Mr. President, I want to ask you a little bit more specifically about succession plans. Every good CEO has one. When you think about this with regards to Russia, do you really want to be president when you're 84 years old?
00:22Mr. President, I would like to ask you, every director always thinks about who will be his prime minister. What do you think about your prime minister? Do you really want to be president, until he will be 84 years old?
00:33Mr. President, I don't like to answer these questions. This is my traditional response.
00:45Mr. President, we will wait for the upcoming elections, which will have quite a long time.
00:52Mr. President, and conversation in this regard destabilize the situation?
00:57Mr. President, and the situation must be stable and safe in order for all the power structures and state structures to work responsibly.
01:08Mr. President, and the situation must be stable and safe in order for all the power structures and state structures to work responsibly and securely.
01:16Mr. President, the Constitution allows me to run for another six years, but I haven't taken a decision in this regard.
01:20Mr. President, I want to ask you specifically about the Middle East. You mentioned several times your relationship with Saudi Arabia.
01:26Mr. President, I want to ask you specifically about the Middle East. You mentioned several times your relationship with Saudi Arabia.
01:37Mr. President, that, of course, will be OPEC+. How do you see the region today? Are you worried about what's happening there with the departure of the United States?
01:47Mr. President, I think that the Middle East is a very promising region of the world.
01:56Mr. President, I think that the Middle East is a very promising region of the world.
01:57Mr. President, and what I see in the Arab Emirates, in Saudi Arabia, the government of those countries are taking energy steps to diversify the economy.
02:06Mr. President, and now I see that the leadership of the UAE and Saudi Arabia makes energy steps in order to diversify their economies.
02:15Mr. President, the leadership of these countries think about the future.
02:19Mr. President, and I'm confident that they will achieve results because they are very goal-oriented.
02:32Mr. President, and I think that with the future of our efforts to stabilize the world's energy market, it's very hard to stop the world's energy markets, we have a lot of fights.
02:49Mr. President, and I know that the future of our efforts to stabilize the world's energy market, of course, the interaction is tough. We argue. We protect our positions.
02:59But so far we've managed to reach mutually acceptable solutions for all of us.
03:10And our partners, although they are leaders in oil and oil production, they build plans for green energy.
03:23First of all, it looks very strange, but it's really happening in life.
03:27And our partners, they are leaders in terms of hydrocarbons and their production and marketing.
03:32But our partners, it may seem strange, but they are also investing in green energy.
03:37We are discussing and introducing massive investments in new technologies and the new sources of energy.
03:51I think this is a very promising area of our cooperation for the future.
03:59So Mr. Novak, a few months ago, suggested that we are going to see oil contracts
04:04denominated in something other than US dollars, possibly in crypto.
04:09When do you think that we will see that happen?
04:11It's early to say so.
04:22Because cryptocurrency may be a unit of contact.
04:35No, it's very unstable.
04:37But it's unsafe and stable.
04:39To transfer money to some other place, maybe.
04:53But it's too early to talk about the trade of energy resources in crypto.
04:57Cryptocurrency is not supported by anything.
05:01It'll be that.
05:02It'll be that.
05:03It may exist as a means of payment.
05:04It may exist as a means of payment.
05:05It may exist as a means of payment.
05:06It may exist as a means of payment.
05:07But I think it's too early to say about the oil trade in cryptocurrency and trade in other primary energy solutions.
05:24It's too early to say about the oil trade in cryptocurrency and trade in other primary energy solutions.
05:45And everything develops and it has the right to exist.
05:49And we'll see in the future.
05:50Maybe it will be a means of accumulations.
05:52We'll see.
05:53But it's too early to talk about it today.
05:56Does that mean, though, in your view, with regards to crypto, people like Elon Musk, the value of what they hold is worthless?
06:04Do you think that it doesn't mean anything?
06:07And people like Elon Musk, what they have, are they not worth anything?
06:10Why?
06:11It's worth anything.
06:12Is it worth anything?
06:13Is it worth anything?
06:14Is it worth anything?
06:15Is it worth anything?
06:17No.
06:18I believe that it has value, but I don't believe it can be used in oil trade.
06:21In order to emit cryptocurrency, it demands tons of energy.
06:30Yes.
06:31It needs to be used in a traditional way.
06:32And so far, we must use traditional means hydrocarbons.
06:37I know that via your central bank governor, our conversation this summer, she essentially said to me that you're moving away from US dollar denominated assets when it comes to trying to diversify away from the US dollar.
06:52Is that so sanctions have less of a bite to the Russian economy?
06:59I believe that the US makes a huge mistake in using dollars as sanctioned instrument.
07:00I believe that the US makes a huge mistake in using dollars as sanctioned instrument.
07:04I believe that the US makes a huge mistake in using dollars as sanctioned instrument.
07:21I believe that the US makes a huge mistake in using dollars as sanctioned instrument.
07:28And it does so because it impedes US transfers in US currency or buying sanctions production.
07:43So we can acquire money from our clients in dollars.
07:52And what does it lead to?
07:54We are just forced to, we have no other choice but to move to transactions in other currencies.
08:07This is the first thing I wanted to say.
08:10And the second thing I wanted to say is that the US dollar can be used in the same way.
08:27And secondly, other countries who have their reserve currencies or use dollars as a means of payment,
08:32they are also concerned by the situation.
08:34They are concerned that this dollar may be used against them.
08:37And so they do the same, they diminish the role of dollar in their reserves and they move away from using it as a means of payment.
08:53And this is a fact.
08:54As a result, even close partners and allies of the United States move away from dollar as a means of payment, and this is a fact.
09:10As a result, even close partners and allies of the United States move away from dollar as a means of payment, and this is a fact.
09:17And we also do the same.
09:18We diminish the role of dollar in our reserves means of payment, and we try, it's not always successful, but we try to move to making transactions in national currencies.
09:24And in this regard, we can say that the United States is a good thing.
09:25And in this regard, we can say that the United States bites the hand that feeds this.
09:29It did.
09:30Because it is an absolute concurrent advantage of dollar as a means of universal reserve.
09:32And in this regard, we can say that the United States bites the hand that feeds this.
09:36It did.
09:37Because it is an absolute concurrent advantage of dollar in the world's reserve.
09:46And in this regard, we can say that the United States bites the hand that feeds this.
09:51Because it is an absolute concurrent advantage of the dollar in the world's universal reserve.
09:58And this dollar is a competitive advantage.
10:12It is a universal reserve currency.
10:14And the United States today uses it to pursue political situation, immediate political goals, and they harm their strategic and economic interests as a result.
10:25Do you see the U.S. dollar devolving into a currency that isn't the world's reserve currency?
10:33Do you believe that can happen?
10:35You think that the dollar is moving to the path of the world's reserve currency?
10:38Do you think that it is possible?
10:39It is possible to remove its position as a world's reserve currency.
10:43It undermines its position as a world's universal reserve currency.
10:47And the amount of accounts in the dollar is reduced.
10:49And the amount of reserves in the world's reserves in the world's reserve currency is reduced.
10:54And both transactions and reserves in dollars shrink.
10:57But we are not interested in moving completely away from transactions in dollars.
11:06And we are satisfied as of yet to paying in dollars for energy resources, paying for oil, first and foremost.
11:19But if the political policy of the U.S. authorities continues, then we have no choice and we will do nothing, just the U.S. itself will undermine the situation.
11:41And the U.S. national debt is growing.
11:48And once again the U.S. Congress raised the limit for the national debt.
11:56So it means emission.
11:57What is emission?
11:58What does emission mean?
11:59It is the growth of inflation.
12:00The growth of inflation.
12:01And today the U.S. faces record high inflation growth.
12:03So these are economic reasons that undermine trust towards dollars.
12:04So these are economic reasons that undermine trust towards dollars.
12:10Because everyone has a question.
12:11What's next?
12:12Because everyone has a question.
12:13What's next?
12:14What are these economic reasons?
12:15What are the taxes?
12:16What they boot sync.
12:17What will do with these thought?
12:18He means that given the world has many risks.
12:19And today the U.S. faces record high inflation growth.
12:20And today the U.S. faces record high inflation growth.
12:21A factor of the capital relation comparing ...
12:22So these are economic reasons that undermine trust towards dollars.
12:26So these are economic reasons that undermine trust towards dollars.
12:30Corيبezed, everyone has a question What comes next?
12:35Because everyone has a question.
12:40What they will do with this colossal debt?
12:45Will they manipulate somehow the dollar?
12:54Will it diminish the value of the dollar?
13:01What they will do with the debt?
13:03These are of course fundamental questions.
13:08It has nothing to do with us.
13:16It's about the Federal Reserve System's policy and the policy of the US administration.
13:26The United States is the largest economy in the world, very high-tech one.
13:33And the whole world economy depends on the health of the US economy.
13:43And we are interested in seeing no such shocks.
13:49But it doesn't depend on us.
13:51And we closely follow the situation, analyze it and make necessary steps to ensure our own long-term interests.
14:07The President Xi says that you are his best friend.
14:13Does it concern you what you are seeing from the United States with regards to the AUKUS agreement?
14:19Do you think that that's heightening tension with China creating the potential for a new Cold War?
14:25I also believe that the Chinese President is my friend and we have been working a lot with him.
14:43I also believe that the Chinese President is my friend and we have been working a lot with him.
14:53We achieve good results.
14:55In both political cooperation and in the economy.
15:02I believe it benefits both Russian and the Chinese population.
15:10And it creates a balance in international relations.
15:17And the creation of closed blocks, as you have mentioned, the AUKUS block, it of course undermines regional stability.
15:35Because it's good to be friends.
15:42But it's good to be friends against someone.
15:49It's bad to be friends against someone.
15:54It undermines stability that we all talk about and that we all care about.
15:58I hope that what we have done is done, but the situation will not be developed in an unprecedented scenario.
16:08And it will not cause additional pressure in the region.
16:13And the situation is what we see, but I hope that it will not develop in an unprecedented way
16:19and will not create additional problems in the region.
16:21Before I let you go, in terms of your greatest concern, you mentioned inflation.
16:26We now have the prospect of stagflation.
16:28We talked about AUKUS.
16:29We talked about tension in the South China Sea.
16:31What's happened in Afghanistan.
16:32Now we have a gas crisis.
16:34A cornucopia of issues facing the world.
16:37What is your greatest concern today?
16:39Our main problem, our main issue and goal is to increase revenues of our citizens.
16:46This is our main challenge.
16:47This is our main challenge.
16:49We are not going to be able to have a problem with our institutions.
16:50We are not going to be able to be able to get it as easy as possible.
16:51And what is your highest problem with our country?
16:52What is your highest problem with our country?
16:53What is your highest problem with our country?
16:54For us, the most important problem and the most important task that we have to solve
16:56is the use of the citizens.
16:57Our main problem, our main issue and goal is to increase revenues of our citizens.
16:58This is our main challenge.
17:12main challenge. And we are not going to use simple linear methods to solve it.
17:22In order to do so, we need to ensure economic growth and to increase its quality.
17:36These are long-term tasks. We are not going to use populist means to do so.
17:52On the basis of economic growth, we are going to improve the social situation, to increase the revenues of our citizens, and to deal with the second very important task is the demographic situation.
18:04On the basis of economic growth, we are going to improve the social situation, to increase the revenues of our citizens, and to deal with the second very important task is the demographic situation.
18:16And it entails a lot of social issues, health care education, supporting families with children.
18:28And in order to improve the situation, we set out national development goals.
18:40This is a big problem.
18:42This is a big problem.
18:44So these two very important issues, the demographic one and increasing the revenue of our citizens, improving their quality of life, this should be solved on the basis of economic growth.
19:06That's what we are going to do in the near future.
19:13What about Mr. Navalny? Are you interested in improving his quality of life?
19:19What about Mr. Navalny? Are you interested in improving his quality of life?
19:24The citizen that you've mentioned is now in prison.
19:31Not great quality of life.
19:35Not the best, you're right, but he's not alone.
19:39Not the best, you're right, but he's not alone.
19:42There are other people who also violated Russian legislation.
19:47And we are not going to create any exclusive conditions for those who use the political activity as a cover-up of their activities.
20:06I think that I have answered your question.
20:11Mr. President, thank you.
20:13I'm a serious.
20:14I will show you what the answer is.
20:16You're welcome.
20:17I'll be right back.
20:20I'll be right back.
20:21Bye.
20:22Bye.
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20:42Bye.
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