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tv   Counting the Cost  Al Jazeera  February 5, 2022 1:30am-2:01am AST

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and as show us were mining samples were excavated, laredo says she'll lose some of her land to the mine and that what remains will be contaminated in some of not, we're not the ones polluting the environment, let the ones pleating pay the bill, not us. a sentiment shared by many who fear they'll pay the price for europe's green energy. adarine al jazeera and northern portugal sworn everything we're covering right here, al jazeera dot com course you can watch us on live streaming there as well. ah, just a quick look at the main stories this our noun, a spectacular ceremony has opened the beijing winter olympic games. nearly 3000 athletes aren't a strict bubble because of the pandemic. no foreign is able to wash and compete. in addition to tight cove and 19 controls, the games of fraud with political tensions, either allegations of human rights abuses and boycotts. the diplomatic boycott is
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the 1st step and they are more actions should be taken by various governments. the u. s. government has already passed to reger forced labor prevention act, which any effect bands or imports originated from sheen. john, that's a consequential ad to because they are large things made it easy. john, you know, half of the words caught and i made it, and she and john. so i think other governments, the u. k. government, you know, austria, governments should take similar actions to, you know, address the sears humorous violations, internal one foreign visitor who has made it, his rushes, president vladimir putin as the 1st foreign leader to meet china's teaching ping in person. since the start of the pandemic, the past that they shed an unshakable bond with the military concerns of western powers at the top of their agenda, they agreed that nato should and any expansion. the key issue with mounting concern of conflict in ukraine. this through and i was sort of following the european union
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as blacklisted molly's transitional prime minister and members of the military gin to which took over and last year's qu, 5 individuals were hit with travel pads and asset freezes, but not lecount to himself. a semi coit up sanctions were imposed last month by the regional organisation eco ass after the military gentle delayed elections. that would you to take place this month until 2025. we've also been falling developments in morocco where rescue workers are trying to save a young boy who fell into a 30 to meet a deep well, our 5 year old fell into the hole on tuesday evening. and the northern part of the country and crews have been using machines in an attempt to dig him to freedom. officials say they are confident, the boy will be rescued soon. and there is a medical team standing by to carry out initial checks and potential resuscitation . counting the cost is the program coming up next to stay with us?
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ah diets define who we are. but who are we? if we don't know what we're eating in a disturbing investigation into globalized food fraud. people and paula reveals long hidden scandalous practices. the def, infiltrated international wholesale markets and supermarket chains and asks, what's really on our plates. food in glorious food. gone to one out just 0. i had a moment over the brought him, this is counting the cost on al jazeera, your weekly look at the world of business and economics this week the u. s. and his
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allies have doubled down the threat of sanctions and the ukraine standoff. it's a took the resorted to of the past decade or so it bought. do such punishments really bite and what's at stake? also this week, as tension between russia and the west escalades over ukraine, europe's energy supplies in the crosshairs. nato says the continent must diversify its resources away from moscow, but who could fill the gap? and you tariff weapon against the west. the world trade organization authorizes china to retaliate against millions worth of annual american exports. washington says the voting undermines fame. market competition. does it, ah, a build up of russian troops along ukraine's border has kept moscow's rivals on edge wandering. what ready may putin's next move is? russia's president says he doesn't intend to invade ukraine. leaders in western
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capital say he might attack and a one the hi prize if he does order troops in the u. k. the european union and the us have previously imposed russian sanctions and more are expected if diplomacy fails. stock markets reacted to the geo political tension and the standoff is race and fears of a wider economic fought out. us officials have warned of what they called the mother of all sanctions against russia. and bow expected to include measures targeting that move hooton's in a circle, and it's ties to the west. washington and its allies have also been discussing border sanctions against sectors of russia's economy, including banking and energy. the measures meant to hurt the russian economy, but it's fear they'll also affect those of other nations. with the crisis has already pushed the price of oil and gas off, but it goes beyond energy. the cost of metals used for everything from com, making and out of tronics to kitchen,
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where and construction have also increased. so have the prices of wheat and colon on the possibility of a sudden supply crunch. russia and ukraine combined to make up a quarter of global grain exports, and kia has called on the west to avoid spreading panic that could put its economy at risk. when a loss appears to be at stake, to discuss that i'm joined by tatiana oliver, who's the lead emerging markets economist with oxford economics. she's also the founder of emerging all mix and she's joining us from london. very good to have you with us. so what do you make of the possible new sanctions that we've heard about so far from the us and its allies that they have been threatening russia with? well, sometimes the hero, the sanctions can do more damage than the sanctions themselves. and we can see that these 5th of the human infection has already done a lot of damage to the russian markets. however, i think the,
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what we need to see now is the exact warranty or the bill that the us lo, makers of going to approve. and then we will see what the damage these sanctions could do. for example, the gordon, you know, what action russia needs to take with whether the sections will be imposed if russia affects ukraine or if there are cyber attacks or even information campaigns . so we'll be looking at him to the law. yeah. and the u. s. has been debasing imposing factions, not just of russia, invades ukraine, russia attacks ukraine, but actually over the actions that she already mentioned, the cyber attacks, the sort of, you know, information. the information was, the us and its allies have imposed factions against russia in the past. and yet we find ourselves here again after the annexation of crime in 2014. how effective have
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previous sanctions been in deterring russia? well, i wouldn't say they have been very effective. i think that the russian leadership is probably has a long term political goals and it's a building explaining strategy and in order to achieve those goals. so i think it's actually kind of has been general case we manufacture and not just against russia, but also other countries such as been, you swale and iran actually, you know, the sanctions often do not probably bring it as a defect. and sometimes they actually inflict a lot of suffering on the populations. and so the function of the tool which has to used very carefully and given that they do affect people as much as they do governments, could they possibly backfire here and not just affect the russian people. but other than europe to oh yes, i think it's quite possible. i mean,
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if the west to into info impose the harsh sanctions against russia. russia would reply. you know, it's all, all come to the sanctions as it was the case during the conflict of 20142015 when russia actually curved some in woodson from the european union and other countries which involved sanctions game. so as a result, there was some damage to certain european businesses, you know, greek fellows of features or made the oldness of apple watches and poland could no longer send their produce to russia. so i guess some kinds of measures along those lines could also be expected. and in europe itself, united in whatever actions taken against russia, better loan, the us, and europe on the same page. no, no, we haven't seen my student and unity, and there is, 1st of all that
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a lot of divisions in europe itself because the various countries within europe have different degrees of size. is russia economic science of some country, so much stronger. for example, germany has traditionally build these high dependence on russia, russian hydrocarbon supplies. so yes, there is become fee that the u. s. and a europe pound the same page. and what is that? as well as all the uncertainty doing, you know, to markets, how have they been reacting? what is the sort of, you know, not i will say pre war, but the anticipation the uncertainty doing to market sentiment. you, as i said, the fear itself is already affecting the market and here. well, 1st of all, the russia markets going to be 2.21, and in the last few weeks away. but i want to to see here, best of the last few days, actually this situation has come down. and these happened after russia
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reacted in a relatively mild fashion to the us reply to its demand. so i think the markets have great you to start the pricing out to that very quite political premium that was built in during the month of january. and that's interesting. yes, please continue. i was, yes, i was just going to mention that ukrainian market. you're also reacting a lot of concern to these developments. so in the way, you know, even though at the moment there is no open conflict. i mean it's the situation on the border is come, no one is truth killing people, but the markets already react as if there was a war. so ukraine kind of was also affected by this. panic moved and foreign investors started because withdrawing their funds from you bringing markets. all
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right, tatiana and london, thank you very much for your time. thank you. well, as the talk, sanctions goes louder, europe could find itself squeezed on the energy front. it's believe that measures to limit roches ability to export oil and gas would be the most powerful weapon and would hurt the russian economy, but they would cause pain for others. most, most of the europe, russia provides around 30 percent of the european union, natural gas. and if there is a war, you may have to turn to other supplies. the u. s. has been working with all the countries on ways to supply fuel to western europe, nations. if that happens, dominic cane support from berlin. this is the ammo natural gas installation in central russia. one of many such plants is product is pipe to destinations in asia and europe, all of which generates an export revenue of more than $200000000.00 a day for the provide a gas problem. the greatest single market is germany, closely followed by other european countries. cumulatively 128000000000 cubic
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meters of gas flows to the e u. each year, representing around a 3rd of its annual impulse. but what would happen if the ukraine crisis became more war and all of this was suddenly switched off. it's got it, so i don't have, it could be an interruption of guess. whoever was government should weigh carefully whether they really want that was possible to put europe under pressure would eventually tend to liquid guess some of us talk if liquid gas or l n g is a solution. there are a few of these potential suppliers, most notably the u. s. and the state of qatar, while neither could fill the shortfall of so much gas, immediately, one analysts told me qatar might be able to provide a more medium and long term solution that could hurt indeed, did supply europe with a lot more gas in the past. but given the fact that the europeans were not very fond of the way that the contracts are structured, kotor pivoted to asia and now supplies from most of the gas to them rather than the
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europeans should be some se, reconsideration on the european end when it comes to the contractual elements and their compatibility with european energy law, then this might actually change the situation and he's in the medium to long term. from the geopolitical perspective, there are increasingly loud voices in western europe who don't want to be so dependent on russia for the energy supply in new food. but here, because we have to build a foundations of ours over into which means more independence from russia. when i look at are important terms of oil and gas to get, we are not independent from russia. this won't happen overnight. you know, he, you lead us have been clear that a russian act of aggression against ukraine would have dire consequences of president putin and his country. it would mean an end to his hopes of switching on the north stream to gas pipeline. depriving him of tens of billions of dollars in
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revenue, and depriving the you of hundreds of billions of cubic meters of russian gas. the view in berlin isn't such a price is worth paying if it can deter moscow from invasion. ministers here don't want to arm the craniums. they believe the most potent weapon against tutoring is sanctions. no matter the cost dominant cane al jazeera in the german capital. or to discuss all of that on join. now by mike full, would the senior research fellow at oxford institute for energy studies, and he's joining me now from oxford. mister full with thank you for your time. how worried do you think europe is right now about us energy supply? thank you. is where they should, they should be very worried. i think li core, lots of europe supply, not just of gas, coal, and oil as well. come from russia. so there's obviously a lot of uncertainty about the event of any sort of conflict. still isn't ukraine
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as to what might outflows supplies say, it really is a key issue as the other in online is in the press and politics. sions has been working on a contingency plan. was the love tool going the mean years have ministration, has been talking about trying to get more well in gaster lucas, like natural gas to come to, to europe. and that's, that's limited in, to the extent that really so much at the, going to be around the world and that split between and a number of markets including only asia, europe, south america, really markets. so there isn't much l, a g around the world. the moment, while the us has been trying to find a contingency plan, as you mentioned, washington has tried to persuade europe in the past though to buy its gas, but its found few takers. why is that?
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well, i mean, i present true. talked about with freedom, gosh, for your that was a little more towards the audience. i mean, the b, b, u. s. l n g, producer australia because the way that the contracts are structured with the oxide because they're pretty much free to send their gas energy almost anywhere in the world. and they attended to follow the market. so when it was cold and i should, ation prices will holler, a lot of it went on japan crates are warm, china and india. and you know, when, in the last few months last year and part of this year, a lot of records, massive compete europe because the europe in price at the moment so much more. so i think both buyers and sellers like the flexibility, right, the ability to move on g round give them all right. and what about the north stream pipeline to which there's been a lot of attention on it would bring pipe gas from eastern russia to western
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germany. from under the baltic sea, but is that likely to still go ahead of the current environment and to be, i think clearly as is a promise, some the graham in bait in the crime. and that was the project to the complete jeopardy. it's probably likely, politically to start well, there's an actual conflict on an, in the options of that. and so if the saber rattling them, the approach is going to prove no strain to the german regulator as restarted, the process may not the nation so. so the 2nd of this year, just to go to europe, a commission for approval that that's really a robust time. so it could get delayed as the process takes longer, but ultimately,
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legally it will, it will get approved then becomes a political decision as to whether to stop it and not, not could those huge litigation surely, but damages in the course of the sponsor, the project, not just the russians and the possible energy crimes that we're talking about. who do you see at hurting more than you are p and nations, which are so reliant on russia for their gas or russia itself, which sells so much of it's the 5 natural gas to europe and earns revenues promise . well, it's no tell both, man, i think yeah, russia gets a little revenues from exports of oil and gas. oh. and that is not actually would be the prices of last year. so she built up quite a chest of dollars with which to withstand, let's say a short cut off of supplies. so it's got the money. certainly to go to
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that. that's a given. if russia that's from digital supplies, then i spent 30 to 40 years building up a reputation being a reliable supplier. and that's all probably out the window. if. if i could tell supplies, and they've been saying your long term conference off the table and it will be disastrous for your mike, forward and oxford. thank you for your time. again, for more than a quarter of a century, the world trade organization has been meant to serve as an arbiter of commerce, but it has rarely succeeded to not chop any wins. on the contrary, it has often got caught in the crossfire when it's tried to find solutions. the u. s. has repeatedly accused the w. t o of siding the beijing and the dispute between the 2 countries and has demanded it's reform. the trade body is yet again anger and b, u. s. it's authorized china to retaliate against $645000000.00 worth of us imports
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per year. as part of a decade old trade dispute or the us anti subsidy duties on chinese goods. the amount was much less than the $2400000000.00 that china had initially requested. washington said it's impose the tower from products, including solar panels, because they were being dumped on the market to help chinese companies do business . as the 2nd time, the w t o has allowed china to retaliate for us anti dumping taxes and 2019 the arbitrator and our paging to add duties on up to $3600000000.00 worth of us imports . that same year, former president donald trump, blocked the appointment of new judges to the organizations applet body. well, the new ruling comes almost a year after a fragile, but arguably durable trade truth between the us and china. washington and beijing signed a trade pact and 2020, that the moms china increase its buying of u. s. goods. the chinese government has so far fail to meet those purchase
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commitments. president joe biden has kept duty, its own chinese apparel, furniture, and other items. the u. s imposed tower on at least $360000000000.00 a year in chinese made goods. the w t o has said additional tariffs imposed in 2018 by the us on chinese goods violated international trading rules. separately, the e u has fall the case against china at the w t o photography. in lithuania, it says page in with blocking lithuanian imports. the route sparked off lithuania is decision to allow taiwan, which is seen by the chinese government as part of its territory to open a diplomatic outpost in vilnius. china downgraded its diplomatic relations with the way nia, but denies ordering a boycott of the nations goods. i'm joined now by henry gal who is the associate professor at the singapore management university. he's also
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a member of the advisory board of the w t o chairs program. and he's joining us from singapore, mr. gal. very good to have you with us. so how much of a surprise was this decision by the w t o, how much of a when was it for china? well, i guess the decision was not really surprising because this is part of a long rang and dispute. they came back to 10 years ago and the body already wrote us. the substance is 3 years ago. so the decision basically established the quantity, the quantum of damage or china. but the even get it of us actually was ready decided 3 years ago. so i think this is just a mind be true for china. i wouldn't see this is a big win for china. the u. s. s. certainly angered by it, whether they see it as a win or not. and they're saying that this is, you know, the decision reflects erroneous apple. it body interpretations. what do you make of
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that? well, the u. s. has been complaining about b, w q, just to send the system for a long time, especially on to remedies cases where they regard the appellate body is to show public body. for example, to be a serious mistake that minds the other countries ability to a tech or tiny state capitalism and have a long call it or be formed. but personally, i would agree with us review. i think the appellate body actually has made the right decision. ironically, if you look closely at the appellate body decision 3 years ago, i mention audio. actually the parent body in that case, did a try to re adjust the audio of yours for some, probably the body to make it easier for us to have a safeguard. as to have already subsidy ameris against china. so i think the u. s. a complaint, a definite mist directly and you know, the u. s. has been so angry at the w t o in the past that it's actually blocked
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appointments to the athletic body, which is the dispute settlement cost. how much has that hampered the world trade organization and its ability to sol dispute between countries? would you say yes, definitely. i mean, the us a decision to block the appellate body a, another mistake made by the us the cause. ironically, on the one hand, you are seeing that the u. s. has been complaining that china is being body. can all kinds of w your was on the other hand, to the end of my you the w 2 us ability to really and all these rules against china, by removing the appellate body, making the body basically be non existent. so i think the u. s. is kind of a self contradicting if they really want to have, you know, was meant actions against trying the w q. you should definitely bring back the appellate body. do you think that that's likely to happen on the president joe biden? it hasn't happened so far. it was the former president, donald trump,
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who just decided to block appointment from the app and the body could be see some progress now. well, everyone have been waiting since the president of barton team to all the so you go, but i think those of us in the circle have a barn large being disappointed by the actions of the new body animation. because despite be seeing that the u. s. is back under the usaa. so my last one is the steel continue the blockage just we saw the tween for president trump. so i think i've had a boy that would be continued the blockage, at least for a while, and job to get what they want to in the w 2 by the probably the u. s. has not even made it clear, right. know what the one in the w use, so that make solving the problem even more difficult. you're not surprised by the w to a decision later, decision on china. but would you say that it impacts this? you know, a fragile trade truth between the us and china. that we've had some 2020 that is
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a good point to actually because i personally, even though i was not surprised by the decision. but i think this decision providers trying to some expected to get an average in the things that they could use this authorization from the w e q. ready to retire in the us as a kind of a bargaining chip with us, especially as the u. s. now is reviewing china's implementation of the phase one, where most of coming to us would have re and they're trying to build to implement that plan grim it to 46 percent. so i think china could use these to advantage and maybe these would help what we need drugs or mr. guy, we have just a less than a minute left. and i'd like to ask you about lithuania as well. what do you make of the european union taking this case to the w t o over china's actions against lithuania? well, the see? no surprising because the u has been contacting the case for
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a while. and i would argue that eighty's to good that the u. s. is picking the piece to the w because it's much better than simply trying to go back and forth using diplomatic channels. because the definition of walking, i think china, in the case would have probably 5, the national security exception, just like russia did in the case against your grand. so the case would be interesting to watch. i hope that the w 2 panel, what do you need a basic, what are the conditions, need to cite the national security exception in the case henry gal and singapore. thank you very much for your time. my pleasure. and that's our show for this week. get in touch with us by tweeting me at the param and do use the hash tag a j c t c. when you do or drop as an e mail council, the call that ellen just the dot net as i address. but there's more for you online as i'll just 0 dot com slash ctc. that'll take you straight to our page,
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which has individual reports, length and tired episodes for you to catch up on that. for this edition of counting the cost, i'm elizabeth per item from the whole team. thank you for joining us. the news on al jazeera is next the as the world's best athletes to pass the winter olympics staging is bracing itself with the arrival of an estimated 11000 people kind of 0 tolerance corvette strategy . what and despite diplomatic play, quotes, which one is winter game trial will bring you the latest date is 2022 winter olympics on al jazeera egypt, strong man is ruling with an iron fist, and the silence from his allies is deafening. the us was perfectly happy to trade off tomorrow for c, for security. why are western leaders turning a blind eye when even the own citizens have fallen victim to his repression? executions, torture censorship is not acceptable. and you won't hear such strong words from,
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let's say, berlin or paris, or london man in cairo on al jazeera, from international politics to the global pandemic. and everything in between. join me if i take on the large, dismantled misconceptions and of me the contradiction are mark lamond hill and it's hardly get up front on al jazeera ah the bay ging winter olympics begin overshadowed by cove at 19 and a diplomatic boycott over china's human rights records ah, are you watching al jazeera life from to how with me, fully back,
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people also ahead. russia and china present a united front fair leaders commit to a stronger strategic relationship in the face of pressure from the.


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