Sanctions Working When Putin Seeks Diplomacy: Haass

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April 17 (Bloomberg) -- Richard Haass, president at Council on Foreign Relations, examines the impact of sanctions against Russia and how the U.S. is responding to the crisis on Bloomberg Television’s “Bloomberg Surveillance.”

Symbolism of this moment in russia, his speaking amicably, it seems.

We don't do that, do we?

He is approaching the ukraine through the lens of how it plays at home.

This has boosted his ratings so far.

But at some point it will stop working well at home and that means economic sanctions get more serious and start kicking in.

There are signs of weakening on the u.s. economy, -- on the russian economy, the stock market is going down and this will start to accelerate if we have new sanctions.

The house on foreign relations has been way out front with linking economic and capital flows to the policy of the moment.

How tightly linked are these?

They say that they have lost 70 billion and vladimir putin, thank for this and thank god for that.

How linked are these moments?

They are very connected and -- the scale of the action is too modest to shape his consequences but we will know something, we begin with that story on diplomacy.

If putin wants to show real interest in diplomacy rather than a delight, that will probably the first indicator that the sanctions have been incurred.

We are trying to put pressure on food and with sanctions -- putin with sanctions.

What motions in russia would be a check or balance for putin?

It is basically putin and a gang that run things and some individuals get sanctioned, particularly heads of oil companies, that would have an impact.

And the court of popular opinion, we should be much more public and what we are doing with the price he is costing the russian people and his personal wealth.

We want to make him and his policies more of a story, he will not continue to ride this nationalist wave forever.

And there is a possible strategic response that we have had here, eric gagne's about launching financial war against russia.

What do we do to put pressure on russia?

We get target financial institutions like we did against iran.

In the long run, it is weaning europe off of energy dependence in russia.

Commenting on this at a question for the ambassador, you're a student of this and you studied it on wall street, but you really studied this, didn't you?

I studied human behavior and one person i don't understand is putin.

Unless he is on a campaign of continuing to offend these pieces of territory he is interested in, and the opposition, are you comfortable with his response so far?

It seems to be measured and he has not made a big deal about the cost to the russian people, or made a big deal out of putin's wealth, are you satisfied with the president's response so far?

I would ratchet up -- ratchet up the response to what have seen and take another step, not the most important thing -- the most important thing for secretary john kerry to do would talk to the europeans and come up with a common approach to hurt russia.

Should they use john mccain?

He was out this last weekend, really striving -- does richard haass support the rhetoric of john mccain?

You don't want the ukraine to go to war with russia, they depend on different levels and we do not want to introduce nato to the equation, but we do need to strengthen internal capabilities for the ukraine so they can deal with the locals who the russians are propping up.

I want to get your morning must read from the "wall street journal." 25 years after the fall of the berlin wall, -- the post-cold war west stands on led by the american president.

" is that too harsh?

That is harsh because the united states is working to gather this response.

Let's keep it straight, russia is not a great power and they don't have these kinds of capabilities.

This is a local challenge and we should meet this in a very focused way, with sanctions and strengthening the ukraine and building up nato a little bit and getting going on the energy front.

Russia is a one-dimensional economy.

Let's go after that dimension.

Is it the clinical appetite of europe to enforce those sanctions, or companies based in germany or italy -- the answer is, not yet.

France and italy, because of exports and britain because of the wood -- their financial institutions.

You think we should start exporting oil?

And we should expedite natural gas.

That would be important for the market.

As we go into the weekend, is richard haass willing to say that the ukraine is in a civil war and was this bull run that we saw last night?

The question is where the russians decide to go, will they continue to press this or go back?

Looking at the ukraine as stable, kiev and the west, but the eastern ukraine is in play.

I cannot say -- your essay a few weeks ago on hydrocarbons, and what we need to do i thought was just brilliant.

What do we need to see from obama this weekend?

I would call for tougher sanctions against vladimir putin, and his inner circle and in particular something on american energy policy.

This is a major opportunity to adjust our policy, that we have moved from energy scarcity.

Richard haass and william: as well, aipac our.

Pepsico just beat earnings estimates.

We will go to the cfo when we get back on "surveillance."

This text has been automatically generated. It may not be 100% accurate.

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