emily: this is "bloomberg technology and -- technology" and in the next hour, more sanctions against vladimir and those closest to him. we will bring you the latest

from the white house. plus how the war in ukraine is affecting a world-renowned tech sector. we will talk to two employees who have been helping those stationed across ukraine about how it's going down. and $1 billion in losses up for grabs this quarter. all of that in a moment but first a look at the markets, another day of stocks swinging between gains and losses to come as ukraine escalates. tech, actually the underperformer? add to: there is no clear driver other than financial energy sanctions. the s&p 500 is down half of 1%. tech heavy, it tells a story, right? much more significant losses and at the same time crude oil is up , jumping to $116 per barrel and then pulling back, right, about $107.67 per barrel and at one

point that was the highest level , highest price since 2008 and the 10 year yield hovering around 1.85%, a lot to take on board ahead of the jobs data print from this friday. we don't often do this but i want to look at the debt market. come with me to my bloomberg terminal, it's important. this site -- russian search engine, they paid a coupon payment on their dollar bonds and that's important because it is really the first example we have had of a foreign currency coupon payment by a company headquartered in russia and of course subject to financial sanctions, really setting a precedent for what we could see from russian corporate that has issued dollar bonds. important for the market. a market that you and i don't cover that often but on this occasion it is worth looking at. i talked about it with the

underperforming equity markets on thursday. amazon, tesla, down big. a big part of the discussion is working out what the sales exposure of these companies is to russia. but a friend of the show came out thursday saying that even in worst-case scenarios, the sales exposures of these companies is 1% to 2%. taking it down so much with a jobs print on friday where they think about the fed, you wonder if the market is already looking beyond the situation in the ukraine with the economy and outlook for rates in mind. thank you for that. the u.s. says they will be sanctioning vladimir putin -- limiting the travel of 19 families and sanction eight more wealthy individual families. >> we are adding dozens of names to the list, including one of russia's wealthiest billionaires. i am not banning travel to

america -- we are banning travel to america by these oligarchs and their close associates. anne-marie, how much more pressure will this put on vladimir putin? >> we don't know yet but the strategy is to put pressure on the megarich of russia to try to see if they could potentially move the dial, the calculus to get him to withdraw on his invasion of ukraine. given the fact that he already spoke today and left a call not thinking that it would be possible, we heard the president talk about going after the richest person, likely one of the richest, with his yacht and private plane, but other individuals on the list, his longtime aide for years that he has worked with, dimitri petrov.

then you have individuals like rosenberg. this was a big story last year when the opposition leader made this widely viewed youtube leader about the putin palace that he spent billions on. that individual came out and said i'm actually the beneficiary of that. these individuals are close to the president and the u.s. thinks he can potentially change the calculus. there also seems to be a feud around cutting off russian oil inflow -- russian oil imports in congress. >> nancy pelosi says to ban it all now but they said they are not ready to do that and think that strategically it doesn't make sense. prices going up, it gets to the heart of what this administration is challenged by at home, higher inflation with higher gasoline prices.

by and large the u.s. imports 600,000 barrels of russian crude. maybe eight percent when you consider all the other products as well, not just hardcore barrels of crude, but the issue now is that that is probably much less because refiners are shutting it all in their own, they don't want to be seen buying these assets. anne-marie, thank you for that update. ukraine, home to a deep bench of tech talent. we are going to talk to two of them next and take you to western ukraine, where one engineer is helping to keep his team safe across the country. this is bloomberg. ♪

emily: despite the relentless onslaught of russian forces, the ukrainian vital tech sector is still operating. working around-the-clock to keep their own employees safe. i want to bring in two of those tech leaders now. we have the cofounder of rarefied, and the founder of the blockchain center distributive labs, who just helped his team members get out of the city of kharkiv. you're holding up your phone in front of your face there, where you are hunker down. i would love for you to talk to us about what you are experiencing their. i know that you are in a city called [indiscernible] that has been quiet until now. how are you doing and what is the situation there? >> the situation is ok.

but you know, seven days ago i woke from the rockets and explosions in kyiv. that was an experience. still big tart -- big parts of my team are experiencing this, kharkiv was all over the news because russians demolished the city. so, today, yesterday, tomorrow, we are advocating for the team and the people who need us. emily: thank you so much for taking the time to talk to us about what you are experiencing. my heart goes out to you and your team. i know that you left ukraine for safety in georgia to weeks ago but you still have employees and developers there. what are they telling you right now? >> as you can see, i'm trying to manage from outside the country. it's been kind of a challenge as well. but i want to like thank the

community. there is a huge coordination among the developing community. in terms of even evacuating, living, and coordinating this process, overall what we have seen is a huge help. previously it was about inviting the speakers in the ukraine and really showing that we are building our coordination in terms of who needs what. that's a huge help. especially for me outside trying to manage all of that and get help on hand. emily: i know you are working around-the-clock the clock to help your employees get to safer places. how hard is it to get out? the logistical challenges you are dealing with, i know that they are leaving everything they know, it is only because he, they won't have access

necessarily to a consistent supply of food or medication. >> basically there are a few challenges. there's a shortage of taxi drivers or anyone who can deliver anything. the prices went up like 15 times. for normal people it's just like impossible to pay. for i.t. people it still possible but an expensive operation. plus the marshall laws, like you cannot stay outside after 6:00 or in some cities after 4:00. yeah, logistics, it needs to be finished before the day starts at 6 a.m. and in some places, one developer just called to say i need a way out because our home has no electricity, no heat, no gas because it was bombed.

he needs to escape tomorrow. this type of stuff that we have right now, we're under heavy fire. there are some other cities that are even worse, but kharkiv is a very big city, approximately like 50,000 developers are there. the business has been disrupted, but our clients are supporting us, sending us money to donate, we donate to people in need. it is a fortune currently to buy like bread. but not everything you can buy with money. that's the truth that comes in a war, money doesn't save you. emily: i know that you are working to support your developers on the ground and there has been a incredible means of internal communication in the way that you all come

together. how are you organizing? is it minute by minute, second by second? >> the first thing that comes is every morning you wake up and try to figure out what happened. this is the most kind of strange moment, when you wake up and you don't know what happened over the hours you were asleep. trying to like reach out to the group chats and find out who bombed where, seeing like how close they were to the places you spent the night. this coordination is like a couple of times over the day and especially when somebody leaves and tomorrow a developer might limit it, it's a kind of challenge. is it going to happen? what time will they be able to get to the other city? there's a lot of risk and uncertainty and i'm trying to keep the momentum around

controlling and understanding who is at what stage. emily: i understand some of your employees have expressed wanting to fight for your country. are you being asked to fight? are they taking up arms? >> actually, there are lots of people who want to fight. if you don't have experience, they won't let you. so, like yeah, many companies were afraid that their people would be enthralled to army, but actually, yeah, very little amounts. unexperienced people won't go there. spirit here, they just bombed that and surprisingly, like kharkiv, it was always considered like, they speak russian and it was a kind of friendly city. now the russians demolished it more than the other cities. that kind of made people wonder

like, if what they supported in the past was really kind of not good. so yeah. for more and more people they are willing to go to the army and they know many who come from abroad to fight. like the ukrainians that came from abroad. so that's the situation. everybody is helping. emily: your wife i understand is there with you and isn't leaving the country, she's making supplies for the army. can you tell us about the decision, deciding to stay rather than leave when leaving could be safer? >> we are all in the same boat. if you leave your home once, you leave your home twice. the third time, it will never end, you know? like the

apartment that was bombed the day before yesterday. i was living in the same area in two apartments. one of them i sold to a guy who moved from a place that had already been heavily destroyed. when the russians first came. and now here, it's the same. if you move another time, they come and take something from their. like surprisingly, we have a georgian here, they experience to this twice. so yeah, it will never stop if you don't fight. emily: the ukrainian government has been so crypto forward, excepting crypto donations. i know that you experienced blockchain and nft technology. some of the way that the ukrainian government has accepted these donations, to come up with this idea, it's

been pretty incredible. what is it about ukraine and the deep bench of tech talent there, like yourself, that has enabled the country to do it? >> ukraine is one of the greatest countries. the people who are tech savvy in a blockchain space, we are now this crypto community, as we call each other. it has been superstrong. it has been a source of outsourcing. i can proudly say that the same communities, building and fighting at the same time, we will continue doing it until we win.

the crypto has become like why did you even think before about funding these campaigns and the people who are in need of that, really enabling the donations. that community assisting that. 30 million have an modal -- mobilized over that time. it shows how the crypto community and support from the outside of that particular space is. ed: it has -- emily: it has been incredibly powerful to hear your story and how you fight to keep your employees safe and work and run your companies. thank you for taking the time to stop and share your stories with us. we hope that you stay safe. alright, coming up we are heading to singapore.

one company continues to push towards profitability as the pandemic drags on. that is next. this is bloomberg. ♪

emily: the effects of the pandemic, still being felt. grab reported mounting losses in the latest earnings results with $1 billion lost for the quarter. joining me now, the president of grab. you are based in singapore that announced rare unilateral sanctions on russia. what do you think of their response so far and how the world community is really rallying against russia? >> emily, thank you very much for having me on here. it goes without saying that our hearts go out to everyone who has been affected. we do have a few grabbers in the region and we are doing everything we can.

you are right, the covid impact has been severe. we are seeing tangential impacts on a global basis and frankly despite that i think we feel very happy with a lot of the performance that we have achieved in spite of the lockdowns and the turmoil. 2021 was our best year ever. we exceeded guidance on gmb, revenues grew. we delivered guidance. in terms of southeast asia it's clear that our strategy is working. users are spending more, customers are spending close to five times what they spent when they first joined. with customers that use three or more services. we are focused on building value in the short term long-term and

unlocking a tremendous market opportunity here. it's the only regional super app that is the right one for us. emily: many of these workers at this time are part-time workers with little rights. how do you factor that into the future of the company? emily: the key -- >> the key for us is creating true economic empowerment across asia and these are the driver partners and restaurant partners that we have worked with in food delivery and the key for us is how do we provide the largest income opportunities for drivers and merchants over time? i key aspect for that is executing the strategy that is a cross sell, selling multiple services to consumers and i think that is the best way to

continue for us empowering economic stability for the region. emily: the war in ukraine is only escalating. there is concern that it could lead to rising food prices with supply chain issues getting worse. how is grab impacted by that and preparing for that? >> it's too early to see but we are monitoring gas and oil prices in a direct way. also monitoring food costs in the effects of inflation across southeast asia and if i step back for a second, the key for us as a platform is how do we provide the lowest-cost services to merchants, drivers, and consumers? if we can ultimately do that, then i think sustainability will

be on the platform. a quick example. when we look at the total segment adjusted, we have improved by 50% from 2020 to 2021. -2% loss in 2022 2021 and i think a large part of that is by driving continued cost-reduction on the platform which ultimately is shared with our partners, restaurants, and drivers. emily: all right, we -- thank you for joining us. we will see how grab continues to weather the storm. coming up we take a look at what it's like to fleet ukraine through the eyes of those going through it. plus what it's like to be a child of war. later, crypto and war, more on the role of crypto in the russian invasion and how exchanges can navigate the crisis. this is bloomberg. ♪

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emily: it is estimated that more than one million refugees have now left ukraine. many fleeing to poland leaving behind a cloud of uncertainty on one victim return and what they will return to. our guest is in poland and spoke to those leaving it all behind. >> i saw a lot of damages.

i don't see my kyiv as it was earlier. >> at the main train station, poland is experiencing an influx of refugees from the war over there side of the border. we have seen people come from kyiv and other parts of the country arrive in poland in the eu and this is something that is happening in a lot of places around the eu border with ukraine. >> we are frightened. we just left kyiv with my son. i hope that he will come here. >> in ukraine i left my husband. i come to poland with my daughter and my friends. we are going to germany today.

i don't know how many times we stay there. parks we have also heard about people who are not ukrainian citizens but reliving in the country at the time the war began discussing the fact they found it harder to leave the country because they were not ukrainian. >> they were pushing us and trying to stop us from entering the train and allowing the ukrainians to go. when we arrived at the border, they took my wife and child away so i had to wait. i stood there for three or four hours before they had to come. it was really stressful. it took me two days to get to poland. living in ukraine was very

stressful and i didn't want to leave because all my life was there. we left everything in ukraine. if the war continues in ukraine, i don't know what will happen. now, they're telling us you can only spend 14 days here. >> they have said that any sort of discrimination against people from third world countries would not be acceptable under the geneva convention. people are getting hot food and sim cards to stay in touch with their families back home. to see if they are able to stay in poland or find lives in other parts of the eu. >> i hope that we will return soon because i did not want to leave. i want to be home.

unfortunately, in the situation we are hoping that it will and soon. >> at this moment, i don't see the opportunity to return. emily: i want to bring in the ceo of a company that just launched a new accelerator. want to start off by asking a little bit about your family history, because you grew up in the war. what is it like watching the images and seeing ukraine under attack? parks thank you for having me. it's really tough. for me, it is personal because i was seven years old living in iran when iraq invaded us.

for the next five years, there was an ever present since of fear. as a child, not just the fear but seeing the grown-ups be afraid. seeing your parents be stressed out or anxious. not knowing what's going to happen next is difficult for children. on the bright side, my twin brother and i were lucky because we were amongst the only kids in the country to have a computer. that was a way for us to create our own world. that was an enormous comfort for us.

>> you both founded a company which -- do you have any advice for parents or children there? >> if i can brag about my brother, he has led the organization to have so much impact. kids around the world are now able to program and it is not just a skill that helps them think but also helps them cope. ukraine alone, 6.5 million kids use the website. that's a large number. having that escape is i'm sure comforting to them. war is terrible and it needs to stop, but their kids coding and a rock which is been occupied --

in iraq and yemen. those are wars that i don't think americans support either, but they are wars that our government has been supporting. the fact is that these kids are innocent regardless of their skin color or how they were born or where they were born and it's not fair for them to have to pay a price because of these wars. >> i know one of the most important things to you has been to find tech challenges and give them the tools to succeed. you have launched a new accelerator. what is the goal and how will it work in the context of other opportunities that exist? >> my own path was very much the american dream. i came to america with not very much other than the ability to

program. that enabled me to have the power to create and program you can create apps and build a company. i started a company when i was 23 and became successful. today, kids who are graduating from college with that ability can create the companies of the future. we just announced this company aiming specifically for relatively young engineering leaders one to four years out of college to give them enter ship to help them build startups. it is a three month program with our retreat in oregon to kick it off.

it will culminate at the end of the program to pitch other software engineers to join your team to help you with recruiting. >> it has been described as the anti--- which is a long-established that has been operating here for years. what do you think they're doing wrong and how will you do some of those eggs differently? parks it is an incredible and amazing organization. it's incredibly inspiring. i would say it is not an exaggeration to say it is one of the most impactful organizations of the 21st century if you look at all of the companies that respond. i don't think they are doing something wrong.

the startup world has expanded and become more vibrant, there is room for different investors to support different types of companies. the primary focus or the culmination of the program is to help with fundraising. it appeals to companies that are struggling with fundraising. as access to capital -- capital has become more abundant distri. . --

we are excited to watch you start a new chapter in silicon valley history. thank you so much for joining us and for sharing your personal story. coming up, how crypto exchanges can navigate. talking about crypto exchanges responsibility as sanctions keep piling up. russia and cryptocurrency can be truly regarded as a safe haven.

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emily: cryptocurrencies have reasserted themselves as a refuge in recent days. bitcoin is starting to lose some steam. i want to bring in my next guest to talk about this more. the chief strategy officer. what do you make about this back-and-forth and up and down?

is bitcoin a safe haven or not? parks i wish this were under becker -- better circumstances. not only do we have the conflict happening in europe, but we also have the canadian truckers and their assets in the financial system getting cut off. at the end of the day, what we are seeing here is a growing awareness around the world that for the first time, people citizens who are the victims of wars fought by superpowers they have a choice. bitcoin and cryptocurrencies are nonpolitical global money and we are seeing an increase in trading activity in ukraine and russia. also a lot of the activities coming from the u.s., maybe this is the start of bitcoin no longer being a risk on asset.

but potentially over time becoming risk off. a couple of weeks is not enough time for that to pay out. in the coming months and years, we will certainly be able to have a lot more data that allows us to more definitively prove that relationship. emily: crypto exchanges have said they will comply with sanctions but not do a blanket ban on all russian users. what do you make of how they are navigating this and can they differentiate between russian tycoons and everyday russians? >> that's a great question. 2018 is when we saw treasury issue the first sanction against the bitcoin wallet address. one of the interesting challenges is the bitcoin wallet address is just a string of characters. you can attach it to a person. any time you want to interact with the legacy financial system

with fiat currency, that is the money that oligarchs and tycoons have to use by fuel. you are interacting with a financial institution which will do a lot of background checks and gather data on who you are. at the end of the day, the stance that many have taken is they are going to comply with the rules and at the end of the day, private citizens in ukraine and russia and any part of the world that are not subject to sanctions should be allowed to use these platforms just as they have in the past. anyone who is the subject of an official sanction, anyone on a list will be blocked. what will happen is much more challenging to control. at the end of the day, it's very difficult to move millions hundreds of millions of dollars in and out of crypto without touching the legacy financial institution. emily: after raising $47 million

via cryptocurrency, ukraine has been so crypto forward accessing all of these new technologies, some of these things would be unheard of in the united states. they said they would airdrop rewards to those who contributed then they said they are canceling that, but now they are talking about optioning off nft's. what do you make of their use and exploration of new technology? parks i think it is absolutely incredible. over 35,000 different wallet addresses have given $50 million in aid to the government of ukraine. it has been real-time with settlement to this wallet address owned by the ukrainian government. they have raised war bonds and received military eight. while 50 million is not a huge number, it can really make a

difference. what's cool about this to me is anyone in the world could give money. this is nonpolitical global money that is transferred on the internet so anyone with an internet connection whether they live in africa, southeast asia, and the u.s., they can send money either via an intermediary or their own wallet. that's really exciting. it brings a lot of transparency in terms of where the donations are going. we are not shipping pallets of cash into these countries just what has been done in the past. we are able to confirm that these funds are going to the government and what's really exciting is in a matter of hours, decentralized exchange protocol was able to spin up a new product that could allow people to convert any token into their nation that would send to the ukrainian government. the fact that we can do this in hours is incredible the fact that the crypto community has mobilized around this is incredibly exciting. i think ukraine embracing this

is acknowledgment that the world supporting the people of ukraine. the world wants to help and whether they get a token or an nft indicating their support, we buy things all the time. people buy poppies on remembrance day. they buy stickers to denote their support of specific causes. on the internet, we might buy nsc's or donate to get show our support. >> i appreciate you putting this into context. it has been amazing to see how crane has taken advantage of this technology. coming up, and about-face for rivian after being hit with a number of cancellations. this is bloomberg. ♪

emily: shares of rivian dropping to another record low after it you turned on prices. this after they announced it would boost a price by 70%. joining us now ed ludlow. where do we stand? >> the prices are rising if you order today. any preorders before march 1 will pay the original prices. there were a number of translations. they wouldn't tell me how many, but you can find upset customers on twitter. when they first launched product, the pickup truck was $67,500. if you ordered before march the

first, you will pay that price. going forward, 17% more almost $80,000, it's a big jump. emily: i still understand why they thought they could raise the prices on people who order to many -- two years ago. their customers being upset which i do understand. talk to us about why this matters. >> you saw the quote from the ceo. he wrote a letter to customers saying that this is supply problems. semi conductor shortage, rising input costs. they had to do something. they just got it wrong in the way they went about it making it relevant to preorder