agree to his demands of fighting to and. hopes for progress in the meeting are low. the location of the talks has not been disclosed. the first and second rounds took place in belarus. some alarming news about the long-lasting impacts of covid-19. research found that even a mild case of covid can damage the brain and thinking. they found the damage including in the region linked to smell and shrinkage and size was equivalent to a decade of normal aging. the biden administration was to enact stringent new emissions regulations for large trucks. the environmental protection agency is proposing to cut nitrogen oxide emissions from heavy trucks to roughly 90% below current standards beginning as soon as 2027. the regulations have drawn pushback from the industry and says it is already facing a shortage of drivers and is

rushing to ease a supply chain crunch. new york subways are still only a little more than half full, two years after the pandemic began. the head of the metropolitan transportation authority, who took the helm of the largest transportation network in july, says he is preparing for a future where millions of writers just do not return. they are looking for other ways to make up the lost money. he estimates mta fear revenue this year will be $1.5 billion short of what it was before the pandemic. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. ♪ matt: good afternoon from new

york where it is 1:00, 6:00 in london 2:00 a.m. in hong kong. ,i'm matt miller. welcome to bloomberg markets. here are the top stories we are following from around the world. in the red. risk off groups markets as investors eye surging energy costs, slower growth, and uncertain the over the war in ukraine. stuart kaiser joins us momentarily with his thoughts. and we will do a deep dive into wheel and gas, as brent sits at almost $125 a barrel, texas intermediate above 120. michael tran will join us from rbc capital markets. and the latest on the white house response to russia, as the biden administration ways to go it alone or not, banning russian oil imports. dramatic moves in the markets, as the s&p sells off almost 2%. 4245. it is really risk off.

investors going into havens, buying the dollar, buying treasuries this morning but that has leveled out. volume gold as well. the nasdaq down 2% as well. by buying tapered off and now selling a little bit, pushing the yield up to a seven handle. nymex crude is the headline today, yesterday, last week. we have seen these giant jumps on crude oil over concern of supply as russia invades ukraine, and now the war about to hit its two-week mark. new york at 120.37. something that caught my eye tied to all of this is the volatility we have seen on the other side of the atlantic ocean. when you compared europe to the u.s., europe is surging ahead in terms of volatility. that is this line in blue. the vix is in white, only at 34

compared to the 48 we see in european stocks. of course, they are much more dependent on russian oil and gas, and as a result, we had dips in equity benchmarks this morning of 3% and 4%. they have since recovered to some extent but massive volatility in european markets compared to the slow and steady selloff we have seen in the u.s. earlier today, francine lacqua caught up with david herro, who warns not to overstate the importance of the russian economy on the rest of the world especially when it comes to european banks which sold off heavily this morning. >> you have seen an extreme price reaction. in fact, there was some research last week that showed this period since the invasion, you have an equivalent price movement as you had in the

pandemic. this basket has been slaughtered. to some degree, i think it is well overdone. matt: joining us for his perspective is stuart kaiser, head of equity derivatives research at ubs. thanks for joining us. we heard from david, from a lot of market participants this morning, that the selloff that we saw at that time was a little bit overdone beyond the fundamentals. is this kind of volatility here to stay? stuart: thanks for having me on. we think the volatility is here to stay for the short-term, but beyond that it is hard to have any visibility. you could argue that the russian economy is not that large in a global sense, but the price of oil is a global commodity. that is a huge input into the global economy. what you are seeing in europe is the market pricing in upside inflation risk, downside growth

risks to the surge in we have had. in addition to that, central bank policy, geopolitical event that has a long tail that i don't think anybody can credibly have any clear advantage on. matt: the upside inflation risks, we had those in, it is the downside in growth that is the concern. how bad can it be? stuart: i agree, i think inflation was relatively well discounted, but the surge in oil has the potential to raise the peak of inflation and push out into the future. the growth impact will depend on how high the price of oil gets, how persistent it is. you could have a reasonably solid impact on european gdp growth. in the u.s. alone, we have taken our gdp assumptions 25 basis points.

the u.s. economy is an arms length from this as a net exporter of petroleum products. if we are down 25 basis points on this move in oil, you can imagine it might be multiples of that in europe. matt: we had a great opinion piece this morning pointing out that, although we face this inflation risk, although consumer confidence is at lows, ceo confidence is still high. companies intend to invest in terms of capex, hiring plans are at the strongest they have been in in decades. is that tailwind enough to carry us through the uncertainty of war, or do we get tripped up on this ukraine issue? stuart: it's a definite positive that companies are still buying back shares, planning to invest in capex. earnings will probably decelerate later this year, but for the last eight quarters,

since the bottom of the pandemic, we have been posting in eps, quarterly estimates. it is good to have a strong corporate sector that is investing. it is a positive, particularly the u.s., to help us get through this. big picture, if you are going into a more type of scenario, that will eventually impact corporate sentiment as it does consumer sentiment. matt: what can you see from the derivatives side to help us better forecast short-term future in terms of risk assets? what are the options tell you right now? stuart: probably the last 10 days have told you that the equity risk premium in europe is accelerating higher. you mentioned european vol relative to american vol, at its widest since 2016. vix around 34.

the three to six-month volatility is also extremely high. the market has told you there is a lot of risk in the near term. we are not sure when this will resolve itself. and you are starting to see that priced into derivatives markets. we saw this during the china trade war, during covid, where you have these massive growth and inflation risks that have uncertain timing and no clear path to resolution. when that happens, the vol market tend to at a premium. matt: how would you compare this to those two other instances of vol? especially the pandemic, the uncertainty there had to be a different level because you had the global economy essentially shutting itself down. stuart: the uncertainty was larger, but as governments proved, there was a way through that, through fiscal spending,

income support, things of that nature. this is more of a violent war situation. there is a lack of understanding on investors on what the actual resolution to this is. what is the offramp? is that offramp going somewhere that they want to end up? the pandemic was a health scare, but on the economic side, governments stepped up to pave over that pothole. it is not clear what a resolution here would be, what governments can do to take that tail risk off the table the way they did during covid. matt: what are you watching at ubs, what is on your dashboard right now? are you looking at funding issues, libor ois spread? what data points are most important to you? stuart: we are certainly keeping our eyes on the markets, twos intends -- 2s and 10s.

it is the oil price that is captured most folks attention. we did a ton of volatility in the rates market last week, and you cannot ignore that, but to me it is the price of oil, number one, and then what you mentioned earlier, looking at the relative pricing risk in europe compared to the u.s., and then money markets. that is what will be dominating my screens at the moment. matt: thanks for joining us, stuart kaiser, the head of equity derivatives research at ubs. coming up, the latest on the back and forth between congress and the administration on possible bans of russian oil. that is front and center. this is bloomberg. ♪

>> we are in a commodities squeeze already before this happened, which is why it is so dramatic. if you really started to we organize toward more capacity, he would begin to see an impact toward the end of the year. matt: this is bloomberg markets. i'm matt miller. that was paul sankey earlier

today. governments around the world are grappling with how to address soaring oil prices. the biden administration is said to be considering whether to prohibit russian oil imports into the u.s. without the participation of allies in europe, at least initially. the question is with the drive prices up, do we even import that much russian oil? it is a very fungible asset. let's go to an expert on both of those issues, the white house and the oil market. annmarie hordern joins us from washington, d.c.. what do we know about the plans right now as they stand, the biden administration and what they want to do on capitol hill. annmarie: that was our colleague reported on friday but it would be unilateral. we heard from all of schulz in germany saying europe is too reliant on that gas. they may want to move in the

future to reduce that reliance, it cannot happen overnight. it is hard-pressed to find in washington a lot of bipartisanship but you do on this issue. lawmakers on both sides of the aisle agree that the u.s. should ban the imports of russian crude. you were talking about how much is it. it is 3% when talking about pure crude products about 8% when you look at other fossil fuel products. this was quite the feat for the kremlin. something president putin wanted to do, he wanted to kill the u.s. shale industry, and they kind of did that during the price war 2020. the kremlin love the idea that the u.s. was importing russian crude. but if they come out and make this ban, it would be a ban that has been going on for days. markets and refiners have been shutting this, so the politicians are behind the market. matt: you make a great point,

one that we've been hearing. even if it is not officially banned, we hear about shippers that don't want to move russian oil, banks that don't want to fund the purchase, traders that are stuck with it, having trouble selling it for a half or even a quarter of the price of the open market. but as you well know, oil is fairly fungible. one barrel can be replaced by another one from different places. of course, there are different grades, so not completely fungible. even if we are not importing a lot now, this ban would still drive the price higher, wouldn't it? annmarie: you saw that immediately when the prices opened overnight. secretary of state blinken going on the sunday shows in america talking about the fact that the u.s. is talking with european partners about this. i think you saw the price spike,

and then it started to quell when the market realized it is not europe that is so far along in having this idea that they will be able to overnight shun fossil fuels from russia. but the u.s. going it alone is probably something the market has already realized. it's already been happening. then you had reports over the weekend of u.s. officials going to venezuela. they could easily move those russian-grady to venezuelan-grade crude. matt: olaf scholz is speaking at a party event right now, saying that germany is ready to take more steps to offset higher energy bills, so playing to the population there. meanwhile, out of the european union, a headline that the eu wants to cut dependence on russian gas by almost 80% in 2022. the eu has wanted to cut dependence on russian gas for many years.

one of the biggest problems has been the biggest economy in europe, germany, was building pipelines with russia, not really entertaining that idea. how do you square that circle? annmarie: it looks like nord stream 2 is dead, the german government not moving ahead with certification and the u.s. sanctioning it. i believe that pipeline is done. i think there is gas in it but it is not flowing. if they want to lose their dependents by 80%, europe only to have a lot more lng terminals, will have to use pipelines from outside of russia, maybe the iberian peninsula, belarus, greece, and will have to put more money toward renewables quicker. you lived there, you know, what they been doing the past 10 years, they have been ratcheting down on nuclear and coal, went all in on russian gas. now they have to make a reversal. matt: and the eu is fairly

toothless in this sense, member states aside their own energy policy. it doesn't really matter all that much what brussels wants to do. thanks for joining us, annmarie hordern, coming to us from washington, d.c. where she covers the administration and politics, has covered opec for us in the past, so she is the perfect person to talk to on these issues. the s&p 500 currently moving down 2.75%. this is bloomberg. ♪

matt: over one point 5 million civilians have fled their homes in ukraine since russia invaded, which could result in an uptick in covid cases in neighboring countries, as refugees continue to flow through the borders. joining us now is rupali limaye,

associate scientists at the johns hopkins bloomberg school of public health. thanks for joining us. what do we know about the health care crisis here? i am sure a lot of hospitals and health care workers have had to put their duties on hold as they are being shelled by russians in civilian areas. this is forcing at least one point 5 million people to move across borders. have they been vaccinated, are they contagious, are they carrying covid across borders? what do we know? rupali: the estimate of 1.5 million, that is a conservative estimate. probably more have had to flee that we could not track. the biggest concern for any refugees living in the country is that they are generally being moved into camps or other congress settings which are breeding grounds unfortunately

for infectious disease, including covid. previous to the invasion, ukraine had a pretty low vaccine coverage rate, less than 40% of adult were vaccinated. omicron was also peaking right before the invasion. unfortunately what we will see in the next few weeks and months is an increase in cases. we also know hospitals are running out of supplies, so it is a dire situation over there now. matt: what are you hearing about fund, volunteer efforts, charities, red cross trying to get health to these people that are just being forced out of their homes? rupali: there have been a number of partners that have stepped in, trying to help especially with the countries where ukrainians are fleeing to. however, the bigger issue is how we get medical supplies to ukraine itself as they are being shelled and bombed. there are still individuals and families that have stayed behind.

we have seen from coverage, children that are hospitalized, now in bomb shelters, being treated in these makeshift bomb shelters because they cannot leave. while there are a number of partners that have stepped up, i think the bigger concern is how we can continue and sustain that, make sure that those who stayed behind in ukraine, that we can reach them as well. matt: what is the biggest source of help for ukraine's right now? in a wartime situation, the red cross? rupali: the red cross, doctors without borders. i know both of those organizations also work with local charities and organizations that are more ukrainian. ngo's, for example, are something that families could reach out to. the difficulty is finding these organization providing the help, and where are they right now? simply because everything is changing by the day. matt: a tragic situation, and we

need to keep in mind, there are over 40 million people living in ukraine. possibly a couple million already have been forced out to neighboring countries. thank you to rupali limaye, from the johns hopkins bloomberg school of public health, supported by michael bloomberg. the s&p 500 down 2.1%. it looks like we got down to session those of about 2.33% on the downside. we will continue to focus on what is driving those losses, and that is oil. prices rising as the u.s. considers a ban on crude imports from russia. we will get insight from michael tran at rbc.

mark: the white house is being urged to do even more about

covid with the global death toll now topping 6 million. dozens of experts including former members of the -- covid task force have come out with a 136 page report warning against complacency in the fight against coronavirus. the washington reports -- washington post reports they are making 250 recommendations including vaccinating 85% of americans and restoring trust in the cdc. the european union's executive arm is mapping out a path to end the reliance on russian gas. bloomberg has learned that could see import needs cut by almost 80% this year. the european commission is revising its energy strategy after president putin's invasion of ukraine to reduce the kremlin's leverage. the plan will be unveiled tuesday. prime minister boris johnson says the u.k. is looking at the possibility of using more of its

own hydrocarbons to overcome an energy crunch. prime minister spoke during a news conference today alongside visiting canadian prime minister justin trudeau. >> that does not mean we are in any way abandoning our commit to reducing co2. we've got to reflect the reality that there is a crunch at the moment then we need to intensify our self-reliance with more hydrocarbons. we also need to go for more nuclear and more use of renewable energy. >> prime minister johnson said it would be laying out its energy put -- energy supply strategy in the coming days. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton.

this is bloomberg. ♪ matt: -- >> to bloomberg markets. matt: here the top stories we are following from around the world. with u.s. stocks extending declines, oil has its biggest daily swing ever. -- surging to nearly $140 after you -- the u.s. said it was considering a ban on russian crude. prices pullback after germany says it has no plan to join. after occidental shares surged, billionaire activist investor carl icahn tells -- sells his remaining stake worth $1.6 billion in a massive cash out. and the massive lift of companies halting business with russia keeps growing. we take a look at the real economic effect to the exit us

will have on the russian economy and the u.s. dollar. jon: thanks matt. when it comes to major averages, we have been hanging your session lows. here's a live look at what is happening with the s&p 500. down 2%. it has hard -- it has been -- we will talk about that in a second. the outsize performance for the oil sector. it has been interesting to watch what is happening with consumer discretionary's. right now, you've got leaders around the world trying to figure out what the heil -- plus if you are cutting ties with russia, what is the math on that? what does that mean for bottom-line performance? the canadian market, in the red, was holding better. that has been the story over the course of 2022 because of the commodities complex. that is our segment at this hour as we continue to watch this story of canadian stocks, a commodity economy outpacing what

has been happening in the u.s. still in the green marginally in canada. in the red in the u.s.. weightings matter. we have talked for years about the outsized influence of tech within the s&p 500. by comparison, you take the energy materials group, they are about 6.5%. they are about 30% of the tsx. between the oil and gold we have seen this year, that starts to explain why we have seen outperformance in the north. matt: we have been watching the importance of waiting -- weighting across in different indexes. chinese tech stocks are worth about 30% of that, where russia is worth 3%. china has been more important than what is happening with russia in ukraine. a similar story, the same importance is true across canada and the u.s.. the u.s. has a ton of oil itself did some say it is the biggest

oil producer in thasll of its ps listed and they make up a huge portion of the tsx. it is far more important to the canadian benchmark, the performance of oil and to those producers. jon: let's keep that story of what is driving oil beyond. showing us there some inflation data, reality or expectations. michael tran, director of global energy strategy at rbc capital markets is able to join us on another busy day. if we think right now about the dynamics at play, how would you characterize what is going on? what it is -- what is it like every day in this market? >> when you think oil prices, you are seeing the largest fluctuation we have seen ever. how high could oil go? pick a number. this market is in disarray right now, pricing and a lot of fear.

fear is simply not something the market is used to quantifying. you look at physical oil markets, there's a lot of buying, a lot of hoarding. epic proportions, i would say. when you look at fiscal indicators of the oil market, you are looking at the -- the fiscal differentials are at the highest point on record. that signals a lot of hoarding and buying. when you look at the logistics, there is a mad scramble to secure oil tankers right now. look at the oil taker -- from the middle east take asia, you are seeing 70% to 80% increases over the course of the past 10 days. this signals a lot of hoarding. you need to secure barrels now. the scary thing is there is no end in sight at the moment. matt: what do you see in terms of chippers refusing -- shippers refusing to move russian oil, banks refusing to approve purpose -- approve purchases?

>> all you have to do is pull up a chart that shows year old pricing. what you're seeing is the major russian benchmark is down. trading at discounts of close to $30 below global prices. that tells you everything you need to know in terms of how distressed they are. there's not many countries that still want to take their crude. even when you think of the logistics, whether it be insurance or having difficulty carrying russian crude to certain parts, it is becoming a logistical spiderweb to move some of these. the bottom line is it is getting harder. the physical market is getting tighter and this is driving oil prices higher. jon: i get the concept of someone not wanting to risk sending a tanker with oil that is ultimately not accepted. that is a scary financial proposition.

yet, on a day where we watched up and downs in oil, first based on reactions to weekend comments by the biden administration about possibly closing the door on russian imports, then germany saying well, we are not ready to have that conversation yet. and obviously throughout all of this there has been plenty of indication that china is ready to continue to consume energy out of the russian market. is some of this trust the market trying to figure out these moving parts? you put the supply-demand picture altogether and where we might be in three to four months, is there anything more we should be considering? >> fantastic question. russia exports about 4 million barrels a day of crude. that is a really big number to replace. this is why you see potentially iran -- the biden administration in venezuela trying to strike a deal. the bottom line is fundamentally

this is a very tight market prior to the russia issue over the past week. fundamentally really strong. when you take potentially 3 million barrels off the market on the function of other countries not wanting to buy russian barrels, that makes things exceedingly tight. you think about three to four months down the road, it is difficult to see a market where prices actually come up. what is important is that people have started to use -- a little more. that is a growing threat, but fundamentally when the logistics get crunched to this point, the bottom line is it is harder to find incremental barrels coming to the market. this feeds into the mad scramble we have been talking about. jon: can you draw a comparison, or tell us the differences between the oil market and the

gas market? obviously we are talking about oil and gas from russia but we have been hearing oil is a much more fungible commodity and the price differences in different contracts are wider. >> a lot of the oil is sold on spot prices. a lot of lng is sold on higher end contracts. if you secure a gas commitment for a period of time, you are getting a lot of gas. when there is a disruption libya, they have 300,000 barrels a day go off-line over the weekend. that is a major difference. i think what is similar to the two is that when you think about europe, ground for taking barrels from russia, the bottom line is a europe is going to be rushing to back fill that gap. how do you backfill the barrels? this is going to be i wildly

inflationary event for all european consumers who will have to pay for this as they price higher to try to pull more crude from other places or more refined product from the u.s.. anytime you have barrels that need to travel further, that is going to be highly inflationary on the ground floor. >> michael tran, managing director of global energy strategy at rbc capital markets. rate to get your intelligence on a commodity everyone is watching. coming up, occidental. billionaire investor carl icahn sells his remaining stake in the company for one point $6 billion. this is bloomberg. ♪

matt: a massive surge in commodities -- energy conferences kicks off in houston. kriti gupta caught up with eq tco toby rice, believed the largest producer in the u.s.. they spoke about record european energy prices and why american natural gas needs to be insulated. >> certainly there is definitely a demand for -- to produce responsibly. there's no better place in the world to get your energy than the united states. we produce our energy cleaner and more responsibly than anywhere else in the world. there is a call for clean energy and natural gas producers are

here to step up and meet that demand. we can only do so much. right now in the united states, we are out of -- infrastructure. for us to do more, to step up and serve the people, serve the world, we need simply more pipeline infrastructure and more facilities to connect our low-cost response -- to the world. kriti: dimension stepping up for the american people, that is a message you have heard from the biden administration, from the energy secretary. of course, reg of the 40 bodies across the country, the biden administration, have they reached out to you? >> we are excited to see the biden administration talking about it. we have not yet had those conversations directly. to see now that they are talking about putting sanctions on russia and russian exports, that is them being serious on energy. to be able to pull off something like that, you need to know that you've got a powerhouse of an industry ready to step up

certainly there is recognition from the biden administration that this industry can do a lot and help mitigate any impact it is going to have on the american consumer. kriti: what you need from the administration to meet that goal? >> real simple. facilities. we need to build pipelines. faster than we have ever done in the past. that is one thing. the other thing is we need his voice. send a political civic ball -- signal that natural gas is the -- of the future and the united states has the desire to meet world demand for clean natural gas. jon: and now toby rice speaking with kriti gupta. our stock of the hour, it has been a roller coaster ride for occidental. petroleum and crude as investors weigh how much further prices can go before demand worries

play into the storyline. let's bring in abigail doolittle. >> this is an interesting story because in the -- market, petroleum had been up more than 9%, in line with the surge in oil. at one point, brent crude up 18%, then coming down. still up solidly, more than 5%. nonetheless, occidental petroleum is lower. there's two things that stand out here bang. one, this stock, occidental petroleum is headed to its best year ever. last year also up huge. but before that, down. volatility is not due to -- the other thing that really stands out here is if weight -- is that we have two investors doing two different things. carl icahn taking advantage of the huge surge in oil. in a way that is hard to call. >> and you wonder.

>> you have warren buffett buying in. icahn took out $1 billion. warren buffett and berkshire hathaway put in about half $1 billion. two top investors of all time having different interpretations of the story. matt: what were you thinking last night when you were watching oil prices skyrocket? in the asian trade? what did you think was going to happen? >> i thought what did happen would happen. it seems that it was completely overdone can be you had this massive surge, wti crude at 131 dollars per barrel, just seemed absolutely unsustainable. interest down hard. often when you have huge moves on a sunday, they reversed to some degree. that did happen on the open, but here we have futures down pretty sharply in commodities back up. cost to the same degree. so much volatility and

uncertainty, it tells you people don't now. we were just talking to a guest about whether or not the biden administration could make a deal with venezuela or saudi arabia, one headline like that could pop this whole thing. let's hope it would happen with russia and ukraine, given the crisis. jon: pretty incredible performance on that screen. thanks so much, abigail doolittle. a growing number of companies across industries cutting ties with russia as financial risks mount. we will have more details on that story next. this is bloomberg. ♪

justine: -- jon: matt in the program, we've got a list of companies cutting ties with russia.

we now have samsung, netflix, visa, reversing 30 years of investment by foreign businesses since the collapse of the soviet union. let's get more perspective from jackie dow flows who has been tracking the story. the news comes so quickly, it's amazing. we were talking earlier with a board expert who says a week to make a decision is like a second for a board room. and yet we are seeing lots and lots of decisions, sometimes each day. >> absolutely. it really does speak to the gravity of the situation and how great of a coordinated effort across industries. you see in finance with american express, visa and mastercard, the big accounting firm of ip wc. in tech especially, where you see some divergence because of the underlying nature in how diverse some of these companies

are. cloud, hardware, social media, all of them have very different policies around geopolitical issues. as you see this play out and intensify and ukraine, a lot of them are banding together. you are really seeing their strength in numbers in terms of how much of how much this is going to hurt. matt: to me, the lower right corner of that graphic is the most interesting. the fact that american express, mastercard and visa are all getting out of the russian economy, cantu transactions with those payment methods. what does russia do to replace that? and how stay key is that going to be -- sticky? if there is a way out, a way to return to any kind of normalcy, those companies are going to be losing business. >> exactly. you made a good point.

they are fighting their own -- finding their own workarounds against -- amid these changes. one option to processing payment is using their own russian entities. we do not know how well that works. given the amount of demand and the outflow coming out of it's the americans press -- american express processing systems, we do not know if they are going to -- that kind of surge. on the other hand, they may be able to flow some process payments earlier in other countries. even so, countries are widely also seeing pressure in terms of if the united states, the european union -- the global effort rallying around the ukrainians plight, that workaround may not last long. i think for now it might be something -- but with a long-term it is still unclear. jon: we have seen a lot of

companies at the center of this story under pressure today. not just because of this news, but it does raise uncertainty. we spoke to one expert on bloomberg today who says they are -- boardrooms are starting to urge management to have conversations not tied directly to the financial ramifications of these moves so they can move faster, which is an incredible development. >> absolutely. and from a financial perspective. i think one of the elements of these restrictions is just a different measures the u.s. government has used to -- [indiscernible] >> i've got to cut you off. this is bloomberg. ♪

mark: the ukrainian and virtual fishes -- russian officials met

for a third round of talks, the two sides amid only limited progress on a negotiated a cease-fire. the russian president says that kyiv has to obey and that negotiations face major challenges. european union is mapping out a path to end the block's alliance on -- reliance on russian gas. the european commission is advising is energy strategy after vladimir putin's invasion of ukraine in an effort to reduce the kremlin's leverage. the plan will be unveiled on tuesday. the u.s. supreme court hazarded school workers who wanted to stop new york from firing them for not getting vaccinated against covid. the employees were