responding to his pleas for a no-fly zone. speaking by video to the emergency nato summit today, the president asked the alliance to commit 1% of its tanks and aircraft to ukraine. >> come to us. make yourself visible. save diplomacy. freedom matters, ukraine matters. all as one, together, one to stop the war. mark: president zelenskyy said sanctions are the only language russia understands. they warned that nato's baltic states in poland could be in danger. the united states will welcome up to 100,000 people, including russians, providing legal pathways for them to edge of the country.

some will come as rafe g's but the u.s. will also permit others to seek parole status or immigrant or nonimmigrant visas. the move comes as more than 10 million people in ukraine have been forced from their homes and more than 3.4 million have fled the country. the is unveiling new procedures today to handle asylum claims at the u.s. southern border with mexico. the rules give asylum officers the authority to grant or deny claims, a provision that had been limited to immigration judges. they are saying that they hope the new measure will help decide cases within 90 days. some cases have taken up to several years. the united nations says the backlog of cases has sort nearly 1.7 million. in china, searchers have found more wreckage from the crash of the china eastern jet, including the engine, as well as some human remains. the boeing 737 data reporter

still hasn't been located. the cockpit voice recorder was retrieved wednesday and is being analyzed at a lab in beijing. investigators are trying to figure out what caused the jet to nosedive out of the sky and slam into a mountainside in southern china. all 132 people on board are presumed dead. 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. >> good afternoon from new york, where it is 1 p.m., 5 p.m. in london, 1:00 a.m. in china. here are the top stories we're following free from around the world.

u.s. stock near section highs as investors assess the threat of rising rates inflation and the impact of the war in ukraine. g7 leaders give you tough warnings -- giving tough warnings to vladimir putin on using nuclear weapons. they are protecting the border with russia. we will get the latest from brussels on that. plus, we will hear from truck company see po about the decision to suspend business in russia. first, i want to get a quick check of what is going on with today's market. session highs for the s&p, a gain of nine tents of 1%. we were down 1.2%, so little bit of a rebound here. investors are also letting go of the perceived government debt. the 10 year yield rising now to 2.344. that is basically the highest level we have seen since may of 2019. it has been quite a while since

we were this high in terms of yield. i will say that if you are looking for yield, you can find more as those curves have inverted. down -- nasdaq down, $112.9. both of those contracts are coming down. they're still holding relatively high levels. the russia index opening back up a gain of 4.4%. right now, 2578. we will watch this, as well as a slew of assets that have been impacted directly and are telling us a little bit more about the war then it may be headlines are. i want to get to some breaking news right now on something completely different, something that is no longer sold in russia, and that is apple. it is working on a sit scrip in service for the iphone and other hardware products. it is a move that could make device ownership similar to

paying a monthly app fee. let's bring into the reporter mark gurman in los angeles. what we know about this gekko any people already pay a monthly fee for iphones or apple hardware through the phone network operators. now, apple would be doing this directly. mark: it's nice to see you. thank you for having me. you are right. you can buy an iphone to your carrier or through apple and split it over installments, like 12 months or 24 month. this plan will be different, in the sense that this will be a sip scription, a monthly subscription that is operated through apple, icloud, similar to the app store. you will be able to pay monthly. it is unclear what that monthly fee will be at this point, but it won't simply be the 12 months or a form of plants that you get to your phone carrier today. it will be something like subscribing to apple music or apple tv plus. matt: the beauty of those is

that when they make updates, i get them immediately as a subscriber, or the consumer does. how would this work with phones gekko did you get a new device every year or every two years, when it seems the batteries are programmed to fail anyway? mark: yes, particularly on the iphone, those of the product you will be able to upgrade annually today. there will be an upgrade program. if a new iphone comes out, you will be able to swap your phone out for that new one. it is similar to a car lease, or apple music, or buying a new palatine under their test. if you stop paying that monthly sip scription fee, you will have to give that phone back. it is not owned, it is like a leasing program, but for the iphone. this will generate more recurring revenue for apple, it will allow them to sell iphone upgrades more frequently, and it really is moving from this outright payment model to the subscription model, which is becoming more and more popular for apple apps and system -- systems.

matt: essentially, network operators are out. i no longer need to go to a verizon store or a telephone store, i can just go to the apple store, subscribed to the phone, and i have service as well. mark: it is demoting the carriers to the point that these carrier subsidies and monthly plans, the installment plans that are generating tons of money, those are going to become less critical because apple will be choosing those plans than cells. to be clear, they have offered their own upgrade program since 2015. they have offered awfully installments for hardware over 12 or 24 months the apple card, but that is only in the u.s.. this be a monthly subscription. to be very clear, it is not taking the $1500 price point of an up -- of an iphone and chopping it up, it is a new proprietary fee, just like you pay $10 a month for apple music, this would be a new fee. the other interesting point is that they might tie this both to

apple care and apple one bundles, so you can pay one monthly fee to get your icloud, applecare, tv plus, music, plus that iphone and other apple hardware. we are told that there have been delays on this project. it might not launch until the end of this year, but probably 2023. matt: do you opt in to applecare or do you just brush that way? mark: for me personally, i don't buy the applecare when i get a new iphone, even though it really is a great deal. if you break the glass on your phone, you will save about $500 if you have applecare. even though i upgrade annually, i pass on the applecare. when i get a new computer, i get the applecare, because i'm prone to spilling coffee on the keyboard. matt: mark, thanks for catching up with us. breaking news on apple, as usual. let's turn back to the markets, especially to a couple of big stories for our next guest, m&a,

as well as rates. the fed is turning to a more hawkish tone for its rate hike strategy. let's see how that is in -- affecting one bank in particular. it is one of the u.s.' oldest institutions. we are looking at a 10-year. i just noticed 235. the fed has said -- what do you expect and how does that affect your business? mr. van saun: i would say they recognize they are a bit behind inflation, so they are taking that step and i think they will be fairly aggressive the rest of the year, potentially 50 basis point hikes in the next meeting or two to get on the front foot. that is typically very good for banks because rising rates, we reprice our loans faster than we reprice our deposits. so, that creates a bit of

tailwind for interest income. the key ultimately is if the fed engineers a soft landing and keeps the economy growing nicely, not choke off the recovery. i think that will be the case, but it is something to watch. matt: how does this affect acquisitions for you? you have been on the tear with jmp, dh capital, investors bancorp, you have made a lot of investors recently. mr. van saun: it really was just an outgrowth of our strategy. we came to the pandemic in good shape, then our view was that now is the time to shift to offense and really push forward and accelerate some of the things we're trying to do. one of the challenges we had as a northeastern bank, we had a so-called hill in the doughnut between new england and mid-atlantic franchises. we try to start with some east

coast branches to give us a presence in new york. by the way, we have closed that deal on a presidents weekend and had a good conversion. followed by investors, this gives us a top 10 position in new york and something to really grow on and build on. that was exciting. matt: on the marketing side, does that mean we will start seeing -- mr. van saun: yes, you already can. that hsbc branches, we have green citizen signs popping. we have a bunch of marketing plans to balance out the rest of the year. that is exciting. the other side is acquisitions and the continued buildout of our capital markets and commercial banks. the jmp brought us a very well-positioned investment bank to serve high gross sectors in the economy and technology, health care, fintech, bringing equities and capabilities. basically, we have all the rocks to serve corporate companies and we have more sector expertise in the high-growth sectors that we wanted. we think that will be very active. matt: are valuations still

attractive anywhere and is there anything else you are looking for businesswise, -- businesswise? mr. van saun: a good leading question, but i think job one this year is to really do a good job integrating the things that we bought. i doubt you will see as being as aggressive this year. wealth management is one area where we have one deal done about three years ago. one based in westchester was a home run. we need to do more. we are looking at some things, getting the valuations, getting things done at a price that we think makes sense has been a challenge. i think we can find some good cultural fit, but we will be working hard on that. matt: is this something you could build without necessarily making a bid -- big acquisition? mr. van saun: yes, we have done that. we have grown the financial advisors by one third from 300 to about 425. we are making progress to moving

toward a centralized planning group to make advisors more effective. there are really good things we have done with organic investments. ultimately, if you want to get further down the track faster, you have to do some smart acquisitions. matt: just weekly on the future of consumer banking, what does that look like to you, especially as you, especially as he open up these only branches here in the capital of the world? what do you think about things like overdraft fees, checking fees, etc.? are those things here to stay because i know a lot of banks have put them into place, or will you start cutting rid of those? mr. van saun: basically, they have good billboard value and the more satisfied customers are using your new digital channels. we are trying to really be someone's trusted advisor on their financial life journey and deliver lots of products and services. the fees around the checking account, around over drafting, etc., there has been a lot of discussion around that. i think there are challenger

banks from the fintech land that are also kind of coming in with more favorable options for consumers. in response, you're starting to see banks make changes to those. that will bring those fees down. we will have a commentate elsewhere with wild advice and continue to have a good revenue outlook. i think that is all to the positive. we made some changes last year. we went to something called peace of mind, which gives a customer, if they have an inadvertent overdraft, they have 24 hours to put the money back in the account and they avoid the overdraft fee, things like that. i think you will continue to see people lower the price point on the overdraft and be more friendly to consumers in general. matt: a fascinating story, bruce. i hope to get you back in here as your company continues to grow. bruce van saun, the ceo of the citizens financial group. this is bloomberg. ♪

matt: this is bloomberg markets. world leaders are meeting right now in brussels. we want to go there now and speak with maria tadeo to find out what is going on. some any summits have been called summitry, i guess. what we know so far? >> what a day. we have already had a nato summit, 87 summit that is now being hosted by a chancellor. as germany that has the world native residency of the g7. what is the deal with the g20? member, russia says they want to participate and the chinese seem to be ok with that, but there is a lot of circulation that perhaps this could be the end of g20 format.

the other big issue of course, and we heard that from particularly the secretary-general of nato, now saying we're going to see more the appointment of troops in the eastern flank of the alliance. we are expecting that, but now it is confirmed. he also said he is going to stay in for another year, given the situation in russia. we are now waiting to hear from the president of the united states. we are waiting for a press conference, which i believe should be taking place in about 30 minutes. as you know, this is brussels, there is a lot of politics and things are always delayed. matt: absolutely. typically, joe biden is delayed. what we hear from the u.s. president as he shows up in europe? >> what we heard in the morning is very much a military story. this is about defense spending, this is about the 2%. remember, this is always a perennial sort of tension between the european countries and the united states, the criticism that europe had essentially outsourced its security.

ukraine has in many ways changed the face of european defense. we just heard from one leader saying we need to invest more. even the germans now say that money spent insecurity security is money that is well spent. the focus now, however, turns to the political aspect of this. we are expecting the ukrainian president to join in on this call between european leaders and president by impaired he is probably going to repeat again something we have heard over the past few days, which is that ukraine has had a major reality check about nato. it is clear that we are not going to join the military alliance, it is clear that nato is not going to close the skies or help us on the ground, so therefore, ukraine once an international security guarantee that will be cosigned by the united states, europe, and potentially even turkey, as to avoid a bilateral deal with russia. they also say they want to join the european union. this is a hot potato for the european union. a lot of countries will tell you that after everything that has

happened, we more than hope they can join in. others will tell you that we have to be realistic, this country has been completely destroyed and there is just no way that they can fill the promise that normally takes years to become a member of the eu. matt: do you think they could fast-track them in special circumstances echo -- circumstances? what does that do to global peace? clearly, the reason that the u.s. and nato hasn't supplied them with jets and probably won't supply them with tanks is that they don't want to be seen going to work directly with vladimir putin. what allowing them in the eu or getting them some sort of international defense pact early be the same thing? maria: well, you could see why this gets very complicated, because you better believe the russians will say this is a provocation. we have heard it repeatedly. they said that polish, by being a weapons distribution hub to ukraine, are being provocative and could trigger a reaction

from russia. it is very clear now that nato does not want to get involved in this. the consensus we hear repeatedly is that if we do engage militarily, this is world war iii. we have heard it also from emmanuel macron, saying we are not fighting on the ground in ukraine, but doing everything we can for ukraine. but you are very right to point out for russia, a ukraine that is very close to the european union, that is a member of the european union, would be something they simply won't accept. this is the thing. this is not just any word, it is most existential. it is about the future of ukraine. a ukraine that very much once to break away from the russians fear. of course, a russia that continues to say they want them. ukraine has never really been a country by itself and therefore, we want to have a place near russia. it is an existential question about this country. matt: maria tadeo on the floor

in brussels, covering all of the summits. we will get more from her throat the day, threat the week. still had come of hearings here in the u.s. for judge ketanji brown jackson. nomination to the supreme court. we will have the latest, next. this is bloomberg. ♪

matt: this is bloomberg markets, i am matt miller. the senate judiciary committee is holding its final day of confirmation hearings for supreme court nominee judge jackson. joining us with the latest from capitol hill is bloomberg's washington correspondent joe mathieu. what we know so far for ketanji brown jackson? >> we are kind of winding down here, to be honest. this is a day dedicated to outside witnesses. we heard from the american bar association and some others speaking on the judge's behalf, following what was following

days of intense questioning. we have been covering the war in ukraine, weaving covering the president's trip to europe. specifically, this will be the lead story, supreme court nominee, and in this case, a historic nomination. she is expected be confirmed, to be cleared. the committee will not be voting on her nomination until the fourth of april. that is the plan. then, it would go to the floor a few days after that. there were some questions from a namely republican senators like ted cruz, tom cotton, and others, who work portraying kentucky projects and as soft on crime. they said she was so pathetic to pedophiles and criticized her stand on critical race theory. all of them considered to be presidential candidates, senator sasse called out the republicans. >> we should recognize the kacl assery we see around here is

people mugging for short-term care opportunities. it is definitely a second, third, fourth order the court ought to think through before they have advocates in their not only trying to persuade you at nine, but also trying to get on cable that night or create a viral video. joe: it's entirely possible not a single republican will vote for kentucky brent jackson, though she would still be per -- confirmed by democratic votes in a party line. we will find out some days from now. matt: joe, always great to hear from you. his program airs at 5 p.m. eastern every weekday on merck radio. -- on bloomberg radio. this is bloomberg. ♪

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>> welcome to the bnn bloomberg audience with first news. the united states is considering

sending more troops -- taking sending more troops off the table. >> the security environment in europe is now changed and will stay changed, given what mr. payton has proven, that he is willing to do. before the war, there were 80,000 american troops in europe on rotational and permanent orders. now, there are more than 100,000. we are not ruling out the possibility that we will send more troops. these are temporary deployments. mark: nato agreed to boost its diplomas to the eastern portion of the defense alliance, doubling the number of battle groups to eight, as the united states says it is working with nato to prepare for possible by logical or nuclear incidents by russia. u.s. supreme court nominee ketanji brown jackson. a boost from an american bar association panel today. members told the senate judiciary committee considering her nomination that it has seen no evidence that she is soft on crime.

judge jackson defended herself in tense questioning on tuesday and wednesday from republicans who claim she was lenient in sentencing defendants convicted of possession of child pornography and other crimes, while a trial judge in washington. in spain, truckers angry about soaring fuel prices are protesting again, bringing the economy to a near standstill. vehicles and burning tires are blocking highways, as truckers team up in slow-moving convoys to slow down traffic in several cities, disrupting the supply chain network. the spanish government is racing to come up with additional measures to prevent protests from spreading. 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.

>> i'm charles and welcome to bloomberg markets. matt: and i am matt miller. hear the stories we're following around the world. leaders gather in brussels to discuss the word ukraine. president biden is expected to speak at any moment. we will bring you his comments live. we will hear from daimler trucks ceo, martin daum, on their decision to suspend production in russia. let's get over to president biden right now as he delivers remarks at the european council summit. pres. biden: thank you for taking the time. today marks one month since russia began its carnage in ukraine, a brutal invasion of ukraine. we held a nato summit the very next day.

at that time, my overwhelming objective and that summit was to have absolute unity on three key important issues among our nato and european allies. first was to support ukraine with military and humanitarian assistance. the second was to impose the most significant sanctions, economic sanction regime ever, in order to cripple putin's economy and punish him for his reaction -- for his actions. the third was to fortify the flank of our nato allies who are obviously very, very concerned and worried about what would happen. we accomplished all three of these and today are determined to sustain those efforts and build on them. the united states is committed to provide over $2 billion in military equipment to the ukraine since i became president.

air systems, armor systems, ammunition. our weapons are flowing into ukraine as i speak. today, i'm announcing the united states is prepared to commit more than $1 billion in humanitarian assistance, to help give relief to millions of ukrainians affected by the war in ukraine. many ukrainian refugees will wish to stay in europe, closer to their homes. we also will welcome 100,000 ukrainians to the united states with a focus on reuniting families. we will invest $320 million to bolster them accredit resilience and defend human rights in ukraine and neighboring countries. we are also coordinating with the g7 and european union on food security, as well as energy security. i will have more to say about that tomorrow. we are also announcing new sanctions of more than 400 individuals and entities aligned

with the european union. more than 300 members of the oligarchs and russian defense companies that fueled the russian war machine. in addition to the 100 thousand u.s. forces now stationed in europe to defend nato territory, nato established, as you already know, more battle groups in romania, hungary, and slovakia to reinforce the eastern front. putin was banking on nato being split. my early conversation with them in december and early january, it was clear to me that he did not think we could sustain this cohesion. nato has never, never been more united than it is today. putin is getting exactly the opposite of what he intended to have, as a consequent of going into ukraine. we build that same unity with european union and the leading democracies of the g7.

i want to thank you and i will now be happy to take your questions. since there are some any people out there, i'm have been given a list -- i have been given a list. how about chris with the associated press? >> you warned about the real threat of chemical weapons being used. have you gathered specific intelligence that suggests that president putin is deploying these weapons, moving into position, or considering their use, and with the u.s. or nato respond with military action if he did use can go weapons? pres. biden: the first question, i cannot answer that. number two, we would respond. we would respond if he uses it. the nature of the response would depend on the nature of the use. josh of bloomberg. >> [no audio]

it has been a long day, thank you. can he talk about two things you number one, the conversation with the president of china. have you seen any indications of action or lack of action from china that lead you to believe they will intervene and help russia with arms or the provision of supplies to support the war in ukraine? secondly, can you say whether the conversation turned to food shortages and what the u.s. will do to address wheat shortages? pres. biden: the first question, related to the president of china, i had a very straightforward conversation with him. i guess it is now six days ago, seven days ago, in that range. i made it clear to him, i made no threats, but i made it clear to him to make sure he understood the consequences of him helping russia, as has been

reported and as was expected. and they've no threats, but i pointed out the number of american and foreign corporations that have left russia as a consequence of their barbaric behavior. i indicated that i knew how much , because we had long discussions in the past about his interests in making sure he had economic relations and economic growth with europe and the united states, and indicated that he would be putting himself in significant jeopardy if in fact he were to move forward. i'm not going to comment on any detail about what we know or don't know as a consequence of that comment -- that conversation. tomorrow or next monday, ursula is having that conference with china. the first.

on april 1. we have had discussions. i think china understands that it's economic future is much more closely tied to the west than it is to russia. and so, i am hopeful that he does not get engaged. we also did discuss today that there is a need for us to set up -- nato to set up, and the eu, to set up a system whereby we have an organization looking at who has violated any of these sanctions and where and when and how they have violated them. that is something we are going to put in. it is not done yet. with regard to the president of china, i have nothing more to report. with regard to food shortages, yes, we did talk about food shortages. it is going to be real.

the price of the sanctions is not just imposed upon russia, it is imposed upon an awful lot of countries as well, including european countries and our country as well. because both russia and ukraine have been the breadbasket of europe, in terms of wheat, for example, just to give one example, but we had a long discussion in the g7 with both the united states, which has a significant -- the third largest producer of wheat in the world, as well as candida, which is also a major, major producer. we both talked about how we could increase and disseminate more rapidly food shortages. in addition to that, we talked about urging all european countries and everyone else to end trade restrictions on --

limitations on sending food abroad. we are in the process of working now with our european friends what it would take to help alleviate the concerns relative to food shortages we also talked about a significant major u.s. investment, among others, in terms of providing for the need for humanitarian assistance, including food, as we move forward. tarina of the wall street journal. make sure you are not getting hit in the head. >> mr. president, in your view, does president zelenskyy need to cede any ukrainian territory in order to gain a cease-fire with russia or is that completely off the table? and then also, do you think that russia needs to be removed from the g20? pres. biden: on the latter point, my answer is yes. but it depends on the g20.

that was raised today. i raised the possibility that if that cannot be done, if indonesia and others do not agree, then we should, in my view, ask to have both ukraine be able to attend the meetings, as well as -- basically ukraine being able to attend the g20 meetings and observe. with regard to -- what was the first question? >> [no audio] pres. biden: that is a total judgment based on ukraine. nothing about ukraine, without ukraine, i don't believe that they're going to have to do that that is a judgment. there are negotiations, discussions, i should say, that have taken place that i have not been part of, including ukrainians. it is their judgment to make.

cecelia, abc. there you are. >> sir, you have made it very clear in this conflict that you do not want to see world war iii. but is it possible that in expressing that so early that you were too quick to rule out direct military intervention in this war? could putin have been emboldened knowing that you are not going to get involved directly in this conflict? pres. biden: no and no. >> and to clarify on chemical weapons, if they were used in ukraine, with that trigger a military response from nato? pres. biden: it would trigger a response in kind. if you are asking whether or not nato would cross, we would make that decision at the time. >> my final question. because you're heading to poland tomorrow, do you think that getting a firsthand look at the effects of this war on these millions of ukrainians who have

fled their country could change the way that you might respond? pres. biden: i don't think so, because i have been in many, many war zones. i have been in refugee camps, i have been in war zones for the last 15 years. it is devastating. but the thing you look at the most is you see these young children, see children without parents who are in those camps, who are refugees. you see women and has-beens, men and women who are completely lost. you see that blank look on their faces, that absolute feeling of, "my god, where am i, what is going to happen to me?" what it will do is reinforce my commitment to have the united states make sure that we are a major piece of dealing with the relocation of all those folks, as well as humanitarian assistance needed was inside and outside ukraine. for example, this is not something that poland or romania

or germany should carry on their own. this is an international response ability. the united states, as one of the leaders of the international can unity, has an obligation to be engaged and do all we can to ease the suffering and pain of innocent when this -- innocent women, children, and men, for that matter. and for those who have made it across the border. i plan on attempting to see those folks, as well as i hope i'm going to be able -- i guess i must post say where i'm going, am i? anyway, i hope i get to see a lot of people. >> [laughter] pres. biden: marcus of spiegel? >> thank you, mr. president. there is a presidential election coming up in 2024. pres. biden: there is?

>> [laughter] >> it's true. there are talks that the predecessor might get elected president again. are there any steps or anything you're trying to do and nato is trying to do here these days to prevent what you're trying to do becoming undone two years from now? pres. biden: that's not how i think of this. i have been dealing with for policy for longer than anybody who is involved in this process right now. i have no concerns about the impact -- i made a commitment when i ran this time. i wasn't going to run again. i mean that sincerely. i had no intention of running for president again. not until i saw those folks coming out of the fields in virginia, carrying torches and nazi banners and literally singing the same file rhymes

--vile rhymes that they used in germany in the early 30's. then, when the gentleman you mentioned was asked what he thought when a young woman was killed, a protester, and he was asked what he thought, he said, "they are very good people on both sides, on both sides." that is when i decided i wasn't going to be quiet any longer. when i ran this time, and i think the american press, whether they look at me favorably or unfavorably, and knowledge it. i made the determination that nothing -- no election is worth my not doing exactly what i think is the right thing. it is not a joke. i am too long in the tooth to full with this any longer. we are a long way off in elections. a long way off. my focus of any election is on making sure that we retain the house and the united states senate, so that i have the room

to continue to do the things that i have been able to do, in terms of growing the economy and deal in a rational way with american foreign policy, and be a leader of the free world. it is not an ideological question for someone to ask. i say to people at home, imagine if we sat and watched the doors of linda stagg broken down and police officers killed and hundreds of people storming in. imagine if we saw that happen in british parliament or wherever. how would we feel? one of the things that i take some solace from is that i don't think you will find any european leader who thinks that i am not up to the job. i mean that sincerely. it is not like that.

the first g7 meeting i attended, like the one today, was in great britain. i sat down and said, "america is back." one of my counterparts, colleagues, head of state, said, " for how long?" i don't criticize him for asking that question. but the next election, i would be very fortunate if i had that same man running against me. >> [crosstalking] pres. biden: whoa, whoa. one final question. hold on a second, please. i was supposed to be an hour ago at the european union meeting to speak. someone i haven't called on before. you. who are you? >> [indiscernible] sir, deterrence didn't work.

what makes you think vladimir putin will alter course based on the action you have taken today? pres. biden: let's get some thing straight. you cover me from the very beginning. i did not say that the sanctions would deter him. sanctions never deter. you keep talking about that. sanctions never deter it the maintenance of sanctions, increasing the pain, the demonstration and why i asked for this nato meeting today is to be sure that after a month, we will sustain what we are doing not just a month, the following month, but for the remainder of this entire year. that is what will stop him. >> [indiscernible] pres. biden: that's not what i said. you are playing a game with me, i know. the answer is no. i think what happens is we have to demonstrate -- the sing most important thing is to stay unified. and for the world to continue to

focus on what a brute this guy is in all the innocent people's lives that have been lost and ruined and what is going on. that is the important thing. but look, if you are putin and you think that europe is going to crack in a month or six weeks, two months. why not? they can take anything for another month. we have to demonstrate. the reason i asked for the meeting is that we have to stay fully, totally, thoroughly united. inc. you. -- thank you. >> president fielding questions from the media, saying the u.s. and nato leaders, just to recap, calling for russia to be removed from the g20. if russia is allowed to be in those gatherings, ukraine should be there as well. the dialogue with china, he was talking to bloomberg's josh wennberg, headlining by saying more weapons, more sanctions --

♪ >> prof. onuch: if we're talking about the humanitarian aid he announced an the pressure on continuing existing sanctions and raising the sanction profile in a united fashion, those will have two different effects. i think biden is right in maintaining the pressure on putin and the kremlin insiders

that support him. it is important in showing a united front in showing our resolve to continue. it is absolutely like the west, europe, u.k., u.s., canada, and other countries need to continue to do. i agree with what biden also said, that sanctions alone will not bring an end to the war, there are multiple other factors. putin's decisions, and their own right, are going to be very important. that $1 billion in humanitarian aid are so desperately needed in ukraine. certainly thinking ofways to support ukrainians by further military aid is what we need. residents lindsay specifically asked today for takes and jets. -- president zelenskyy specifically asked for tanks and jets. this is really what is necessary to save lives. >> do you think we are really going to see a nato country

provide ukraine with tanks and jets? as much as i am sure every single one of them wants to do that, wouldn't it be seen as entering the conflict directly against russia? prof. onuch: i think it is possible. i don't think it's not possible. so far, the u.s., u.k., and other countries have already provided a great deal of legal aid to ukraine. we are slitting hairs when deciding that a tank is not defensive support, whereas something else is. i think this is munitions and so on that have already been provided to ukraine. i think it is possible. i think it is just much more just for cult -- much more difficult logistically paired i think it is a great deal harder to get a tank across the border. it is certainly near impossible to ensure that ukrainian pilots get to nato base or u.s. base and then fly a jet over the

border. these of the complications that i think are more important, not so much in providing that tactical and military aid. matt: on the subject of the g20, which obviously you heard president biden's comments as well. prof. onuch: i think that was an interesting comment. i think what president biden did very cleverly there was highlight the possible countries that would not be in favor of kicking rush out. he mentioned indonesia. i think that once again, biden might be signaling something publicly that is putting pressure on it g20 members. i think the idea that ukraine should be at the table, especially if any discussions of the g20 will be about the war, about economics and repercussions from the war, but also how the world deals with the war and russia specifically, certainly ukraine being invited to the discussions would be symbolically very important. matt: thank you so much for

sticking with us throughout all of that. we really appreciate you wading through the president's speech. and getting your take on that is really helpless well. olga onuch, right heavy with us, associate professor at the university of manchester. we hope that we can get her back soon as well. john, we are looking at markets that are dating. the s&p 500 is off about 1%. just hanging above water, but not falling. you can see the nasdaq has gained 1.2%. the yield pulls up to 230 five. that is the highest it is seen since may 13. this is bloomberg. ♪

caroline: i wrapping his --

president biden wrapping his news conference. really, the key takeaways for you? >> that was one of them, that russia should be removed from the g20. president biden went on to say that if russia is not -- ukraine should be a member at least to visualize everything at the next g20 summit. that was one of the massive takeaways from this press conference, president speaking much earlier than expected. second was he talked about his frank conversation with xi jinping, and how he put china on guard. he signaled china is at a crossroads at the moment. need to decide, are they going to meet with president putin? they declare the relationship having no limits, but he said that china knows where the future lies in terms of the economic and business community. when you look at