autonomous tractors. farmer jim is going to buy one >> wow the tesla of farming okay farmer jim, go ahead >> paramount i'm proving that teeth can grow in after you get yours kicked in the bid here is real >> okay. pete, quick to you >> i think bank of america is going to outdo all the rest of the banks going forward. bank of america, call buying today. >> that does it for us great to be back with you all. "the exchange" is now. thank you, scott welcome back hi, everybody. ahead on "the exchange", stocks are lower but we're off the lows as the nasdaq and s&p have traded in positive territory today. traders saying the drop in real yields is making yoet stocks attractive again zoom video, tesla shares all higher today those are some of the bright spots in an otherwise turbulent

market russian and ukrainian officials had a meeting with one ukrainian participant calling the negotiations difficult we'll look at the fallout from forcing russian banks off of s.w.i.f.t. and we'll talk to the head of a u.s. natural gas disaster about issues if the conflict drags on >> we have seen positive territory at one point that technology trade is very much front and center. a little bit more volatility there, even though the nasdaq composite has been an outperformer 13,647 for the nasdaq. to provide context at the lows, we were down 35 points. at the highs around 116 positively kelly mentioned the positive moves for the s&p and nasdaq the s&p is 4345. the dow industrials 33,700 down 1%.

355 points off the lows of the session. but still, to the downside one place we're seeing more of volatility trade is in crude oil prices this is ice brent crude futures up about 3%. again, off the best levels of the session, but still, this world benchmark for crude reacting to the up side with the renewed tension over the weekend and today in ukraine and russia. and at the upper end of that range, we'll call it roughly around $102 over the last month or so, $90 to the downside look at that range over the last month or so for crude oil prices and then a very strong trade today. a very strong one has been in defense contractors as a huge renewed focus on defense spending not just here in the u.s. but certainly in europe closer to the frontlines of russia and ukraine. but here u.s. contractors like general dynamics up 2% northrop grumman up. i get to put gold stars next to

the top four they've all hilt record highs in today's session. keep an eye on the defense contractors. we'll see if the momentum continues. >> people continue to recommend them dom, thank you very much the biden administration expanding sanctions against moscow by cutting off u.s. transactions with russia's central bank steve liesman as the latest details. >> the u.s. treasury department this morning announcing historic sanctions on the russian central bank it prohibits u.s. persons from transactioning with the rational wealth fund and the finance ministry the u.s. will be joined by nearly all developed nations in the sanctions that target a g-20 central bank for the first time. the result has been a plunge in the ruble. it now takes -- it's now 100 it had been as low as 110. 110 rubles to buy a dollar up from 83 on friday and 73 before the war began

the ruble is worth about one u.s. cent. the decline promises higher inflation in russia. and possibly recession the russian central bank in response raised rates to a bone cracking 20% from 9.5% it's a foreign-owned russian assets and requires companies to sell their hard currency back to the central bank or 80% of it anyway the country has touted the $630 billion what it calls fortress russia foreign reserves, and while much of it cannot be used to support the ruble, some of it could be accessible. 17% is in china. that has not signed on to the agreement as of yet. and a bunch of it is at the bank for international settlements. about $25 billion over in switzerland. they are not subject to swiss law. russia may also have access to that money u.s. officials in the fed and treasury are watching u.s. markets for negative signs and thinking about the potential

impact on the u.s. economy we haven't seen the worst kind of signs you might have expected people i spoke so to the said there's only limited exposure to russia and ample short-term funding in the market. the sanctions and the war will mean higher commodity prices and inflation. some are bracing for countersanctions from russia there could be additional impacts for the next shoe to drop the naming of the additional russian banks barred from the swiss financial -- s.w.i.f.t. financial messaging system that could be coming in the next couple days. >> i was going to ask how many different measures are left at this point it feels like pretty much everything has been thrown at the russian economy. am i right in that or are there many more levers to pull here? >> well, there's one lever to pull i'm reluctant to mention it, but the lever not yet pulled is barring russian energy exports that's being left out. but these are especially the russian central bank one, we haven't gone there before.

and that is a big one to watch but so far when i look at the things like the fx swap markets or some of the u.s. dollar overnight rates, they seem to be relatively well behaved yet, and we have yet to see how the markets will behave or the internal markets will behave, the plumbing will behave once the other banks are sanctioned out of s.w.i.f.t >> i know people were writing about it over the weekend, is this going to force the fed to do mb balance sheet support or you name it of the global financial system at a time when it's trying to move the other way. the drop in yields today complicates the picture for the fed. we've seen the ten-year plunge, but it's not like inflation has budged it's not an environment where they want deeply negative real yields on top of the inflation we're already seeing >> it's probably a pretty good read, for sure they were fairly happy with what they'd seen in terms of credit market responses that was important i don't think this creates any

big change in the fed. the fed needs to raise interest rates to handle inflation. this russia issue, and the invasion of ukraine creates additional inflation likely for europe and the u.s and so that's just going to buttress or support the idea of the federal reserve raising interest rates >> since we remember the moves they had to pull in coordination during the financial crisis, are there any echoes of that in terms of the stuff that needs to keep the global monitoring system plumbing going? >> we're not i asked people that this weekend. i talked to many former federal reserve officials and central bankers and bankers right now. and they were not -- it was important. there wasn't a briefing of reporters. there was no statement from the federal reserve. i think there was concern that if they did such a thing, they would make the market more nervous than it otherwise would have been. there was one report that was out that everybody kind of

passed around, warning this could be a lean weekend and urging the fed to make a special statement on dollar availability but it never -- it's not happened yet i mean, obviously any day we can wake up and be concerned but this is a lot different. the existing dollar funding arrangements in the u.s. as well as between countries, swap lines that can be activated, it's a different world from 2008. plus capital levels lower leverage, it's just not the same world as it was then >> and the fed has a lot more facilities today that people can access steve, thanks. we appreciate it we'll check in soon. my next guest says sanctioning russia's central bank is the only way to end the global escalation. joining me now is the research fellow at the hoover institution, former economic adviser to the russian central bank and it's a pleasure to have you here you thought this was a step that should have been taken months ago to prevent the invasion. right? >> yeah.

absolutely and fortunately, it's done now and done by the united states. today swiss will join us and the european union so everyone except china is doing it >> and what practical effect will this have why is it such a potent tool >> so let's look at the numbers. briefly and figure it up here. that the russians have about $640 billion in foreign exchange all those were sanctioned about 400 billion. also 100 billion to 100 billion around the central banks the federal reserve, the european central bank, the bank of england around 50 billion are under control of private banks but we prohibit it with sanctions. they came out with no cash three things will happen they're already happening. one thing is that there's a run

on the ruble, the currency collapses. people run away from the domestic currency they want dollars, u.s the second is already we're seeing it today, tomorrow the run on banks the banks will collapse like a domino the banking system will fall, and people want to withdraw foreign exchange denomination, and the banks don't have that kind of cash so the banks will close. and the third, weeks months from now, that transactions and payments that all companies or businesses will demand dollars because the ruble is -- and so successful businesses will give dollars. unsuccessful businesses, they will close there will be huge unemployment and work stoppages and supply chains will break down >> let me restate that you're saying the first impact

is a run on the ruble. second run on the banks. third, businesses that can survive will be depend on the dollar those that can't survive, you're talking about mass business closures and mass unemployment even though you're not a geo political analyst, i have to wonder russia being backed into a corner like this, what response might they possibly have they're not going to stand by and watch this happen. >> yeah. so actually, we've heard -- answer your question they effectively banned. they demanded that all the companies that export oil, natural gas, metals, bring back immediately 80% of their foreign exchange revenues. they cannot hold the proceeds abroad they have to bring them back, sell them to the russian government the second, they banned all, all transactions to move any to open any accounts in the west and

move any dollars, whatever russian city in russia, so they are moving away from -- soon they will ban all foreign exchange transactions. they will force -- russian in dollars and u.s. into rubles, and this will be close to the economy like the society union used to be >> it's hard to imagine a more dramatic response, and sort of series of events that awaits them michael, thank you very much for joining us we appreciate it thank you. my pleasure. >> joining me from the hoover institution. still ahead, we'll speak with the ceo of eqt, the largest natural gas producer in the country, about the impact russia's invasion and the sanctions we were just discussing could have on global energy prices. natural gas down 10% on pace for the fourth negative month in five >> moscow's stock market might be closed, but -- russia down 20 %. it's lost half the value in the

past week. we'll look at why etfs with russia holdings keep trading despite a holdings on standstill the s&p down 24, the,n"o cfo

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welcome back to "the exchange". emergency defense and cyber security stocks are all outperforming. today they're in the green so are bonds my next guest says stick with the stock market 10% corrections are a historic buying opportunity if we're not heading into a recession we are joined by two guests. welcome. allen, i'll start with you this is the kind of environment where people go all right, but how do you know we're not heading into a recession what makes you comfortable enough to be buying stocks here? >> thanks for having me. so a couple of things are going on that we -- you're not thinking about these because russia is dominating the headlines. but if you think about the consumer in the u.s., the consumer's in a strong position. there's trillions of dollars sitting in cash. earnings have been on average pretty good. what i like about the earning picture is that revenue on average has been better than expected

and so when you think about a market that's gotten cheaper, you think about folks with a lot of cash to spend, you think about where we are in an economy where mask mandates are going away, folks want to go out and explore the world again. i'm just really optimistic despite what's going on in the world. >> and i know there's a couple of particular napes you're looking at walmart and microsoft, even facebook/metawhich i saw in the green earlier. ava, you're looking to the part of market that's working are you telling people to stay with defense, cyber, energy, and for how long >> yes stay with the sectors -- we advised investors to concentrate in the safe haven of the u.s., usual u.s. equities that have low trade risk avoid, if possible, if still possible, direct exposure to russia, to the russian currency, and also companies that have trade partnerships or are outsourcing in that region if you're seeing systems today

up, down about 50% so staples are a good play and also small caps, if they're profitable and regionally focussed, they have an advantage compared to their multinational large cap competitors. >> small caps in the green today. tell me other than the names i mentioned, where do you think people should feel comfortable owning stocks? >> yeah. i think now is a great time to just think about valuations generally. and there are so many stocks that are trading at a deep discount to where they were a year ago and the fundamentals haven't really changed i hit on a couple stocks i like. i also like energy i think that's a place i like. i'm more concerned about small caps right now because i think the valuations are pointing more in the large cap direction >> valuation front, ava, you want to respond to that? >> so we should certainly be careful when it comes to valuation, but in the short play, we like cyber security of course, many of them are

prize priced relatively high we're seeing many cyber security companies up to date this is a hybrid warfare this country demonstrated cyber attacks are a major problem we're seeing distributed denial of service attacks and these companies, especially crowd strike that we're watching, is able to -- and successful to withstand these attacks as we saw last week in ukraine. >> allen j just a final question as everyone is piling into the energy space , obviously the e u thinking about a win fall profit tax. if something like that happens here, would something like that make these profits attractive? >> i think even with the prospect of that, i think energy is really attractive at these levels clearly the shock of russia/ukraine is mainly going to have an impact on the oil market i think -- i'm also not so worried about the fed. i don't think the fed will be as hawkish which i think is also very good for energy and also for our economy in general

>> all right guys, thank you. today we appreciate. allen boomer, ava with ideas of what to do in the market >> old and new energy are posting gains. the solar etf is outperforming oil and set to snap a three-month losing streak. we'll look at whether it could continue gold with the best month since may. we'll look at how russia could use the gold supply as a way to skirt sanctions. and look at the dow heat map where chevron and boeing are leading the way. leading the way. and jpmorgan and goldman are th? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. biggesn agent of innovation with invesco qqq

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we're seeing weakness creep back into the markets as we move throughout the afternoon the s&p ands nasdaq have briefly been positive. the dow down 400 points. at the lows it was down 538. one of the biggest movers is a software engineering firm, one of the top tech employers in ukraine. the worst day ever after pulling guidance due to the invasion the stock down 42% this is a $219 stock other names with big russia, ukraine exposure, philip morris, 10% of the revenue from the region and the worst staples performer in the last week on the flip side, the bug etf higher napes like crowd strike, floud cloudfare, cyberark. the retail etf is on pace for the fourth straight month of losses the longest losing streak since 2018 kohl's is set to report tomorrow

morning. we'll speak to the ceo at 1:00 p.m. eastern on "the exchange". now for a news update. here's what's happening at this hour. ukraine has now formally asked to join the european union president zelenskyy signing the application on the fifth day of the russian invasion while is move is largely symbolic, it signals a desire for stronger ties to the west. ukraine's envoy to the united nations says if his country does not survive, global peace won't survive. democracy could fail the comments at a rare general assembly emergency meeting called to address the crisis in ukraine. meantime, russia's ambassador says his country did not start the hostilities. without proof, he blamed the current situation on ukrainian nationalists who have taken control. and kyiv special police units are searching for russian undercover troops. check points have been set up across the capital and police are checking documents of suspicious cars and passengers the united nations report

forecasts climate change will get worse. it says 3 $.3 billion people are already vulnerable to climate change and weather on the news tonight, what the report means for the u.s and what measures it says are needed to lessen climate change. that's tonight at 7:00 eastern still ahead, one area that has not yet been sanctioned directly is russia's energy market what happens to natural gas, to oil, if that should change we'll ask the ceo of the biggest we'll ask the ceo of the biggest natural gas producer in th without the right people in place. i couldn't keep up until i found ziprecruiter. ziprecruiter helps us get out there quickly and get us qualified candidates quickly. they sent us applicants that matched what i was looking for. i've hired for every role, entry-level technicians, service advisors, store managers. ziprecruiter helps me find all the right people, even the most difficult jobs to fill.

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crude oil and brent spiking since thursday when russia invaded ukraine. last hour there are reports that the european commission will propose a tax on energy company's profits from that pop. joining me the ceo of eqt, emergency's largest natural gas producer can i start by picking your brain. if a win fall tax happens there, happens here, what's the significance of that >> well, the significance is it would help -- it may seem like

it would help, but actually it would be i think destructive long term. any tax on oil and gas is going to minimize the amount of supply we're able to put in the market and the key to high energy prices is more supply. it's that simple continuing to beat down the industry has not produced the targeted results it would be adverse to the goals we're trying to achieve. the answer is simple embrace the u.s. shale industry. we can do a lot more and add more supply to address these rising prices around the world >> it's -- the old mine goes if you want less of something, tax it if you were to put higher taxes on energy right now, you'd think you'd get less at a time when we want more. it would argue for a tax cut, but what are some says to incentivize more production, lower prices, ways to ameliorate the issue? >> it's simple it's more infrastructure in the united states. and a voice, political signal

that shows the united states, natural gas and oil industry is a strategic asset in this country. it's unique to us. we're the energy power house in the world and have an administration that will use the power. and the energy markets in europe >> i'm curious, i saw comments about how the world can afford to levy sanctions on russia's energy industry. he was speaking to oil do you think we can afford to levy sanctions on russian natural gas as well? >> absolutely. while it's very encouraging to see the world unite and come up with really tough sanctions, reality is these sanctions do not attack the major source of russia's power and that power comes from their ability to export energy and that is what we need to take off the market to put this in perspective russia exports about 20 bcf a day of natural gas and about 5

million barrels a day of oil short term, medium term and long term, short term, united states we can eliminate our dependence on russian energy. that means we're importing about 500,000 barrels a day. into the united states russian crude. let's eliminate that let's activate keystone xl pipeline that brings 800,000 barrels a day into our states from a trusted ally, canada, and we can get off of russian oil imported into the united states. from a natural gas perspective, our new england is the only place in the country that imports natural gas. they are going to be impacted by international energy prices. let's build pipelines to get them the gas supply they need. by the way, it would be low cost because it's coming. >> let's serve and replace russian's natural gas they export to europe 13 bcf a day to going to europe.

germany announced plans to increase capacity by two bcf a day. united states should be serving this gas as a medium term solution we can do a lot in a short period of time this is something we can minimize the disruptions to the public >> can we fill that gap? i mean, if the administration said okay, we're going to sanction russia natural gas, can the u.s. and other producers step up into the breach? how much would you expect prices to go up >> i expect the united states would be able to service this. you can take this to the bank. if we had political support to do what we do, we would be able to more than offset 13 bcf of natural gas that europe is importing from russia. we would be able to do that in a period of time, i would say less than 36 months this industry is ready to do this you say 13 sounds like a lot actually, the united states is exporting almost 13 bcf a day and we've done that in less than six years without any political support. with the political support, we can do a lot more.

we have the resource, the ability, the supply chains this is a choice that the administration can make and we are here ready to deliver. >> it's probably going to happen that everything you described will play out over time, but it would be nice if you could step up in 36 days and not months >> there's things we can do immediately like approving pipelines. these are things that will bring energy security to our sthhores. priorities we need to make is protecting americans and setting the table to protect the world >> it's come to the forefront of everybody's mind we'll see what direction this goes as they look for more ways to lower cost. thank you for your time. >> thanks. the ceo of eqt now, is the high price of oil a boon for renewables? the solar etf about 11% or so over the past week about to have the first positive month in three of four

pippa has more clean energy stocks jumping after posting strong gains last week this comes amid the blistering rally in oil and gas crude hit $100 a barrel for the first time since 2014. that makes renewables more attractive this is a longer-term catalyst for renewable development across technologies including solar, wind, and green hide jen we're seeing strength in all the areas today. the clean energy fund up about 6% in invesco solar up 6%. fuel cell energy, vestas wind, and jinkosolar up double digits. jpmorgan put together a table of u.s. traded clean energy companies with the most exposure

to the region, there are a lot of opinions about what the future of energy should look like and some believe today's high prices call for more oil and gas production so a lot of open questions but for now, renewable energy stocks are surging >> to your point, and we've been talking about this the cost for them are getting higher as well so right as you're thinking this makes them more attractive, well, you know, it might not even be as cheap as it once was. >> the longer term trend has been coming down we're seeing inflation everywhere raw material costs are rising. i think one thing that's important to think about is balancing short-term versus long-term goals when we think about where we go from here for energy while it might be more expensive to build, once it's up and running, you don't have any exposure to volatility it keeps being sunny and windy you don't have to deal with price swings like oil and gas.

a lot of opinions. a lot of unknowns about what happens. >> and some nice stock performance for them in the meantime thank you so much. we appreciate it also be sure to catch mike wirth tomorrow with their push into clean energy with the acquisition of renewable energy group snrchlt a market flash on citi group. leslie picker has the details. >> yeah. shares of citi group slumping. down about 4 .7 % currently. the worst performer of the big u.s. banks today because city has far more exposure to russia than the american peers. citi disclosing an an updated filing it has nearly $10 billion worth of exposure to russia as of december 31st the firm's net investment in russia amounted to about a billion dollarings the majority of which was hedged for foreign currency depreciation the total third party exposure

was just over 8 billion. citi has both investment and consumer banking operations in russia although, it announced last year it would be winding down the consumer bank in the region and 12 other markets citi also has 1.6 billion of additional exposure to russian counterparties a note by goldman said of the large u.s. banks citi is the only one with material exposure to russia, but it still amounts to just 30 basis points of exposure >> all right thank you very much. citi shares down 4 .5% coming up, gold slightly higher today after spiking last week. when the invasion of ukraine sparked the flight to safety trade. and gold may be the key to helping russia get around sanctions. that's next. and we'll talk about whether the tougher sanctions will be enough to discourage puten from enough to discourage puten from furthe (vo) right now, the big switch is happening across the country.

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gold up 6.5% this month as russia/ukraine tensions flare. and the traditional safety play could offer russia a way around certain sanctions. kristina joins us to xplain. >> thank you often we know gold is used as a safe haven, but it jumped a little bit over 5.5% in february that's on pace for the best month since may. but just last thursday like kelly mentioned, gold hit a 52 -week high that's driven by the russia/ukraine tensions. after learning several russian banks have been removed from the world's main primary cross border payments network, s.w.i.f.t., the bank of russia announced that today it would start buying gold again after an almost two-year pause. how big is that gold war chess russia is the fifth largest sovereign gold owner representing about 22% of

reserves the stockpile a goal to diversify away from the u.s. dollar and the russia bank would buy it on the domestic markets buying domestically could be an attempt to skirt sanctions and monetize when required but it's hard to use gold in a transaction. so according to analysts the bank of america would have to ship the gold to a destination that would be willing to purchase it, suggesting they may have to offer a discount and who would the buyers be? bad actors, off market if it is, it couldn't or wouldn't hit safe haven flows may start easing the spider gold fund has climbed this month about 5.5% in february compared to a decrease of almost 4% for the s&p 500 >> if anything, you'd think with the buying that gold could be even higher, but it sounds like it's a big market.

this is a relatively small effort for russia to try to diversify or find a way to get its hands on more funds. >> precisely how will buyers move the transactions one note says maybe we've hit the top for gold and that over the next course of the little while you have the fed that we have to -- that's pretty much -- >> the back burner >> yeah. the increase in interest rates if you got in a month ago, you're probably happy. now, i don't know. according to a few notes, it's not as bullish as one would expect despite gold -- russia purchasing gold today. >> even the price action steady since the 52 -week high. thank you. russian and ukraine officials meeting today with ukraine asking for an immediate cease fire as countries around the world take further steps against russia we have the latest and whether or not it will be enough to sway putin. check out conversations with kelly. i'm going to talk to mike in the morning.

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exchange". peace talks between russia and ukrainian leaders ending with both sides seemingly open to more discussion regardless of what happens next, my next guest says russia is changed for forever. professor of international affairs at the school of new york your grandfather was known as the argument tect of destalinization of then soviet union. what do you think he would make of the events of today >> hi, kelly thank you. i don't know it's hard to imagine, because he was the one who actually resurrected kyiv and ukraine after world war ii he was the first secretary of the communist party of ukraine as a republic within the soviet union. and he was responsible for building beautiful city of kyiv, and other places and i think he would shiver and

be horrified like we all are, seeing that another leader of russia now is bombing kyiv, bombing the nation, that he says is the brotherly nation of russia i am looking at this footage, and my emotions, of course, cannot be possibly comparable to the horror that ukrainians are going through. but i cannot imagine that we ourselves, we russians are bombing their amazing city that was the beginning, the protostate, the beginning of both russia and ukraine. >> how old he -- again, this isn't the point here, it's not to bring him back to life, but would he have supported the idea that ukraine belonged to russia, that it didn't conserve an independent status >> i can't say it. i don't know and i would imagine not, because he was a huge proponent of ukrainian independent, independent existence. i mean, he was absolutely a

soviet leader and as a soviet leader, the soviet union, communism would come first, and every national interest would come second, because he would think that all national interests belong to the soviet union. but i think the brutality with which this all has been unfolding and you and i talked about it after 2014, after the annexation of crimea, and he already thought, would be horrified that in 70 years since he was in power when he himself actually sent tanks in '56 to suppress the budapest apprisal in hungary, he would be horrified, because he would say that 70 years later we still haven't learned a better way ibelieve he would fully suppor the ukrainians' independence and it has been an independent

country for 30 years it's not an appendage of russia, and what putin is doing now, he probably thinks he's expanding his imperial reach, but actually, what he does now in addition to ruining ukraine, he also now has ruined with sanctions and his actions, and our shame for that, he has ruined lives of 140 million of russian people >> it's interesting, i saw it referenced over the weekend, support of the idea that george kinnen had in the late 90s when nato was expanding east and kinnen was concerned about it and thought it would provoke the wrong siend of response by russia, where they felt they were under threat and would ultimately respond the way we're seeing them respond now. and i wonder what you would make of nato's expansion east, and whether it now seems like his warning was prescient or not >> he was. and i was his research assistant

in the 90s i wrote my own piece about two months ago exactly on that subject. i even have documents that he wrote to show the time, under the secretary of state, and he shared them with me saying what do you think about this, how he thought it was wrong to expand nato. and i think -- i agree with him. i think it was the wrong idea but i think last monday when putin recognized the republics and then the next day decided to send troops and now essentially occupy ukraine, i don't think it's relevant anymore because this response was absolutely not warranted. that was such an over the top violent and completely illegal and immoral response that cannon would probably not say that russians did what he said they would do because that's too much. >> i want to close with what you

are saying about russia itself you say that russia is finished, done for generations we know the effect on the economy is severe. who knows how run the bank runs could get? what is coming for russia? >> in the soviet union they could still travel there were competition the sports competition and part of various global organizations so now we are an absolute pariah on the world stage that is just inconceivable it is a cultural and societal toll also much more oppression if putin proceeds with this and against russians that object to the war and a lot of russians object to the war and another thing.% we are finished as ukrainian

nation that's it. they will hate us if not forever, many, many generations and they will be right. >> thank you for joining us. we hope to check back soon thank you. we're following another angle of the russia story with netflix. julia boorstin here with the latest details julia? >> it seems that netflix will have a tough choice tomorrow broadcast russian propaganda or shut down in russia. as of march 1st netflix will fall under a list of services overseen by russia's communications regulators applying to streaming services with at least 100,000 daily users requiring netflix and other companies to broadcast streams of 20 federal tv stations in russia and only apply to the russian netflix

subscribers and has about 1 million subscribers in the country. a small fraction of 22 million sub scrubber that is netflix does have and a meaningful choice here. we reached out to netflix. it does come as russia ramps up pressure google and meta and others were told until the end of this motto comply with rules requiring legal entities in the country and comply more with more of russia's laws. back to you. >> how does that sack up to other responses so far >> look. this is all very much in motion right now. my understanding in terms of this netflix situation is understand how this fully applies to them. there aren't other scenarios in

which a streamers like netflix to broadcast live streams. not something that netflix had to reckon with before and people there are trying to sort this out right now. very different looking at twitter and facebook facebook fact checking the media coming out of the russian controlled media by fact checking the articles russia limited access to facebook so we have both facebook and twitter access limited rite now in russia. >> netflix shares higher with the decision to wage. up next, halts on russian equities what does it mean for funds and the investors?

the investors? we are back in a moment. check out this vrbo.y prtr ♪♪ come on. ♪♪ ♪♪ ♪♪ ♪♪ ♪♪ ♪♪

welcome back the russian stock market was

closed today new york stock exchange and the nasdaq placed halts on some russian stocks this morning but you can see the etf trading. the etf down 27% for the worst day ever bob? >> the amazing thing is nothing stops the etfs from trading. as you heard from kelly there the moscow market is closed. russian stocks halted at the new york stock exchange and the nasdaq and russian etfs trade on extraordinarily high volume. look at the stocks halted at the new york stock exchange. all not trading in the u.s. and not stopping the etfs from trading. now how does this happen how can you trade an etf when

the stocks in the home countries aren't trading some cases they trade in other parts of the world several russian stocks trade in london gasprom for example. spare bank trades there. you can see how they trade you get the pricing and the bottom line is it doesn't matter that much. etfs trade and price because the participants estimate at the value. this happened in 2015 with the greek stock market closed for six weeks and greek etfs continued to trade and then six weeks later it priced accurately to where the etfs are and the etf tail can wag the stock dog because vast number of investors make estimates that are remarkably good. >> trying to infer and trading at a premium or a discount based

on how much people want in or out. >> yeah. we had quotes on friday for russian stocks out there and some obviously stale and probably trading at a discount we do know that these etfs are efficient to figure out the fair values. >> good to have you. we appreciate it "power lunch" starts right now ♪ welcome, everybody, to "power lunch." kelly will join me in a minute here's what's ahead. the west escalating the financial war against moscow russian banks cut off. the ruble plunging we'll dive into the financial fallout. new shortages, the war in ukraine disrupting supply chains fo