ukraine's president, asked to join the european union, not nato, but the european union. he wants ukraine to be part of the western world. finally, putin in my opinion, is in something of a corner. pressured militarily, defensive about back home domestic problems, what happens when dictators are in a corner? they lash out, dangerous. neil, it's yours. neil: they do indeed. stuart, one of the things i remember you and ashley talking about, with all of this, hey, you you think you would be looking at a huge free fall. you would think oil at in and out of $100 a barrel, now at 95. some interpreting we'll get through this. maybe things are stabilized. maybe putin is pushed into a corner. a wounded animal is not necessarily a positive development but interesting oil is not doing much. stuart: i thought it would be

close to 100 bucks a barrel. but it is not, 95. neil: absolutely, absolutely. thank you very much, stuart varney on all of those developments. we're talking about other developments that could rattle the oil situation here. we're getting reports in the capital city of kyiv surface-to-air missiles going after russian ongoing attacks there is a push to up the ante, go ahead and just take the city any which way he can. that is interpreted by some as vladmir putin taking the gloves off. way too soon to say whether that is the case. what is revealing here if we're to believe our trey yingst who is right on top of this in kyiv, that the ukrainians have this ability to take down missiles should they be flying over the city. so this again a sign that the ukrainians are fighting and fighting tough. another thing we are looking at on the financial side i wanted to relay, switzerland has joined

all of these countries right now that are blocking financial transactions having anything to do with russia or central bank. they joined the likes of the european union, japan, united kingdom, canada of course the united states. that's a big deal because not only will russia not access funds in u.s. dollars but in euros making it increasingly difficult to conduct commerce. edward lawrence right now at the white house with the fast-moving developments. hey, edward. reporter: neil, vladmir putin and sergey laugh love, in european union, went in line with the european union, switzerland haven't done this move in long time if ever. they hope they can hold out until the sanctions can work. a senior administration official hasn't given me a timeline when they think the sank shuns will work. they're doing this in coordination with the united

kingdom, canada and japan. russian central bank first time in history the russian central bank has been sanctioned. is looking to freeze $630 billion in foreign currency assets in the russian bank. a majority of the russian banks are removed from the swift system that allows transactions to happen globally. all the sanctions have careouts for oil and natural gas. >> swift is really are the power of the whole financial system and they still have more power they could use on swift. frankly, you know, the other piece is energy. so there is a loophole, a giant loophole in energy and some weird things like luxury goods from italy that are kind of odd. reporter: even economists at jpmorgan chase believe the supply of oil and natural gas pro russia will not be disturbed that includes money going into russia. for republicans that is the problem. senator bill cassidy calling for the biden administration to reverse course on energy policies. here is the white house press secretary jen psaki when i asked this very question.

listen. >> you know the president's view on reducing our dependence on foreign oil. actually this view makes that case even stronger and die percent vying the range of means of energy production everywhere around the world. reporter: talking about green energy. the administration still asking opec plus to produce more oil with the possible return to a nuclear deal with iran. i followed with this question. listen. would the president then welcome iranian oil coming into the u.s. to lower gas prices? >> well, again we're not quite at the point of a final deal on the nuclear deal so we will talk about that if we get to that point. reporter: deflection on that. they are trying to get around the globe other countries to coordinate another release of oil reserves to bring down the price of gas to keep that down. on sanctions the u.s. also saying there could be more sanctions in the future should the russian president continue to keep moving with his invasion of ukraine. neil?

neil: those sanctions are certainly building, edward. thank you very much. you might recall at the outset of my show, i was talking about a full throttle attack on kyiv, capital city of ukraine, surface-to-air missiles seen in the sky. these are shots coming in to us from the capital. we'll get more from trey yingst. it is interesting, once we got news of that there were some gyrations in the market. the dow back up a little bit. there had been a brief pop in oil prices here. what is revealing here is that the ukrainians have this technology to take down missiles should they want to use it. they're using it right now in the capital. keep you posted on that. also keeping you posted on these financial sanctions that are building by the day. just told you that switzerland has joined the likes of the european union, japan, united kingdom, of course the united states in really blocking financial transactions from russia having anything to do with the central bank. i should also point out a

growing list of countries, more than a dozen by last count, are preventing russian airlines, aircraft of any source entering their airspace. it has gotten so bad the russian foreign minister is unable to make a u.n. security conference planned in geneva to discuss actions in the ukraine. he can't go there because the skies over head are verboten for russians to come, including the foreign minister of russia. let's go to moscow. amy kellogg with the very latest, well the impact of these financial hits that russia keeps taking now day by day. amy? reporter: yeah, neil, people here are so on edge. obviously it's not like what's going on in ukraine but not only do people not believe the war, whatever happened but i don't think they understood such hard and fast sanctions could come, even though it was all warned. when i first started coming here for fox, neil, about 20 years

ago, it was 30 rubles to the dollar. today it is at 103. so that has spiked by 40% in the last day or so and then it went down another 20%. but still it has been so volatile. people are really in a panic about their savings, about their ability to pay their bills, make ends meet. those who have a bit of money about the chances of ever traveling again. we're hearing anecdotal stories about stores being closed to change price tags. about the few tourists who are in moscow running to luxury stores to buy things out when the ruble is as weak as it is. the interest rates have doubled. neil: amy, i apologize right now. we want to go to ukraine, there have been reports of heavy fighting in the capital city. trey yingst is there right now, trey. reporter: neil, you can hear the air raid sirens behind me. right now the ukrainian capital of kyiv is under attack. just a few minutes ago we heard

a loud explosion off in the distance, it was so loud and heavy it shook the windows of our hotel. my cameraman captured the an orange glow on the skyline. this is an indicator, the attacks against this city are ongoing. you hear air raid sirens continuing in the distance. early reports indicate that the initial target of that big strike at the beginning was a radar communications military center just to the southeast of our location but this is also significant because the day has been quite placid here. there were ongoing east negotiations on the border of belarus between the russians and the ukrainians. there was a phone call between french president emmanuel macron and russian president vladmir putin all conversations about peace. but as you can see, and hear on the ground this count very is at war. neil? neil: trey, are the russians

upping the ante, are they targeting civilian sites, apartment buildings, areas concentrated by average folks, not military types or suddenly-recruited soldiers? reporter: they are. this weekend we were at the scene of a russian missile attack in the capital of kyiv where two people were killed and six others injured. this missile slamming into the side after residential building. sirens you you hear were sounding throughout the weekend. a lot of the fire is not only discriminant here but in h kyiv and the second largest city taking shelling overnight with multiple casualties reported. ukrainian health ministry said more than 350 civilians have been killed since the neil? neil: i'm curious, trey, all the peace talks at the belarus border are going on that. was a hopeful sign maybe at least the start is better than

the immediate results. this is complicating things i would imagine? reporter: it is absolutely complicating things. the early images out of the peace talks really said a lot. you saw russians show up in suits and ties. the ukrainians arriving in fatigues this is a country digging their heels in, preparing for war. we also know a little bit of information about the call between french president emmanuel macron and russian president vladmir putin. that call lasting for more than an hour. i think this really gives you some insight where things are headed. according to the french putin was requesting that the ukrainians recognize crimea, an area of land that was annexed by russia in 2014. he is also requesting that the entire country become demilitarized. these are two things that aren't going to happen. there is no way. it really gives you a sense how unrealistic the claims and requests are by the russian government and russian president himself. remember, it is russia who invaded ukraine.

now they're the ones trying to make demands of the ukrainians as they look to defend their country. neil: trey yingst in kyiv, thank you very much. we'll go back to you in any other further developments. be safe. now to erin gibbs with wall street look at all of this. it is interesting, i never obsess over the tick by tick movements in the markets. we were down 142 points. we since doubled that on the downside. the only thing of course is reports of fighting escalating in kyiv amidst the peace talks. a reminder, erin, that ukraine is calling the shots, no pun intended for markets. better things look, better for stocks, worse things look worse for stocks. that still seems to be the case. >> still seems to be the case. what we've been seeing since the thursday low, growth stocks have really been leading because they were the stocks already been most beaten up. we're still seeing some

hesitancy in the value stocks and consume every staples, your financials, the kind of stocks we were already worried about when it came in terms of inflation and so it is a a bit f reversal, it is not across the board but certainly a better day. you got some defense stocks up a bit. energy is really are the leader for the past three days. up almost 2% today. that is really holding the market up as well. neil: oil is really pricey, at $95 a barrel, a little more than double it was five weeks ago, still those who feared it would run up and stay up over $100 a barrel, that has not happened. natural gas prices vital to europe, a lot higher there than this country, in futures trading, i get that. how do you explain at least in those markets where you would see a running, of you know, it is more like a walk, how do you

interpret it? >> i think, you know, we knew that thursday was, there were a lot of signs that was sort of your extreme capitulation day. we might have a little bit of a walk let's say going forward until there is really more clarity. the markets hate uncertainty so those are the day west have those massive big down days. now that we're more in a wait-and-see the markets are doing much more the same, similar sort of thing. they're waiting and seeing. you also see the markets going back about the things we were concerned before the ukraine happens. like inflation. so, a lot of moving parts across the board but, overall energy really looks to be the one big winner, continue to have its run. already up 23% year-to-date, even before the ukraine. this is just continuing that push further ahead. neil: all right. erin, thank you very, very much

here. we're down about 300 points. the latest news fighting escalated in the capital city of kef as this is dozens killed in the shelling of karkiv second largest city of ukraine. russia was striking buildings indiscriminate, going after civil yarns as bell. some say wounded animal cornered right now as the characterization you're often hearing about vladmir putin where he is giving up discretion in the hopes of a quick military onslaught and victory. that is one of the big concerns right now. all of this on the heels of a financial sanctions and spreading actions taken by sports agencies all the way to those across the united states right now, mit the latest to say it is ending its relationship with a number of russian engineering and business schools, engineering schools more to the point. europe and canada are closing off airspace to russian airlines

now. better than a dozen countries have done just that. it even complicated things for the foreign minister of russia, sergey lavrov was unable to attend a summit in geneva dealing with the crisis with his european counterparts. he can't get they're because russian planes are not allowed. stay with us. ♪ with my hectic life you'd think retirement would be the last thing on my mind. hey mom, can i go play video games? sure, after homework. thankfully, voya provides comprehensive solutions and shows me how to get the most out of my workplace benefits. what's the wifi password again? here...you...go.

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neil: all right, these are two very seminal moments in the five-day old war going on. i want to take you to kyiv. moments ago a missile lighting up the sky over the capital city. missiles down on the city and the big story here, ukrainian fires with surface-to-air missiles firing back at them. they have that technology. and they have the wherewithal to make this a much greater fight than was earlier thought. by now vladmir putin probably felt this would not be the case. it is, but the danger here, sort of ups the ante that he could lose all sense of discretion and start targeting civilians as he

has right now in kharkiv. where dozens were killed in russian shelling of largely average folks, apartment buildings and the like. another development, at least a big development for me, switzerland will be freezing russian assets setting aside a long tradition of neutrality. the swiss are well-known trying not to get involved in any, any foreign conflicts one way or the other but obviously recognizing here the better part of valor was to stick it to vladmir putin as well. financial transactions from russia are limited to the point of being made impossible, joining the likes of canada, european union, japan, united kingdom, to prevent any russian transactions from being made. no matter who you are, russians themselves, or, or, if you have foreign russian holdings, you cannot exercise them, either buy or sell them in this environment. ain't happening. the swiss are joining all of

that. gillian turner steps back from all of this to take a look at why would vladmir putin risk all of this? great financial losses to him, his country, the ruble, now at an all-time low. interest rates more than doubled at 20%. yet gillian, he is not responding as you would think someone who is getting financially hit would respond. what's going on? >> he is also, neil, not responding the way people who have been dealing with him for decades he would respond based on how he always based. senior american officials who dealt with putin for decades is ringing alarm bells about his mental state. they noted things stark change in public behavior, attitude, decisions. they worry his mental health is deteriorating very rapidly, very recently, listen. >> i met with him many times and this is a different putin. he seems erratic. there is an ever-deepening delusional rendering of history.

he is descending into something that i personally haven't seen before. reporter: the concerns are not just from bush administration officials. look at president obama's ambassador to russia, who says quote, when dictators for decades, one, stop listening to advisors, two, become disconnected from reality, spend a lot of time alone, four, overreach. this is exactly what has happened to putin. lawmakers in capitol hill are worried and calling putin delusional. >> you will input the nuclear forces on high alert, i am really starting to question the competency, mental fitness. reporter: senior trump national security official tells me putin seemed paranoid, arrogant, unwilling to listen to reason while meeting with french president emmanuel macron last week. the intelligence community is now weighing in. listen. >> he is a little unhinged, i really do. that's why these statements bear

watching. reporter: so today, neil, intel source tells me that putin doesn't use a personal cell phone. he doesn't even use the internet. if true, it means he is really cut off from the world beyond his compound walls. another thing, neil a different source tells us kremlin stages made-for-tv video claims where putin appears to have a cell phone to give the world the impression that he is plugged in. neil. neil: that is surreal. gillian, thank you very much. reporter: it is. neil: right. walid phares joins us right now, the former foreign policy advisor to president trump. walid, good to see you. >> good to see you. neil: has putin snapped? has putin snapped? >> well he appears to be according to the american sources, nato sources according to his own sources he is making decisions that are war decisions. he is being not responded to by

ukraine, european union, united states and watching closely what china is doing. i think there is a system still in russia, the high duma leaders, leaders of the intelligence services, the army, they are part of making decision. i would wouldn't dramatize he is completely in control of everything but there is system because of the way they are prosecuting the war on the ground. neil: one common theme, i was thinking, you're a great student of not only military, general history, when despots, i think we can characterize vladmir putin as that, are cornered they become increasingly isolated. i'm thinking moammar qaddafi libya, saddam hussein, i'm wonnerring a wounded, cornered animal is even more dangerous in that position than when he presumably had all of his marbles. so then what? >> look, all depends what is

happening on the ground. all of this psychological observations we're doing here in the west is valid because we have experts. i'm looking at the map. i'm wondering what is the actually the real putin plan. looks like they have secured the east, the two so-called republics, that is done. now offensive on kyiv that are happening, make no sense strategically because they will not be able to digest kyiv may have another reason. this could be the biggest decoy, what is it for? why am i saying? the units dispatched into kyiv is not the best, the material is not the best equipment. they're really interested in securing the coast, the whole battle is about linking crimea to the sea. if we have any map we can see that clearly. that would empower the russian fleets who operate much easier than before. they will use the card of encircling kyiv to negotiate. we're putting all the pressures on them. then at the end of the day we

will have to negotiate somewhere. what will he have the card of encircling kyiv. he will offer it. i will withdraw here. i need recognition in the east, recognition in the south and the ukrainians know it, neil. neil: how do you think this all ends, walid? >> it's a very difficult situation. this is a war we cannot really project the end of it. not just depends on what the russians are doing, the depends on the resistance of ukraine and depends on us, our administration, nato. do they want actually to continue with the same strategy without upping the ante, without escalating, staying within the borders of nato or not? also there is another issue that concerns me very much, we are now negotiating along with the russians for the return of the iran deal. we're putting sanctions on the russians on the one hand and we're going to send money to iran and iran will buy equipment from russia. there is something that needs to be fixed in the whole strategy dealing with the ukraine

problem. neil: all right. walid, thank you very much, my friend. have you back to get your insight what is happening here because vladmir putin is ignoring his fellow oligarchs. he is ignoring markets that are free-falling, all but shut down today. he is ignoring bank lines all around his country. he is limiting how much russians can take out of their bank accounts. all of this at a time we're also getting word right now some of russia's biggest foreign bonds have been cut in half. there is one that pretty popular with westerners. it matures in 2047. its price is little more than 30 cents on the dollar. people invest in that and they're losing hard because they can't take their money out. that's not good. more after this. ♪. as a professional bull-rider i'm used to taking chances. but when it comes to my insurance i don't. i use liberty mutual, they customize your car insurance, so you only pay for what you need.

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now that are just saying you know, russia is not worth it. it diversed itself of any stake right now in russia's huge oil giant right now and that is one of the things, rosneft, i should say, it will cost them $20 billion to take that hit, what they feel that is the better part of valor but it's a popular trend right now where a lot of countries and companies in the west and elsewhere are disassociating themselves with the russian oil industry. here is where you could see more attention paid to american energy interests. it is not quite that simple. jeff flock joins us in alwaysboro, new jersey with that side of the story. hello, good to see you. reporter: good news to see you. good and bad in some ways. good news everyone is coming together on ukraine and bad news that takes away some russian supply. that means oil prices likely continue to rise. we were up to $95.

we were up to $99 earlier today. we, where the rubber meets the road, that is motorists, $3.67 a gallon for regular, up a dime. it appears gas prices will guy higher. make no mistake yous is biggest supplier and producer of oil. 11.4 million barrels a day. that is a million barrels a day more than russia produces. or more than saudi arabia produces but the american petroleum institute says they could do a whole lot better. they are lobbying the biden administration to ease back on the green revolution and hear is what the president of the api told fox business the president needs to do. >> first, we need to reverse the moratorium on drilling both offshore and onshore on federal lands and waters. second, we need to put in place a five-year plan for operations in the gulf of mexico.

third, we need to reform permitting in this country so we can get more energy infrastructure into the system. reporter: and the refiners, neil, tell us if you relax the blending requirements on ethanol, that would also take maybe 20, 30 cents away from a average price of a gallon of gas. you know the oil companies are not against the green future. many of them have large investments in green energy but they say europe needs energy. we can both of that oil and natural gas as the api says we're doing already in some way but can do a whole lot more, particularly if this is a protracted invasion in europe. neil. neil: jeff flock, thank you, my friend, very, very much. a fellow that feels the same way alaska governor mike dunleavy who joins us right now. governor, good to see you. you would think in this

environment we would be exhausting all possibilities to tap oil, natural gas, wherever we can find it. that does not appear to be the case yet. what do you think? >> i agree. i think we should. we should be pushing it for our national security, at the same time for our economy. 100-dollar a barrel oil is great for alaska's covers but bad for the people in the states and america because prices at the pump. i think we should do both. we should push renewables, we should push oil and gas. i think they both present great opportunities for this country. i don't understand why we aren't doing that, especially given what is happening over in russia. we had the same issue with iran and others not necessarily friendly with the united states. i'm all for opportunities. i think we should push it. alaska could do its part. we have billions of barrels of oil still in the ground. we have 126 million cubic feet of gas we can deliver to our friends in asia and west coast. we're ready to do our part if

this administration allows us to. neil: what do you expect would be impact on oil prices, governor, to a move like that, to open up for more production and drilling to make up for russian oil that would be off the markets? russia itself is not a huge contributor to our energy needs but worldwide i would imagine it would be a powerful signal? >> it would be. i think russia right now provides 720,000 barrels of oil that we actually import even though we are the energy giant. we still import oil from russia which makes no sense to us here in alaska. the worry by many of the environmentalists if you drill in act tick alaska you will somehow spoil it. to people think if you drill in arctic russia they will have tougher environmental regulations than we are? that is simply not true. so a molecule of oil coming from america is going to be a cleaner molecule of oil coming from russia. at the same time we'll supply

ourselves and our friends with american oil if we're allowed to do that. that just makes for better national security. again, lower prices at the pump. neil: all right, positive governor, thank you very, very much. governor mike dunleavy of alaska, a juggernaut of oil yet to be tapped in this environment. maybe that will change. we're getting word that the peace talks in ukraine or really on the border with belarus have concluded today. the two sides far, far, far apart. on the russian side they want the ukrainians to lay down their arms, just accept the inevitable, the ukrainians are there to say to hell with that. that is not a shocker but talks done. they will resume. they just don't know when. stay with us, you're watching fox business. ♪.

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♪ neil: all right. those peace talks between ukraine and russia have ended today. they weren't expected to last very long and indeed they did not but they're not over. an aide to russian president vladmir putin has told the associated press that talks with ukrainian officials lasted nearly five hours and they will be resumed in the very near future. we don't know what very near future means but we'll keep you posted on all of those developments. all of this as sanctions the world over continue to be piled on. i told you about central banks from those in europe, to the united kingdom, spain, to france. that have forbid any trading in russian securities of any sort, or transactions that would be honored by central banks in any of those countries. but sometimes it is the little stuff, sort, isolation that begins with popular global events that catch peoples attention, and maybe vladmir

putin's. for that we go to ashley webster. he is keeping track of a lot of these, i call them putin isolating measures, right? reporter: yeah. taking away little pieces at a time, that reinforces that isolation, neil. the backlash from corporations has been far-ranging. for instance, let's get to this. facebook, youtube, blocking russian state media from running ads on their platforms, creating a special operations center to monitor the content. twitter sus spending all advertising in ukraine and russia to, quote, insure critical public safety information is elevated. that do not distract from it. another big story, we talked about it, but it is big. bp under heavy critical pressure, dumping its stake in the russian state oil giant rosneft. that is the most significant move from a western company and could cost bp up to $25 billion in charges.

that is with a b, billion. the company is the biggest investor in russia, foreign investor but pressure sure has been mounting given the head of rosneft is a big friend of vladmir putin and rosneft itself supplies fuel to the russian army. bp could not be associated with that elsewhere according to federal documents at least six lobbying firms in washington, d.c., that previous live represented those now sanctioned russian companies and companies tied to nord stream 2 gas pipelines have terminated those accounts. dell technology suspending sales in ukraine and russia, saying it will closely monitor the situation. new u.s. rules on exports to russia cover computers. dell accounted for about 6% of computer shipments to russia in the last quarter. i want to get into the sports world, many, many stories, some of the highlights, fifa, that is soccer's governing body, will hold no international

competitions in russia. england is joining poland, sweden, the czech republic refusing to play russian's national team. in car racing the russian grand prix scheduled for september already canceled. in the nhl, a lot of rhetoric in nhl, hall of fame gold tend. stuart: dominic hasek, he is demanding the league suspend contracts for all russian players. elsewhere, neil, we've seen people calling for the boycott of russian vodka. at least utah, texas, new hampshire, ohio, all asking liquor stores to voluntarily take them off the shelves. not a whole lot of vodka comes into the u.s. actually from russia, neil. i think number is 1.2%, however the message is being sent. neil: well, it is very interesting, speak of which, ashley, thank you very, very much. my next guest is big trying to

get ukrainian alcohol out there. he is putting money where his mouth is and his new york city bar is. he joins us right now. it is interesting, because you're selling ukrainian alcohol to aid your homeland, ukraine. explain what's going on? >> well, i am from kyiv and we own a wine bar and at this point we decided that there is one thing we can do is to help ukraine is to start selling ukrainian beer and wine which we very hard to find but we found it. we figure if we want to donate $200, that is going to be $200. if we sell $200 at our markup, it will being much larger, 800, $1000. the first two days we collected $1800. we just sent it to the ukrainian

refugee fund. neil: good for you. obviously the reaction is pretty strong among your customers. tell me what they tell you. >> we are overwhelmed with the response. people come in. they give cash which we put together and send it to the organizations. we've been busy. people understand everything. everybody buys the ukrainian beer. we didn't receive the wine yet. it is coming tomorrow actually, whatever they have in stock. we also are very happy for doing this because ever since the news broke out about this tons of people who never even heard of us are coming in, stopping by to give us support and to dry some beer, eat some food of course, drink some wine. neil: well, it is not a bad deal there and it is for a good cause. oleg, thank you very much. following these developments. you're seeing these developments

play out across the word where everyone, anyone who has a or not a direct link to ukraine are helping. people want to be in because it doesn't look like to be out. probably the biggest development the last couple of hours is switzerland joining world central bank in series of actions against russia to make it possible to buy or sell russian anything. i say it's a big deal with switzerland t has a long history being neutral in conflicts stating all the way back to world war ii when it was neither on ad dolph hitler's side or the western alliance side but this particular case, switzerland said no. we're on the side of ukraine. stay with us.

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♪. neil: all right. you know russian sanctions can operate both ways, lifting up oil prices here. that will certainly stick to it russia but as our own charlie brady likes to remind us here it does have far-reaching impacts beyond just oil and traditional energy. as he points out today it is driving worries about higher commodity prices everywhere. we're seeing that certainly in the metals.

not surprisingly certainly in oil as i said, not surprisingly, wheat prices up better than 7%. keep in mind ukraine is sort of bread basket of europe. sugar up close to a percent. soybean prices up more than 4%, soy meal, oj, all of that up. oj, orange juice futures are not a big commodity. i should stress that everything, anything we eat or drink just has on grocery stores around the world impacted by what is going on in that corner of the world. i don't think people need reminding of that. of course weighing on the dow down about 420 points as we speak. i want to go to ukrainian ceo's caught in the middle of all of this with her family back in ukraine and her team, corporate team. olga joins us right now.

i hope you're doing well. what have you heard about your family? >> hi, thank you for having me. the latest news i had from my family that they're going now into shelters because there is air raid siren all over kyiv. my family is in kyiv. my team is in -- kyiv and kyiv as well and this night will be one of the scariest ones. neil: tell us, if you can, your company, you're the cofounder, you're the ceo, what is it all about? >> well, yay, musemio, we're a learning platform for children to learn about arts and culture. i founded it three years ago. my ceo i known for 11 years, we decided to toth with schools back home he helped me to build it. it's, it's a very scary moment right now to run businesses as

usual even though my team is asking me for it. i have call from them today. they are are backing up so we continue to deliver on the projects that our nation is art history and -- [inaudible] around the globe. neil: all right. olga, i apologize we're having some audio problems with you. i hope your team, your corporate team, your family of course gets through all of this. it has to be scary times. i think that is obviously an understatement. we were showing you what is happening to stocks. where a lot of money is flowing into commodities. it is also flowing back in to cryptocurrencies. it is interesting here, because that whole sphere has not benefited in this whole craziness as much as gold certainly, all benefiting today. again, following money is always a risky business in any tick or

ticker, any moment, anytime but right now it tends to often be either/or. either you're in stock or some alternative investments but as high as commodities go that sometimes can be very, very bad news for traditional stocks, fear of inflation and some of these alternative investments. for the dow, all the market averages they're all selling. when it comes to commodities, everything else, well, they're buying. more after this.

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truist. born to care. ♪ if. ♪ [speaking in native tongue] neil: you know, you think of the children who are caught up in this, it doesn't resonate with vladimir putin. perhaps this next development will. we're learning are via the bbc that the governing bodies of fifa and the uefa have indeed, as expected, suspended all russian clubs and national teams from all competitions therein when it comes to international soccer meets and the rest.

russia's not invited to participate in any of them, and soccer or football as they see it is a big deal in russia, but no venue in which to play it. whether that gets any reaction is nip's guess. nothing -- anyone's guess. in the meantime, countries surrounding ukraine and accepting those coming in from the ukraine, refugees by the tens of thousands, for example, being welcomed with open arms in poland. that's where you'll find our connell shane -- mcshane and how that country is dealing with all of this. >> reporter: it's been remarkable, neil. they are welcoming refugees in poland. we're at a train station, by the way, where many of them are being processed. over 500,000 have fled the country. more than half of those have come here to poland, all day at this train station. you can see people waiting to get, you know, picked up. many of them are women, some with young children, some, you

know, families that have been broken up that have left people at home and may have come on long, long train rides to get here. someone said it took them two full days to get here. and another border crossing where some people are driving in or walking in, it's even worse. you run into all kinds of people as christian shows you that hallway, it's funny coming here from new york, you never know who you're going to run into. one of the volunteers, let me see if i can find her again, her name is joanna, she's from queens, new york. she's of ukrainian descent, and she had come over here to poland to visit, next thing you know you end up across the border. >> yes, i crossed the border. >> reporter: telling us about getting back across the border. >> on tuesday we crossed the border with my husband, we went for a vacation, and thursday once the war started we were supposed to cross the border, my father called me at a 6:00 in the morning. that was 12 midnight in new york and told me stay home, the war's

coming. and we, we stayed home, and now we're here back in poland where i with us born. i was 5 years old when i left poland and we're here volunteering -- >> reporter: doing anything you can. people are showing up with maybe baby strollers and water. you could be going back to new york. >> we're still staying until march 6th. we bought diapers, good, water, and poland are is helping out a lot, and i'm very proud of the polish nation for helping, supporting these ukrainians at this hard time. and it's incredible how everyone's donating, incredible. i mean, you see people coming and giving themselves everything. >> reporter: literally showing up with, you know, the clothes off their back. >> did you see the clothes outside? >> reporter: we saw them earlier. >> we're doing everything, as much as we can, to help. and i was raised that way to help even though sometimes it's rough and life now that we're going through with the war, with

all this, i have tears in my eyes because these women are crossing the border with their mothers, mothers, children walking four or five hours, four or five days. and you know what? i'm very proud of poland, polish people helping the ukrainians. you know what? ukraine will fight, we'll defeat this, and i am proud to see these ukrainians having a smile on their face. my aunt took my dad's worker's wife and son to their house. and believe it or not, they stayed home and they a traveled back. they came here again an hour ago on the train back home to find her sister where she's taking her in north of poland. she's taking a train with her son right now. and you know what? i'm very proud. very proud of them that they're walking, that they're survivors, that they're coming, crossing the border. we are welcoming you all the time. and you know what? ukraine will fight. i mow they will fight. >> reporter: thank you, by the

way. >> you know what? one more thing. poland didn't have the support in 1939 from germany or the soviet union, and now we're neighbors, and we'll definitely help. >> reporter: we got it. we have to go. back to neil, just talking about people will fight, just real quick, we met people military age, young men, that were going back across the border the other way today literally to fight, living here in poland going back to ukraine. it's one story after another here that's been developing throughout the day. neil: yeah, i don't think vladimir putin saw this. i mean, i think he thought he would be greeted with open arms, and instead in those arms are weapons from ukrainians. now some of their good friends and supporters in poland are. thank you, connell, riveting report here. we do want to keep you awrest of developments, i told you that peace talks have stopped for today. they're going to reassume, we don't mow when. i'm talking -- don't know when.

the belarus reporter and the defense minister of ukraine involved, secondary defense minister in russia involved, but they really didn't go anywhere. there are reports from reuters right mow that the european union is eyeing ukrainian membership, you know, within the european union. this is not nato, within the european union. now, it's being interpreted as a potential bargaining chip in future talks here. but it's anyone's guess where all of that is going. vladimir -- is joining us right now. former ukrainianing minister. minister, thank you very much for taking the time. few people saw how this fight would go, minister. and the incredible strength and support that is being garnered for the ukrainian people in all of this. what do you make of it? >> it's -- honor is mine, actually. and very happy to be present in

your tv show to talk to americans. first of all, let me express my gratitude to the united states and especially mr. biden for assistance for ukraine. i would say that biden was among the first world politicians to say that putin is a killer. putin is a killer, for sure, and he's -- [inaudible] and his dream is to restore soviet empire and to call himself a czar to rule the world. and we do understand that freedom is not for for free. that's why we fight. and we are very grateful and we have all civilizedded world led by biden to protect ukraine and to fight against neo-nazis, russians, which declare themselves like only one destiny if country to rule the universe. i believe that we will definitely win. whatever it takes. but right now kyiv is under massive missile, ballistic

missile attack coming from russia and coming from belarus. and we have a -- but still we hit back, and is russians didn't expect that relief would be so great. we need more javelins, we need more stingers, more more than that, we need clear message from the west that you cannot fight democracy, and west is not in favor of tyranny which would like to spread all over the world led by china and russia. neil: minister, peace talks broke down today. they weren't expected to go very far. they lasted for five hours, they're supposed to resume, they could later this week, we just don't know. but we're being told one of the demands that russia has is not only should ukrainians lay down their arms, but any thought of ever joining nato. now whether that's, you know, a deal-breaker or whether there are other things attached to that, what do you make of that? >> definitely putin is furious

that ukraine fights back, and he always believes that occupied ukraine, is it's the only model wanted for the world -- [inaudible] but in this particular case, i think it's struggle between russia and united states. and behind russia we should be open -- china. and the result of the struggle is, it's not about ukraine. we are ready to protect ourselves, and i believe that with what we have shown to the world, we are already ready for nato membership. but it's about russia-china, russia-united states and european union, who is going to win, because there could be, unfortunately, only one. neil: all right. thank you, minister, very, very much. by the way, as the min stuff wag up there, we're hearing from the

russian foreign minister sergey lavrov who is apoplectic that germany will be supplying money and weapons for the ukrainians says this represents a serious breach, a serious breach, in his words. anyway, we're following that. charlie gasparino is looking at how wall street is digesting all of these cross-currents. what do you have? >> and it's not just wall street meaning the markets. what i did was i spent the weekend talking to serious ceos of banks and saying, you know, your global enterprises, what do you think is happening here, what are you looking at. they are telling me that the markets are sort of not appreciating or taking as serious as it should just what is in store for the global economy, the european economy and maybe even our economy m. they are, you know, i haven't heard in a long time this seriously people talk about stagflation, but i had several ceos talk about stagflation in this sense: you have rising oil

prices, you have rising prices of grain. remember, ukraine and russia are big grain producers. if they can't, if they can't produce and if export, that's a problem for the grain market. and you have a slowdown in europe, the economy's definitely going to slow down, and that impacts us in a higher interest rate environment. and i guess the question is do we have to raise interest rates through all this? well, we probably do because we have inflation, and we have, you know, an insane stock market which is where you have valuations of things that make no sense. and usually when that happens, you know, the end result if you wait too long, you have a massive bubble that implodes. a lot of average people lose money. not only that, you have inflation eating at wages. so that's where they are right now. they are worried about stagflation. they say it's real in europe and could be real here. the other interesting thing i heard from several of them is that they're trying to monitor china in this whole thing in this sense: they really believe that premier xi -- president xi

is the one person that could essentially tell, get putin to back off. i mean, they have a symbiotic relationship in this sense, china needs oil for its economy. russia needs china to buy stuff from it since it's being cut off from the if rest of the world. and, you know, what people are saying is they're getting the sense from china that the chinese and xi in particular is just a little bit unsettled by what's going on here. i mean, what is vladimir putin going to do to stop the ukrainians, is he literally going to level kyiv, level all these cities? he might have to do that to win this war. that's what he did in chechnya. does china really want to be financing that, that type of slaughter. this is really perilous stuff. i will tell you that the ceos are telling me markets aren't really taking it seriously enough because we've got a lot of stuff going on here including inflation and now, obviously, an oil price shock.

i believe the last time i looked, neil, you correct me if i'm wrong, oil was hovering near $100 a barrel. this thing gets real serious when it gets, you know, above that. there we go. neil: yeah. holding its own at around 96. you're quite right. >> right. neil: i'm surprised it's not a lot, lot higher, to your point. but we'll watch it closely. charlie gasparino following this. jonathan hoenig with us now. you know, jonathan, it is interesting how the markets sort of tick by tick go with these ukrainian developments. i know i'm stating the obvious here, but how do you think they're taking in this now? peace talks day one, they go nowhere fast, talk that this could widen out with countries now taking punitive measures, even switzerland, notoriously neutral throughout its history as a western influencer, if you will, but joining in the fight to support ukraine. but largely, markets taking this in stride even though the

sanction part alone could boomerang on them as well. >> well, i mean, neil, war is destructive. there are no real winners, and the closer you are to war, i think the more destructive it is both in terms of lives and finances. yeah, our markets have been surprisingly unfazed here, but the closer you are to russia, i mean, that russian etf, neil, rsx, it's down 23% today, it's down 60% year to date. neil: wow. >> so the closer you are to any of what's going on in europe, and it doesn't just extend to the economy of russia. european banks have lent to russian entities, deutsche bank down 6%, ing down 9%. so there is some fear at least among some investors that you could see some type of contagion. maybe it's not like the asian contagion in '97, but some type of contagion that ripples through the global economy given the destruction to russia's economy. neil: you know what's interesting, jonathan, defensive plays here -- traditionally

that's oil, it's not surprising. it runs up as as a a lot of tradition aleck questionty investments run down, but i'm seeing it certainly in gold, today even in the cryptocurrencies. you know, be careful what hedge you pick because you won't need it the next day. i know how these markets go. but how do you advise particularly young people, jonathan, who are looking at this and saying, the hell with it, i want nothing to do with it. what do you tell themsome. >> certainly, neil, for young people who have that long-term time horizon, now is the time to either sit on your hands or to keep that long-term investment. even something like the asian financial crisis in the -- in 1997, we look at that, a blip on a long-term time horizon. in the short term, neil, if you're closer to retirement, something like this geopolitically does impact your bottom line, your financial situation. think back to 1998 when russia

defaulted. that was in august of 1998. over the next couple months, the dow dropped about 10-15%. so i do think there could be some ripple effects to everyday investors. even that emerging market bond fund, neil, which is in a lot of 401(k)s, it's down about 9% just on this russian news. the world is a global interconnected economy, so this is going to ripple through in the days and weeks to come. neil: you know, i'm wondering, so far i've noticed we have the inflation part. we don't have the stag part of stagflation; that is, certainly in this country the collapsing economy that was feature under jimmy carter. but we're getting and fears from a number of the, you know, fed members who are concerned that it might hold. that, in other words, it feeds if on itself, who's going to want to take a trip to europe in this environment? certainly not europeans. so hospitality, leisure stocks take it and it builds from there. are you worried about that? in other words, the underlying

economy recoils under fear? >> yeah. i mean, certainly, neil, this outbreak -- there's never a good time for war. it comes at a perilous time for the global and u.s. economies in particular. higher inflation and slowing growth. ironically, at least today the u.s. looks like somewhat of a safe haven. would you rather own dollars or the bonds of some emerging market currency or some european banks. good old american tech stocks, as charlie said, as overvalued as they might seeming -- seem, they almost seem like safe havens given the turmoil. when elephants dance, mice get trampled, even with the headlines you have to be tentative about putting big money to work in today's markets. neil: thank you, my friend. jonathan hoenig following these developments. i told you a little while ago that the international soccer foundation, fifa and uefa, have

is indicated that russians are not welcome at any international events being planned, and now the international olympic committee is saying the same about russian athletes. we'll have more after this. ♪ at vanguard, you're more than just an investor, you're an owner with access to financial advice, tools and a personalized plan that helps you build a future for those you love. vanguard. become an owner. your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire

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neil: all right. when it rains, it pours with some of these sanctions. oil prices escalating right now. we told you about bp divesting its 20% stake in the russian energy giant rosneft. we're getting word that shell is exiting a joint venture with another russian giant called gasprofit so the back and forth continues to alienate and, indeed, isolate. enter the ceo of the port of corpus christi. russia's clearly isolated here. it would apparently be an ideal time to rev up those ships with oil from here and back and forth to deal with the missing russian oil soon in these markets, but that's not happening, is it? >> well, neil, certainly ports

in general and texas ports in particular are the primary arterial for goods movement globally. and texas is the largest energy-producing state in what is now the largest energy-producing nation on the planet, the united states. and so every we have vital critical infrastructure that a play a role in exporting our energy to our allies and our partners. the challenge has been the regulatory environment that we've experienced and -- certainly the oil and gas companies, our customers, have experienced, wells the lack of sufficient federal appropriations, because these are federal waterways, for the improvements of these vital arteries. neil: so all tings -- things being equal, they stay the same, obviously you become the port of call. but you could be an even more important port. that does not seem to be the case right now. i'm just wondering despite all

your efforts and the attention your port rightly gets, this potentially could worsen the supply chain disruptions, right, if more goods from and to the ukraine, for example, certainly russia, are affected? >> well, certainly, neil, we've heard a lot about supply chain disruptions in the media of late. most of those disruptions are in the container space. those containers are carrying finished consumer goods, much of which originates in mainland china. but the port of corpus christi in particular and texas ports in general, we are primarily export ports. neil: i got it. >> a full 20% of the nation's exports move through texas ports. the port of corpus christi is the largest single gateway for energy exports, number one in crude oil at around 2 million barrels a day and number three in refined products. problem is the regulatory environment. administration is making it much

more difficult for energy producers to produce more, it's making it more difficult for pipeline companies to install more pipelines to bring that production to the coast, and it's making it more difficult for ports to move those goods both to domestic demand centers where american consumer cans have a need as well as our international lies particularly now in western europe. teel. neil: keep us posted, sean straw january bridge, vino of the port of corpus christi, one of the busiest on the planet. right now maybe in places like ukraine itself. we told you earlier about the u.s. blocking financial transactions of russian central bank assets, effectively freezen that money. and we told you how the likes of the european union and japan and the u.k. and canada, now switzerland, have gone along with that to sort of freeze russian monies available. vladimir putin has responded to that, banning residents from sending money to bank accounts

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neil: we told you about the skies lighting up over kyiv, ukraine, the capital. trey yingst was in the middle of all of that, joins us right now. what was going on, maybe, trey, what is going on? >> reporter: neil if, good afternoon. the city remains under attack at this hour. we have heard multiple sirens across the ukrainian capital. you could hear them in the background, and there was that large explosion earlier this evening. we're learning more about what the russians targeted with that hit. it was a military radar center

just southeast is of our location. and the blast was so big that it shook the windows of the hotel that we are at right now. this sending people underground. they understand that the russians are getting closer and closer to the city. those who can fight are picking up weapons, those who can't are sheltering many place waiting for more of that russian air campaign. there's not new satellite images out that indicate a russian convoy of trucks and soldiers is headed to the city, but it's even closer than previously known. this convoy is within 15 miles of the city limits, and it stretches for 17 miles. we're talking about hundreds and hundreds of vehicles. a significant force as these russians try to enter the ukrainian capital of kyiv. but, again, remember, it's not only the ukrainian army, the civilians here preparing everything they can from molotov cocktails to other peps -- weapons so that they can flight back. they're blocking the roads with trucks and cement barriers. there's a real understanding

that the coming days could see a lot of urban warfare, a very bloody experience for those involved, but it will be something you will see unfold here and as it develops on fox and fox business. neil. neil: i'm curious, or obviously, the sentiment seems to be building that vladimir putin is running out of patience and maybe some discretion here and doesn't give a hoot whether he targets civilians or not, in fact, that he might prefer doing that. that ups the ante here and the concern. >> reporter: yeah, look, and following those calls between french president emmanuel macron and russian president vladimir putin, the creme kremlin appeared to claim that putin is willing to agree to the non-combatant no zones, basically a scenario in which the russians would say we will not hit civilians. they've said it around the world in syria, and on the ground they are killing many, many people. and that's exactly what's happening right now. we over in over the weekend an

apartment building here in the capital of kyiv was hit with a russian missile killing at least two people, an oil depot south of the city was also hit, and there are reports of kharkiv taking significant russian shelling, killing civilians in the process. the ukrainian health min ministry says more than 350 civilians have been killed so far since this invasion began, and that number is expected to rise. neil? neil: thank you, my friend. trey in the middle of that. by the way, before we go to our next guest, we're getting word that the new york stock exchange and nasdaq are halting trading many stocks of russia-based companies. anything having to do with russia can no longer be traded on those exchanges. new york stock exchange and nasdaq don't have anything more on this. this was an expected development as the world freezes russian assets, and our own country has prevented any if central bank here or pretty much among the western powers to trade in any russian financials.

that is a further isolation move as at least a dozen countries worldwide have now extended this to russian aircraft, commercial or otherwise, from flying within their air space or landing at their airports. in the meantime, would you -- how would you like to be in the middle of everything that trey said is going down in ukraine and hoping against hope it just stops? with us now is olga, we're leaving her last name out of it. she's at a dorm in ukraine, and she was kind enough to let us know what's going on now. olga, i assume you're still in that dorm. what can you tell us? >> i'm now this my student dormitory -- molotov cocktail to defend our city and our country. neil: how many are there with you?

>> me, i guess it's approximately 50 students mostly from the donbas region -- [inaudible] neil: now, you didn't do that. why? you stayed in the dorm. because i can -- my city because it's dangerous and so there was no transport. neil: oh, i understand. olga, we don't have to wade into military matters, you've got more important things on your mind. i understand that. but your fellow countrymen are putting up a hell of a fight. we're in day five of this, and russia has not accomplishedded any of its goals. and i think that surprises vladimir putin. what do you think? >> yes. we believe in ukrainian army. we believe in our will and

support them as far as we can. i gave them some food and some medicine. neil: all right. olga, thank you. i want you to feel free to contact us anytime, let us know what's going on. please be safe, be well. olga in the middle of all of that. sometimes these are the most gripping stories because one thing to talk about market impact and whether you're going to lose money on something, quite another to talk about, you know, things like life and death. puts it in perspective. we'll have more after this. that's why td ameritrade designed a first-of-its-kind, personalized education center. oh. their award-winning content is tailored to fit your investing goals and interests. and it learns with you, so as you become smarter, so do its recommendations. so it's like my streaming service. well except now you're binge learning. see how you can become a smarter investor with a personalized education from td ameritrade.

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neil: all right, we are just learning that president biden has wrapped up quite a long phone call with our allies on this. it lasted almost an hour and a half. edward lawrence has more from the white house. edward. >> reporter: yeah. an hour and 32 the minutes, kneel -- 22 minutes, neil.

it was with allies as well as the european commission president, we're talking about the prime minister of canada, also the european union as well as the united kingdom all on this phone call talking about what the next steps could be. emmanuel macron, the french president, as he has been sort of a liaison going back and forth between russia and the rest of the western world. but as of right now, no change in the status from russia moving forward. we are seeing as usually -- as you've been documenting the shelling and the advancement of the russian troops still going on in ukraine. these sanctions so far have not worked to deter russian president vladimir putin. and these are extensive sanctions put into place. however, all of the sanctions have that one caveat whereas they do not have oil and natural gas improsed -- imposed in there. transactions will still be made for oil and natural gas, and that's why republicans have this problem. >> need to not carve out in any

way oil and natural gas from my of -- any of the aptions -- sanctions. we need to ramp it up, the large oil companies in russia need to be sanctioned, perhaps even an embargo on russian oil. >> reporter: but we'll have to see in the coming days. mine, the lines in the russian banks were out down the block and around the corner. there's a run on the russian currency, so the administration here, the white house feeling there is that pressure that's being ramped up from these sanctions that are already in place. they are here at the white house working on the next set of sanctions that could possibly be implemented, and that could possibly include maybe oil and natural gas. we don't know at this point. but they are looking at these sanctions and hoping that the pressure within russia builds so much that russian president vladimir putin backs off of ukraine. so far he has not backed off. back to you, or neil. alameel: all right. ed edward lawrence.

i do want to show you these long lines outside banks in russia, st. petersburg, russia. there's a limit to how much money you can withdraw from those banks and a limited opportunity to do so. because they want to keep money in the country, obviously. vladimir putin moments ago indicating you can't shift any money abroad or if you want to send money to those folks in ukraine, you can't do that either or those in ukraine to send -- russia, i should say, outside. so money getting very difficult to move in or out of that region, particularly russia. and is right now given the fact that the ruble is in a free fall and the market there is are closed, at least most of the major markets closed today on orders from the central bank, nothing seems to be working because the central bank there raising interest rates to 20% to try to sort of stem this flow, this exodus from monies, you know, supportive of the ruble.

the understanding seems to be maybe if you raise interest rates a lot and make them more attractive as an investment, you know, people will buy in. the trouble is they're not buying in. there's an old line on wall street that, and pardon the language here, just because you make it a more expensive turd bunt mean it's not a turd. now back in our country and what are we noticing about the flight to quality or havens, few yo will -- if you will, in the bond market you're seeing that as a flight to safety that's benefiting dollar-denominated investments, and you're seeing it right now in the cryptocurrencies having quite a good run. bitcoin back over $40,000 per coin, now a little bit more than $41,000. nat city dunel -- natalie, an expert on all things crypto. natalie, what do you make of

this haven that cryptocurrencies have proven? because that's been not the case throughout much of this. gold's been a beneficiary, oil of course. i get that. but not so much crypto until really the last couple of trading days, particularly today. what's going on? >> well, i really think that people are seeing the benefits of this freedom technology that is bitcoin. and, look, i don't think putin will suddenly adopt bitcoin for the country because his government wants ultimate control over money, but i think this crisis is raising the profile for bit bitcoining even more which is the most dominant and and decentralized currency in existence. russia's working on their own currency, ukraine's government just a couple days ago were soliciting for bitcoin donations. the transformation and really, in my opinion, the fracturing -- fracturing of the global monetary system is upon us. and i think we have to remember the people who are most impacted

by these conflicts are the working citizens of any country. the debasement of the currency, the inflation and the ripplefects of these sanctions and war really hit those people, with the, thing -- working class, the hardest. and now with bit coyne we have a store of value that cannot be con first candidated, it's borderless, it's censorship-resistant. and between those bank runs and atm runs that we've seen in both russia and ukraine over the past few weeks but also a few weeks ago the bank freezes in canada, it's becoming clear that banks that can prevent you from accessing your savings, it's becoming more risky. we've seen it in democratic and authoritarian nations, so i think this is almost a commercial for bitcoin plague on a global stage. neil: still, i always had the feeling that russia can look at everything you're doing. i'm just saying are people jumping on this too soon as an

alternative to crazy times when we have seen that they've been able to trace, you know, dark market or black market, you know, cyber threats through bitcoin fame and to the rest, so they are getting these authorities across the world a little bit more adept at following this, or not enough. how do you describe it? >> you know, i think what's important to know is that these transactions between bitcoin wallets can't be stopped because, again, they're out of the purview of the government, and i really think we should all be paying attention to what's happening in yeern europe -- eastern europe because president putin is shaking the very foundation. the u.s. is the world currency. if you dig into these sanctionses, i heard earlier in the last segment you'll see that energy is specifically carved out of sanctions, but russia has almost been preparing for these kinds of economic actions for years because they've beefed up their reserves to $600 billion

in gold and foreign assets, they're been working on their own sweat system along with china. so they've been strategizing -- neil: natalie, i'm sorry to jump on you, but does that include -- because i had anecdotal reports, i don't know how real they are, that russia also been building up some crypto investments and not justin you know, having -- not just having something proprietary to russia, but besides shoring up its finances, looking for alternatives to dollar-denominated investments to build up its own sovereign fund, it has been buying a lot of crypto. is that true? >> we're understanding that they're moving to regulate as opposed to ban cryptocurrency, and president putin announced in january he recognizes his country's competitive advantage when it comes to bitcoin mining because they're the center of so much energy. it's centered in russia. so putin is definitely playing a game of chess here, and it seems he's been calculating in this move for years, preparing his

country financially. and what's sad is our monetary policies here in the u.s. allowed the dollar to become vulnerable to this. so people are looking for different ways, different safe havens, and bitcoin is certainly one of them that you can move across borders with without anyone knowing how much it has. neil: thank you, natalie. that's an interesting sort of angle on this, that the crazier things become and the more frozen funds getting into and out of russia becomes, the dollar-denominated investments that become more of a hassle. so there is a potential market for an alternative. enter cryptocurrencies which for the likes of litecoin,er here to yum and bitcoin, it's proving a renewed catalyst today. we'll stay on it. more after this. ♪

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what's going on? where's regina? hi, i'm ladonna. i invest in invesco qqq, a fund that gives me access to the nasdaq-100 innovations, like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq neil: all right, president biden has made it as difficult as it can be leading an international effort toes that size and, indeed, isolate russia with investments, anything having to do with its central bank, it currency, its markets which, by the way, are closed. an emergency measure taken by the central bank that controls the stock markets in that country. it's a little weird, but all leading an effort to freeze russian commerce and bring the country to its knees and, hopefully -- that is, the president hopes -- vladimir

putin as well with this unprovoked war in ukraine. it's likely to be a big subject in the state of the union address tomorrow. i think that is an understatement. hillary vaughn on capitol hill with more. hey, hillary. >> reporter: hey, neil. the president is not ripping up his state of the union address, but he is rewriting it. plan was for him to sell his domestic agenda, flaunt some of his first wins during his first year as president. but now he is making some cuts to make room to address what's happening overseas. >> certainly what we're seeing on the ground in ukraine, the fact that the president has built a coalition of countries around the world to stand up to russian aggression, to stand up to president putin, to put in place crippling sanctions, that will be a part of what people will hear in the speech. that wouldn't have been the case three months ago. >> reporter: can the state of the economy is on top of americans' minds. people are facing sky high gas prices, inflation is draining their pockets. a new fox news poll out friday

gives a preview of what's keeping americans up at night. inflation at the top of the list followed by jobs, economic growth, covid with foreign policy at the very bottom of the list. and a majority of americans do not think biden is doing a good job on the economy. 61% of voters disapprove. so republicans are going to make the economy a centerpiece of their response. iowa governor rimm reynolds will give -- kim reynolds will give the republican rebuttal tomorrow night, iowa senator chuck grassley previewing it on fox earlier today. >> i expect her to say iowa has led the way, and it's about time that the federal government do the same thing and that the president show leadership that is something other than just shutting down the economy to fight the virus. >> reporter: and, neil, a white house official telling fox that starting tomorrow the indoor mask requirement is going away, so the scene for the state of the union is going to look a

lot different this year than it did last year when everyone was wearing a mask and there were a lot of empty seats. neil? neil: yeah. i forget about that. no masks. hillary vaughn, thank you very much. scott boleyn joins us now, former democratic party chairman and always a fun read of things. pretty smart fellow, to put it miley. scott, poll -- mildly. there's a lot of pressure on the president tomorrow. whether he likes it or not, he's a wartime leader. and i'm just wondering how much that becomes the center of his remarks. >> well, i don't think it should be the center of his remarks, but it's certainly going to be the center of his remarks regarding the economy and what it means for this country, what's going on there, what's going on with nato, are we ready to put troops on the ground, is western europe going to intervene and protect poland and those neighboring countries and is putin going to continue to march through ukraine and go to poland and some of these nato

countries. it's going to put a real test on the president and nato, but this president is going to have to make what i call headwind speech. got a lot of headwinds from his party, the republicans, the afghanistan fiasco, inflation. even though jobs are up. i mean, america is still finding it way through covid. we thought we were out of it and then another form of strain came. and so in the president has had a lot of economic, racial and political headwinds. he hasn't kept his promises, and he's got to give america and his voters and even those who don't support him a path forward why it makes sense and why he thinks he can convince us that he can still get it done with two or three years left in his leadership. neil: all right. well, oring he hasn't done that to date. i think you'd acknowledge that given some of the poll numbers. i don't like to obsess over that, scott, as much as i do this concern that maybe tomorrow offers an opportunity to do something wild and crazy like revisit traditional oil

production in this, in this country. something that he stopped with keystone the very first day of his presidency. you could argue that given in this environment with missing russian oil and rocketing prices across the world this even might be a temporary measure, but a measure that many say he should >> i think everything should be on the table. everything ought to be discussed, negotiated internally, but his real crisis of leadership lies in the following, the lack of confidence that he can get it done. we voted against trump en masse, now we have biden-harris. i believe the turning point in the confidence meter for this presidency was the afghanistan withdrawal, that debacle. neil: i think you're right about that people can characterize, i hear where you're coming from or voted for him, less than trump, what we learned that move on energy alone my have started a

cascade of problems we're seeing in retrospect now. now that might not be the case but the feeling seems to be the president should take it back to its base, look i need to explore all options. i'm not giving up on green energy but i have to look at this. i will also drop the federal gasoline tax for a while. i want to urge states to do the same with their gas taxes, something bold, big, not traditional or purview to his base. >> america responds, that's right, let's do it. that is the real leadership. the problem biden and harris though they have problems within their own majority. can't get it done with the their own party, have not kept promises on voting rights acts, plaque and brown voters put him in office largely and they couldn't get him done across the board. neil: we have 30 seconds, to my friend charles payne. you sound disappointed in the

president? >> i think that if we lose in 2022 it is not going to be because of an energized republican base. it will be because of a being la of energized democratic base because they have lost faith in this president to deliver on the core issues important to their core base. that is people of color. i think there will be a real issue, a test, they will not vote for republicans but they may not show up at the polls and that is a real danger. neil: i hear you. thank you very much, scott bolden. >> i hope i'm wrong. neil: we'll see. now to you, charles. >> thanks a lot, neil. man he is fired up and so am i. good afternoon, everyone, i'm charles payne, this is making money. markets continue to exhibit amazing resolve as it faces the ugly realities of war. despite the knee-jerk defensive moves we've been seeing i think this stock market is on the cusp of a major reversal and a major