the overnight session, it is now at 122, up three and two-thirds percent this will have an impact on the broader economy. thanks very much for being here today, joe concha, rebeccah heinrichs great to be with you both, we're watching gold and metals on the move. stay with fox business for the latest out of ukraine on this russian aggression, "varney" & company begins right now stu take it away. stuart: good morning, maria, good morning, everyone. the top story this morning is inflation, yes, there is dramatic news from ukraine and we will get to it, but we're in the middle of an energy price spiral. everybody is talking about it because everybody can see it and feel it. look at this. the average for a gallon of regular gas is now $4.06, only $ 5.05 away from the all-time high, the previous record back in 2008, and in california, regular averages look at that. $5.34, that's the average for regular in that state. diesel, that's gone up to 4.61,

truckers, farmers, construction, heavy industry, they all run on diesel. their costs are going straight up and inflation goes up with it here is the price of oil, secretary of state blinken says a cutoff of all russian energy exports to europe and america is being considered. if that happens, expect another surge in energy prices, $5 a gallon gasoline, maybe. in ukraine, president zelenskyy warns about a new wave of attacks, towns and cities across the country are subject to in discriminate rocket attacks, the full brutality of the war has been brought to tv screens across the world. it is day 12 and the war grinds on. elon musk making headlines. he says there are 120 mothballed nuclear plants in europe, fire them up, he says, and fix the energy shortage. all right, now let's get to the stock market. another sell-off investors not keen on war, or energy price

inflation. the dow industrials down about 150 maybe at the opening bell, overnight, we had those futures down over 500 points so we've come back a bit. s&p down only 20, nasdaq down only 58. interest rates, they show the continuing flight to the safety of the 10 year treasury, the yield just below 1.8%. bitcoin, moving in line with stocks, dropping below the 40,000 mark, 38, 900 is your price, gold that has emerged as the inflation hedge. it hit $2,000 per ounce earlier this morning. it's going to be a really big breaking news day. a deal with iran, a cutoff for russia's oil & gas, all possible on this monday, march 7 , 2022. "varney" & company is about to begin. let's get right to that. left-hand side of the screen,

the price of oil currently $118 a barrel, earlier, it topped 130 bucks, that is a 13-year high. take us through it, lauren, we've got a lot to go at here. lauren: this is what everybody is talking about the price to fill up the gas tank, 4.06 a gallon today just a nickel shy from the highest level america drivers have ever paid and right now you're showing off $0.45 more this week than last week, up $0.45 in a week so how high is oil going to go? let me tell you what the banks say. bank of america $200, if russian exports are cut, jpmorgan says 185, and mitsubishi says 180 followed by recession, because the price of energy goes into everything. look we're desperate here. we're willing to ignore human rights abuses as a result of that desperation, talking with iran about restoring a nuclear deal to bring their crude back online. those talks have been delayed and complicated and that's why the price of oil continues to go up. then there are reports that

president biden may go to saudi arabia to beg them to pump more? that relationship frayed since dismemberment of the washington post column columnist jama kashoge, and weekend report in venezuela that paid nicholas maduro a visit. we have the oil but we're begging our enemies. stuart: okay, nicely made that point, thanks, lauren, jason kat z with us this monday morning looking at the market. can you give me nih reason to be optimistic as a stock market investor, jason? >> there's a handful, stu. the tragedy is overshadowing what was steal harry reed employment numbers on friday, unemployment down to 3.8, labor participation picking up, but above all, wage prices are moderating, it takes a little bit of pressure off the fed, but number two, absent from our conversations in the last few months, is or last few weeks,

is covid restrictions are being lifted, and there's this insatiable demand to get out and do and when spring breaks in new york, you're going to see and the east coast, the northeast, you're going to see this big shift from goods to services and the service economy is two-thirds of our economy. that takes a little bit of pressure off of inflation and the fed. then lastly, i'd say, there's such exacerbation. there's such poor sentiment out there, if there's any resolution or clarity with respect to what's happening in europe, and with ukraine in particular. the markets could bounce very hard. stuart: with interest rates where they are, the fed moving rates up soon, with this kind of inflation the way it is, is a recession in your economic forecast for this year? >> it's on the table. i'm not going to say it's our base case. it's our bear case. obviously, with a potential ban on imports of oil, coupled

with the european economic slow down, and that's inter connected with our economy, then clearly, recession is a risk in europe and in turn, in the u.s. , so that's on the table and as a result of that, we're still constructive but we brought our target down on the s&p to 4,800. stuart: okay, got it, jason katz on a monday morning we'll see you again soon. president biden's facing pressure from both sides of the aisle to ban the importation of russian oil. senator joe manchin says we can produce the energy here. watch this. >> people in my state of west virginia believe it's basically foolish for us to keep buying products and giving profit and money to putin to be able to use dense the ukrainian people. we have the energy, we have the resources here, we don't have to put anymore pain on american people suffering with inflation now. stuart: charles hurt joins us this monday morning. charles do you think that biden will ban russian oil from america, and go further than that, and ban russian oil & gas

going to europe, would he go that far? >> i have a hard time seeing that, just because of the sort of wrecklessness receive even out of this administration in terms of thinking strategically about absolutely anything and obviously joe manchin is exactly right. we do have the resources here to do this , we saw that under the trump adminitration, we were very good at filling at not only filling our needs but actually exporting oil & gas or gas a broad, so, but i don't think that the administration has displayed any interest, whatsoever, in doing a single- most important thing in terms of standing up to vladimir putin and that is making america strong and making vladimir putin weak, and of course, drilling at home, doing everything we can do to make ourselves energy independent is the only way to make america strong and vladimir putin weak. this administration has done the

exact opposite from the beginning and we have the situation, so even if he does make a decision follows the advice of joe manchin, it's still going to be months if not a year or more before we reep the benefits of that and we manage to put vladimir putin back in a box. stuart: i think we should draw a distinction here. i think it's very likely that we , in america, will ban the importation of oil from russia. that's america. we're not going to take anymore russian oil i think that's almost a given. the other thing though is are we going to ban the export of all energy, oil & gas, from russia, going to europe. that's a separate deal entirely, and is much more consequential. if they did that, if russia was completely bottled up, no energy sold in the western world, period, they collapse, and the price of oil goes to $200 a barrel and we get a recession. it's a dire situation, charles. >> yeah, and think about this ,

too. if we manage to do that and cutoff russian gas to europe, we look at the images of ukraine on tv and it breaks our hearts and we want to help and stop the madness, but this is more than our problem, this is europe 's problem. the problem is, europe is beholden to russia for their energy needs, and for as long as that happens, we're not going to have a robust partner in europe in combating this kind of problem, and so i think that making a decision where you do cut, as trump did, where he, you know, withheld the sanctions, or had the sanctions on the pipeline from russia to germany. you setup a situation where europe is not beholden to vladimir putin and is a far- better partner in containing him. stuart: the mess that creates in the short-term is really something else again. charles hurt, good stuff, good to see you on a monday morning we'll see you again real soon. >> good to see you. stuart: sure thing.

more companies are severing ties with russia. i believe netflix is the latest, what are they doing? lauren: more companies going a step further so now they suspended their service in russia so if you want to watch netflix in russia you can't. last week, they said they were going to stop future products there so projects so this goes further. then you have american express suspending their operations in russia and belarus, meaning its globally-issued cards no longer work in-stores or at atm's in russia and belarus and then three of the big four accounting firms, hads kpmg, they won't serve russian businesses and pricewaterhousecoopers have been in rush o for more than 30 years stuart: i don't think putin was expecting this kind of financial reaction because it is extreme, the most severe sanctions ever imposed on any nation state. really something else. lauren: that might fuel him to feel a little bit more aggressive to get more territory stuart: how will he respond to this? lauren thank you. check futures again, we've come back nicely, i got out of bed

this morning very early, the dow was down over 500 points, now it's down 80 and the nasdaq is down just 27. so, the losses have moderated a little. unless than two weeks, more than 1.7 million people have fled ukraine, most of them going to poland. why isn't the united nations building refugee camps there? i'll ask a u.n. official, a refugee official on the show later. secretary of state blinken says nato countries have the green light to send fighter jets to ukraine. watch this. >> if, for instance, the polish government, a nato member, wants to send fighter jets does that get a green light from the u.s.? >> that gets a green light. stuart: oh, would russia consider that war? i'll ask former u.s. ambassador to nato kurt volker calling for a humanitarian no fly zone.

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tell your doctor if your crohn's disease symptoms develop or worsen. serious allergic reactions may occur. it's good to be moving on. watch me. move, look, and feel better. ask your rheumatologist about cosentyx. stuart: all right, we really have come back quite nicely. we were down 500 on the dow, now we're down 96 with 14 minutes to go before the opening bell. the price of oil also coming, well down a little. it hit $130 per barrel overnight now it's back to $116 now it's 117.04, okay. russia says it will honor a cease-fire to allow ukrainian citizens to evacuate cities under siege. benjamin hall is in kyiv. benjamin there are reports russia's violating the cease-fire. what's the latest? reporter: yes, stu, that's absolutely right and just a few minutes ago negotiations, the third round of negotiations started between russia and ukraine, in belarus, but expectations are set pretty low

because as you say, the russians have offered to help evacuate citizens over the last few days, offered humanitarian corridors promised humanitarian corridors and now the red cross telling us the reason those haven't worked is because russia had mined those humanitarian corridors and the few they offered today would involve people evacuating to belarus and russia, which of course is a non-starter and at the same time across this country, shelling continued in numerous towns and cities not just civilian areas being hit now, airfields, pipelines, communications towers, critical resources and what that means is that in cities like mariopol, people have been without power for six days, food, medicine also running low almost gone. president zelenskyy has accused russia of murdering civilians following a russia tack on sunday not far from where we are when we young family were killed as they tried to flee but one of the many recent attacks that left civilians and children dead not to mention hospitals and schools bombed.

>> we will not forgive the destroyed houses. we will not forgive the shooting of unarmed people, destruction of our infrastructure, and we will not forgive, not today, not tomorrow, never, and instead of forgiveness, there will be a day of judgment. reporter: meanwhile, as russian forces prepare to take ukraine's capitol city, people continue to flee, many passing through the western city of lviv, adding to the 1.75 million people who have already fled the country in last 11 days alone and the refugee crisis only set to get worse and here in kyiv, there is a nervous wait for an invasion that everyone expects to happen very soon. a couple of hours ago the air raid sirens were going, there's a big plume of black smoke less than a mile away from where i am now and the sense is they are closing in on this capitol city. we know putin wants it, the matter is the question is when he makes a move, rather than if. stuart? stuart: benjamin thank you very much indeed, here is a big question of the day.

what kind of weaponry do we supply to ukraine? secretary of state anthony blinken says nato nations, they do have the green light to send fighter jets to ukraine. watch this. >> if, for instance, the polish government, a nato member, wants to send fighter jets, does that get a green light from the u.s. or you will afraid that will escalate tension? >> no, that gets a green light in fact we're talking with our polish friends right now about what we might be able to do to backfill their needs if in fact they choose to provide these fighter jets to the ukrainians. stuart: kurt volker is the former u.s. ambassador to nato and he joins me now, mr. ambassador, putin says that any country that gets involved like this will be at war with russia. so, should we be sending jets to ukraine? >> look, russia is doing here, killing civilians as we've just seen is a crime against humanity it's not something that anyone can sit still for , and russia,

believe me, does not want to go to war with nato. it doesn't want to drag the u.s. and other countries into this war, so providing equipment, providing weapons, whether it's missiles or aircraft is appropriate thing to do, and i don't think we should be too concerned about russia widening, it's having a hard enough time in ukraine as it is. stuart: you don't think they go after some other place when they are done with ukraine? >> i do, but i don't think they are going to do it before they are done with ukraine. they are having a hard time, actually, subduing the ukrainian forces. if they succeed, i think the next on the list is maldova, very small country just to ukraine's west russian forces occupied part of the country for 30 years. it is an easy step to take that. stuart: but you would favor sending jets from poland to ukraine and using them against russian troops? >> absolutely. absolutely. ukraine is fighting a war, they already have similar jets, they have done a good job to keep

preventing russia from having air superiority, they need more help though. stuart: you're calling for i believe you call it a limited humanitarian no-fly zone over kyiv. first of all, what would that look like, but second question, would that risk war? >> the risks of that are higher let's be clear, because that would then have potentially u.s. or other nato country aircraft over ukrainian territory, so the risks there are higher. the purpose here be humanitarian it be to prevent bombardment of civilians from the skies, and we would have to declare a limited geography, not getting close to russia's borders and we would have to declare very clear rules of engagement and make them clear to russia. we would not be attacking any russian forces. not on the ground, not in the air, unless fired upon, purely self-defense, or if those russian aircraft go into the zone, and refuse to be escorted out then we would have to fire, but we would set that

up clearly and russia may test us once or twice, but again, we should have some pretty high confidence that they don't want to drag us into the war. stuart: it seems like we are escalating and it seems like you approve, mr. ambassador. last word? >> well i believe that we need to. i think there's a moral obligation here to help protect civilians. stuart: got it, mr. ambassador thank you very much for being with us again. russia is expanding its military forces, where do the syrians come into this lauren? lauren: russia is actively recruiting syrian fighters for urban combat in ukraine. this points to potential escalation in the war on this day 12 of it. the russian troop morale is low, ukraine says it killed more than 10,000 russian fighters, and putin doesn't look like he will negotiate until he takes more territory, so right now, he needs the muscle power to help take kyiv and elsewhere. two problems. problem number one, syrian fighters are not known to be good at urban warfare and number two, guess what? ukraine is recruiting foreigners

too, 16,000 last week alone, so now, it's an international front in ukraine against russia, and that doesn't bode well for president putin. stuart: well said, let's get to check of the futures again the market is coming back from big losses earlier. we're going to be down at the opening bell but it's not that bad. we'll be back.

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stuart: well, coming back nicely , a mere 60 points down for the dow and only nine down for the nasdaq composite. keith fitz-gerald joins us this morning. if i'm a long term investor, and by that i mean i'm looking three , four years down the road even two years down the road, long term, what can i buy, right now, today, that would do me a lot of good, two years down the road. >> excellent question. love the mindset, because i'm doing exactly the same thing. best companies top of class market leadership, big global brands, that's going to be company companies like apple for example,, going to change the world, companies like crowd strike, cyber warfare is cheerly on the uptake, our banks, our energy concerns, our

infrastructure, absolutely has got to get this right because russia is going to lash out. stuart: you pick out apple. i don't know about the other stocks, you would pick out apple as the place to be, buy it now, couple years down the road you'll do well? apple is your main pick? >> yes, no question about it. for two reasons. one, it makes great products but also, it is the world's largest most-liquid company which means every hedge fund bank, institution, endowment of size trades, owns, or hedges it so you've got the depth there needed to survive, not just profit. stuart: all right, do you see any chance of a recession this year? i mean you've got wild inflation , you've got the feds going to raise interest rates, recession this year, possible? >> i do think it's possible, because one of the by-products of the fed's transitory call that nobody has focused in on yet is all of this inflation may s the business cycle burn faster and hotter than the economic and academic bothen s want to think so yes it's possible q3, but

there's still a lot of road between now and then so presidential reversal on energy, for example, a change in international relations, cessation of conflict in ukraine , all those things could avoid that. stuart: did you do a fill up over the weekend? i know you live on the west coast, did you do a fill up of any kind, did you get a shock, a sticker shock when you saw the price you've got to pay for gas? >> i about fell over. i paid $5.09 for a couple gallon s of gas to go into one of my motorcycles yesterday on the way home and i was just in sticker shock because it doesn't have to be this way. now granted it was super, and i was in a remote island but that doesn't change the fact that gas prices, like everywhere in this country, have sky rocketed. stuart: you were driving a motorcycle on a remote island? >> yes, it's something i like to do because it helps clear my head for days like this , when i come into the markets and have to make accurate, fast decisions stuart: okay sounds good to me, [laughter] which remote island are we talking about? >> i was out in the san juan

islands to the pacific northwest and i was coming back through a place called whidby island so just get ready to literally come across the beautiful decision pass bridge, puget sound, not a cloud in the sky one of the days you just relish you're here, and your thoughts are with everybody who unfortunately cannot live the way we do. stuart: it was worth $5 a gallon case closed. keith we'll see you again real soon. >> [opening bell ringing] stuart: the market just opened on this monday morning march 7 and we'll be down, we're off about 100 odd points not much, just over one-third of 1%, .4%, one-third of 1% down not real bad. there was a preponderance of red on the left-hand side of your screen so most of the dow 30 are sellers, but you're limited loss to 100 points there you go. don't know how we'll close. the s&p 500 also low but just by a fraction .17%, as for the nasdaq composite that has opened slightly higher, a gain of .08% but there is green right there. how about big tech?

any of them really gaining ground this morning? well apple, 164 up a buck, that's the only big tech winner at this moment look at microsoft all the way down to 288 and meta , right at $200 a share, how about that? lauren: i would say apple is up because we're anticipating the device launch tomorrow, as you know, we're expecting a cheaper iphone sc possibly a cheaper ipad so i think there's anticipation that despite all this geopolitical turmoil that big companies like apple continue to turn out products. stuart: it's the most liquid and huge company on this planet. that can withstand a lot of stress. >> up 1% so it takes along the broader indices when you're worth 5% of the s&p 500. stuart: yeah, now take us through this , because first thing this morning, futures were way, way down, but we've come back. why? >> don't you think this is out performance? aim astounded by how markets have opened up today given the headlines we saw in some of the video we saw over the weekend from ukraine and

russia, so a few things, oil prices dropping, this is after germany said this morning just about an hour ago they have no plans to halt russian energy imports, also you have a potential off ramp for putin and russia, the kremlin suggesting that russian military action will stop in a moment, they said , if you crane amends the competition to reject any entry it's a block like nato and eu. also they have to recognize crimea as russia cavs out the dontesk and luhansk regions as independent and weren't those kind of the stipulations that russia said that was not good enough, that was being offered before the fighting started? so some people would say this is pretty potential off-ramp saving face for putin to end the fighting which is positive and that's why futures turned around. also, you already have the nasdaq in bear market, dow and the s&p, we're potential on the brink of joining it. stuart: i see your reasoning that makes sense to me looking

at treasury yields we've got them at 1.78%. >> yeah, remember treasury yields last week had the biggest single-week drop since march 2020, but i do want to check in on the oil majors, because we had what, you mentioned you've been talking about it brent at 130, the highest we've seen since 2,008, occidental had a very interesting weekend because you have carl icahn who you spoke to in the past few weeks selling off the rest of his 10% stake in occidental, but guess whose buying in warren buffett bought $5 billion, at least he holds now $5 billion in occi dental and buffett helped finance the 2019 $38 billion acquisition of anadarko, which is why icahn was i rat because he thought they overpaid and it was only close to watt it was worth in 2019. stuart: but he still made $1 billion profit. >> you wonder who has it right because you have icahn selling

out, buffett buying it is there more upside in this stock. stuart: buffett thinks so i would presume. let put up some electric car makers, because i would have thought they would do well. >> and they are. stuart: because gas prices are through the roof. >> look at this rally taking place. wow, in a flat-to-down market this is outperformance here especially with, of course tesla , a gain that goes ahead in germany to finally open up that gigafactory close to berlin and then also what about the green electric battery maker s as well think about the plug powers, the lucid as well, rivian, and neo. stuart: solid gains percentage wise too, when you quote in percentages you know you've got a solid gain right there. here is just in treeings me. i saw this on the screen earlier bed, bath and beyond up 72%. >> it was up 100% actually at the peak doubling. stuart: this got something to do with gamestop? >> of course it has something to do with ryan cohen who is the

came and he bought a 10% stake in bed, bath and beyond so if you do the at it's roughly $150 million or so that he spent but here is what the market is reminded of remember in late 2020 when he bought 10% in gamestop and joined the board in 2021 and that's what ignited that famous january 2021 meme stock rally. now, he has no plans right now to join the board of bed, bath and beyond, but he says he has committed elsewhere but he did write a letter to bed bath saying i need you to change, well he needs to change company, he hints that the ceo has been overpaid despite under performance, and he also wants bye-bye baby to be sold of spun off so bed bath is actually down 45% the past year and think what he did for gamestop when he bought in, it was what, $30, $40 it went all the way up to 480 during that meme stock frenzy, so some people think he has a golden touch, you know, he's very popular on reddit and social media so will the wall

street bets traders go along with ryan cohen? stuart: i'd just like to know what he's up to, he seems to be creating a conglomerate of sorts >> he knows what he's doing don't you think? stuart: looks like it. >> he knows the retail game given he founded chewy, which is the online pet company. stuart: now, let me ask you about amc. >> yeah? stuart: i believe they raised their ticket prices for this new movie the batman. did that affect sales? >> how did you know that? stuart: it's on the prompter. >> oh, i was actually impressed for a few seconds there. but yes, so pricing power you know wall street rewards pricing power, and amc was selling batman tickets for an extra buck a ticket compared to say other movies that were being shown, and a lot of people were going to watch it, $128 million in ticket sales, better than forecast and you know, amc already has guided for a better start to this year, and that means more moviegoers are going back into theaters especially with these super hero movies and

these reboots. how many batmans do we need, but apparently it's working. stuart: endless supply of batman s. >> apparently. stuart: show me uber, we have uber at $31 a share. okay so up nearly 7%. will they be raising prices as gas goes up? >> so wall street, as i mentioned to you, rewards companies that have pricing powers, i haven't seen it yet, but it could suddenly do that by adding to the trip fees, if you look into your trip receipts, they have added fees there, they have congestion fee for manhattan as you know, and the reason why the stock is up though is because they said that the upcoming travel season will be one of the strongest ever, can you believe that, after omicron, making more money in sales than anticipated so far this quarter, and that's we're talking about sequential improvement up 50% in february, compared to january. stuart: and they think there's an explosion in travel coming? >> look at the guidance, they are saying ride hailing and bookings are almost double 2019 levels pre-pandemic levels, and that's helping the other

online trade travel companies like airbnb, expedia, lyft and the like, isn't this extraordinary that we're looking at these huge gains on a monday, after some of those headlines really bad ones we saw from ukraine and russia. what does that tell you? stuart: i don't know. i guess americans maybe are a little insecure, covid is behind us, not that worried about the war in russia so let's get out and travel in america. >> i think it's also because the fact that we are in a bear market, you know the nasdaq off 20%, there's cash raised during that period and if people see opportunities and discounts, especially with some of the headlines we talked about, maybe. stuart: there you have it. all right susan thank you very much we'll see you again later dow winners on your screen headed by boeing, now salesforce .com, boeing is still up there. subpoena 500 winners, can't read it. >> solar edge, end phase, green tech. stuart: that will do well when gas is $5 a gallon. nasdaq winners headed by zoom,

video. isn't that a stay-at-home work-from-home stuff? >> that's true but discounting because your 50 o% down. stuart: thanks, susan, forget the moscow mule. it's a popular cocktail but it's now called the kyiv mule. at least at one california bar, we'll talk to the bar owner, it still has vodka in it, doesn't it? as a wave of companies cut ties with russia, one retailer says their stores are still open over there. we've got details. the call to ban the importation of russian oil coming into the u.s. gaining steam on include. watch this. >> ban it. >> ban the oil. >> ban the oil coming from russia. >> banning the import of russian oil. >> i don't believe this country should be importing anything from russia. stuart: all right no more russian oil, maybe. we're on it, next.

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stuart: ukraine's zelenskyy pleading with lawmakers here to send more aid. hillary vaughn is on capitol hill. hillary, what does zelenskyy say he needs from us? reporter: stuart, this was from a zoom meeting that president zelenskyy held with lawmakers over the weekends and he asked for several things, including anti-aircraft and anti-tank ammunition, along with russian planes to be delivered to ukraine, humanitarian aid, but also a no-fly zone over the area , which russia has made very clear, they would consider instituting a no-fly zone and consider participation in the conflict and that is why the president and some lawmakers here on capitol hill have pushed back against the idea of taking that step. >> if i were president zelenskyy, i be asking for a no fly zone.

the problem is theres no such thing as a no fly zone over ukraine if the united states put planes in the air, we would immediately be shooting at russian planes they be shooting at us, we be at war. reporter: he also asked for a ban on russian oil. the white house initially opposed putting in a russian oil ban. they rebutted the idea over concerns it would spike gas prices here at home but now there's growing bipartisan support on capitol hill for taking that step. >> instead of being an exporter of energy, we became a consumer of russian oil this needs to stop. i would much rather ramp up american energy production here in the united states than provide dollars to russia and to president putin to fund the war machine that is killing innocent civilians in ukraine. reporter: and speaker pelosi is expected to put up some type of bill that would call for this russian oil ban, but there's also further action being considered here on the

hill, including removing russia's normal trade relationship status and also, potentially kicking them out of the wto. stuart? stuart: hillary thanks very much indeed. i'm joined by pavlo kupta, an advisor to the ministry of energy in ukraine and joins me now. pavlo, i know you're driving in ukraine. would you just bring us up to speed and tell us where you are and what you're seeing? >> i am in kyiv actually passing through a checkpoint, so which is why i'm holding the camera low. [inaudible] we're bringing some medical equipment for a military hospital here because we're working on logistics volunteers for our military efforts. stuart: let me ask you this. do you want europe to ban all russian oil & gas, ban it all

and if they did that, would it help you? >> look, i think it's only about ukraine. [inaudible] you can not defend critical import of energy on someone like putin, right? that's what he's doing so you need to solve that problem, definitely. one way or the other. right now, you have a crisis on our hand, we all have a crisis on our hand, we're dying here, you're not, but this is your crisis as well, which is our common problem. right now, anything should be done to stop putin. then of course, you will have to lower your independence on russian energy, because again, you have invasion of countries

in an uncalculated crazy manner and starts slaughtering civilians when they can't have any kind of military success. you know, they create a mess around themselves. you can't really depend on such country, as an energy supply. stuart: pavlo, how much longer can you hold out for? it's day 12. how much longer can you go on for? >> ukraine can probably hold out for a while. ukraine has stopped any kind of military advance by russia, the question is they are bombing ukrainian towns and cities and missiles are dropping on schools , kindergarten, people are being slaughtered right now as we speak, bombing and planes fly over town, they have no precision weapons they are simply terrorizing us. that's it, just slaughtering civilians, so this will go on. they had 2 million ukrainian refugees and this will be a big problem for us. stuart: pavlo i regret to say i'm out of time but thank you very much for being with us this

morning we appreciate it sir, in difficult circumstances. here is what we have coming up for you, metal mania, which metal could be a better hedge than gold? jeff sica has the answer at the top of the 10:00 hour, a crypto investor claims bitcoin is heading to $100,000 this year. well i've heard that before so you can call me a little skeptical. the investor is here but we will let him make his case, we'll be back.

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stuart: bitcoin this morning has dropped back to 38, 900 a coin, crypto investor carl rumfelt joins us now. carl, double down on his crypto investment when bitcoin dropped below 40 grand. carl says it'll reach 100,000 bucks by years end, now you've made a very big bet on this , but my question, carl, is why hasn't bitcoin taken off during the war? >> well, first of all, i think that looking at bitcoin in the short-term kind of defeats the purpose of what bitcoin is. bitcoin is a long term solution to a broken financial system, and in the next five year, in the next 10 years, that's the kind of time horizon i have

when i look at bitcoin, so the question why bitcoin is not going up dramatically in value right now, well, i think that the fundamentals for bitcoin have never been stronger. stuart: well what are the fundamentals of bitcoin that have never been stronger that will produce $100,000 price tag at the end of this year? >> well first of all, the rate is still going up year-over-year , the amount of people using bitcoin, holding bitcoin is going up year-over-year, and in times of uncertainty, we see people increasing their return to bitcoin as a form of money, a form of value because bitcoin is the only money in the world that has no political attachment. your gold can get confiscated but bitcoin you can literally cross a border with it in your hand and travel the world with millions of dollars, and this is something that has never been

possible before, and we can see that people in times of uncertainty are actually using bitcoin, more and more, and in the next few years, uncertainty will increase, i'm sure bitcoin will also increase. stuart: i just don't understand why right now, at a time of extraordinary uncertainty, war in europe and chaos in various economies, i'm just wondering why bitcoin hasn't taken off already, or the rest of the cryptos, because they really haven't. last word to you. >> okay, so first of all, i would say that i think that it's wrong to look at the weekly basis. you have to have a longer time horizon, the next few months and the next two or three years and also i want to say that gold might take over and gold has thousands of years of price history, i agree with that but just like thousands of years,

that doesn't mean the people are using for transportation, people are using cars, the same with bitcoin, we live in a digital world with digital money and it's a solution and i think people are realizing it but it will take sometime before we see the full transportation. stuart: carl runefelt, we will be checking on bitcoin everyday for the next 10 years and that's a fact. thank you, carl we'll see you again soon. quick check of the markets red ink all over the place dow is down 250. still ahead steve forbes, kt mcfarland and the new york post miranda devine, the 10:00 hour of "varney" is next.

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indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire you can't buy love. happiness. or confidence. but you can invest in them. at t. rowe price our strategic investing approach can help you build the future you imagine. ♪ ♪ ♪. stuart: good morning, everyone. it is 10:00 eastern. straight to the money. i'm afraid the dow industrials are down close to 400 points. that is much better than 1% decline, first thing this monday morning. price of oil, earlier today, had been at $130 a barrel. it backed off considerably. 117 is your current quote but that is still way up there, isn't it? 10-year treasury yield, $1.77. money going into treasurys as a flight to safety. bitcoin moving lower, back to

$38,800 per coin. now this. there is universal disgust at putin's war. so how far is the western world prepared to go to exclude russia from civilized society? they have been kicked out of banking sports, trade, travel, they are really financially isolated but there is one sanction that is yet to be imposed. this is the mother of all sanctions, the big one, cutting off all of russia's energy exports, not just oil to america, but also the oil and gas that goes to europe. russia is a petrostate, bottle up their energy completely, russia's bankrupt. the a administration does not want to do this. it would set off a new energy price spiral on top of the one we've already got. that is the last thing the president wants with elections only months away. so he is scrambling. there is speculation biden will do a nuke deal in iran in return for more oil production. imagine that.

they get a bomb and a ton of money and we get more oil? biden is considering going to saudi arabia to bag, beg for more oil production from them. he wants to get venezuela to produce more oil as well. this is desperation. but he will not allow americans to go get the energy under our own territory. the climate crowd runs the democrat party. they're dead-set against drilling, mining, fracking and pipelines. events may change this. putin's cruel destruction is on full display. with this kind of brutality smashed across screens across the world demands for a total ban on russian energy will grow. so will demands for america to raise oil and gas production. the power of the greens is about to be tested. second hour of "varney" just getting started. ♪. stuart: well, look who is here

this monday morning, miranda devine the "new york post" lady herself and she is is back with us this morning. miranda, the greens run the democrat party. that is my opinion, therefore they will not allow an increase in america's fossil fuel production. what do you say? >> look i think you're spot on, stuart, because there is no rationale to this. we also know that on his first day in office joe biden did their bidding. he cut off the xl pipeline, and banned federal leases on oil and gas on federal land. he has not budged one inch, even though now it is pretty clear we're going to have a problem. inflation is through the roof. it is just so unseemly for america to be going cap in hand to the likes of venezuela, saudi arabia and iran. you know, yesterday, there was on saturday, sorry, there was a video put up on an iranian news

site of the russian negotiator in the iran nuclear talks just boasting about how he got everything he had wanted or iran had gotten everything they wanted. that of course means russia did and iran and russia are pals. he made great pains to point that out. stuart: you use the expression unseemly. i would be a little rougher than that but there you go. you have an new op-ed in the "new york post," as threat of nuclear war looms how democrats spin a crease sis. all right. how does this play out in the midterms, miranda? >> well, i mean in reality it is not going to play out at all for the democrats with particular i inflation it was already strong, they're trying to blame russia for inflation. no one will buy that because it was going on for months beforehand but it will propel inflation, but they're trying to spin it as a, somehow this is

donald trump's fault. we had adam schiff and some of his colleagues opining in the "rolling stone" about how the russia invasion now of ukraine shows why it was so important for them to impeach trump the first time for making a phone call to volodymyr zelenskyy the president of iran, ukraine, iran, of ukraine, about some corruption that was going on during the biden administration where joe biden was trotting over to ukraine, lecturing them on corruption while his own son was earning $83,000 plus a month from the corrupt energy company buriesma. then joe biden boasted about forcing the government to fire the prosecutor who was investigating burisma. so that is a problem and for the democrats and adam schiff and the others to now be pretending and ignoring that problem of

joe biden and his meddling in ukraine and to focus instead on a clumsy intervention by donald trump, yes, but, certainly not anywhere in the league of joe biden. they are also pretending joe biden has been a genius for uniting nato. stuart: well there are seven months to the elections and that's it. miranda, thanks very much for joining us. we always appreciate it. want to see you again soon. thanks very much. >> thanks, stuart. stuart: let's get back to the markets. we have plenty of red ink for the dow industrials. the dow is just over 1%. jeff sica is with us this monday morning. i have got a problem, i have got lots of problems obviously, this thursday we get the consumer from is index. it will show a lot of inflation but will not show the inflation of this past weekend, energy price inflation. >> right. stuart: i don't see what you can do on the stock market, how you can invest in the market before

you get the numbers on thursday? >> it is very hard. if we do we will find ourself like dogs chasing parked cars. thursday is the telltale today whether we'll see a number that exceeds 7%. if we get an 8% number, here is what we have to look at, the fed backed up, jerome powell backed up as a result of the ukraine russia war, backed up and made it clear and made wall street believe that he is only going to raise 25 basis points instead of 50. if he gets that eight print, what that is going to mean he may be forced to raise 50. the market just at this point with the backdrop of the russian ukraine war, does not want to anticipate higher interest rates. how does the fed deflate the economy without throwing it into a growth shock. stuart: how indeed does it do that? i don't have the answer to that question but i look, i'm looking for inflation hedges, because we

got inflation obviously. gold hit $2,000 an ounce. i want to know about palladium. that is both an industrial metal and an inflation hedge. how do i invest in palladium? >> palladium is an amazing precious metal that it is the most rare precious metal in the world. it is also the most expensive precious metal in the world. one of the things that makes it unique between africa and russia they control the palladium market. all these disruptions have made ba palladium increase to be all-time high. this metal is used in catalytic converters, used in fuel cells. it was a lot of use but it is very, very rare. as a matter of fact all of the palladium in the world would be probably fit in your living room. that is how little there is. so i would say if you're looking

for an inflation hedge, it will be volatile, you should look at this. i think even with a lot of these, car industry, auto industry coming back online, we're going to see a lot more demand. stuart: got it. palladium's for me. thanks so much, jeff. see you again soon. berkshire hathaway betting big on occidental petroleum. lauren did they buy into oxy pete? lauren: occidental shares have doubled since last year. between wednesday and friday, warren buffett and co bout 60 million shares of occidental. the total stake is 9.% worth $5.1 billion. buffett helped finance occidental's acquisition of anadarko. carl icahn opposed the acquisition. with that news, icahn sold the rest of his stakes in occidental and his representatives stepped down. stuart: icahn made a billion

dollars on his investment. lauren: a billion. stuart: okay. looking at other movers, mosaic and cf. lauren: those are pert lizer companies. they make potash. stuart: potash. lauren: thank you. >> i thought it was potash. lauren: you say tomato, i say tomato. key in fertilizer. russia, belarus are the key makers of it. concern of prolonged supply disruption n a down market those companies are at record highs. stuart: what do you have on citibank? lauren: cut to hold from buy in jeffries. they think think citi's goal of producing shareholder profit are too ambitious. stuart: those companies on the screen, oasis petroleum and whiting petroleum. got to be a merger. lauren: they are. both companies stock up 8%.

they announced a 6 billion-dollar merger deal. in the energy sector energy is the winner. stuart: i believe investors are starting to buy ukrainian and russian bonds. are you kidding me? lauren: there is some some are stepping, slightly going into it. here is a thing. it's a risky bet. the bet how does this end? if ukraine stays independent, that's good, right, it receives foreign aid, that is even better. if ukraine becomes part of russia that is extreme reputational risk. so we're starting to see some companies one of them mow hahm he will aryan is chair, having meetings to discuss how to do this. stuart: one thing i will absolutely not buy, a russian treasury bond. out of the question. lauren: moral reasons, right? stuart: financial reasons, too. i will lose my shirt. lauren: now you would, they're seeing past all of this. stuart: don't le me imply i'm not concerned about morality. i'm concerned about money. lauren: i buy that. stuart: thanks, lauren.

the world is watching russia, yes it is, former u.n. ambassador nikki haley says we can't take our eyes off china. watch this. >> biden, while he hasn't quite gotten his grips what is happening in russia we need to look at china. that is next. when that happens, that is all out issue that will affect every american. stuart: kt mcfarland is on the show. she will look at china for us. she will be on the show shortly. russian forces prepare to take ukraine's capital city this as new peace talks are set to begin just hours from now. trey yingst live on the ground in kyiv with our report after this. ♪. (fisher investments) it's easy to think that all money managers are pretty much the same, but at fisher investments we're clearly different. (other money manager) different how? you sell high commission investment products, right? (fisher investments) nope. fisher avoids them.

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stuart: the financial story of the day which everybody is talking about is this, right-hand side of the screen. price of gasoline, $4.06 is the average price for regular across this country. that's only five cents away from the all-time record high what you're looking at is energy price inflation. back to the war, the mayor of kyiv says there is heavy fighting around the city. he didn't say in it but around the city. trey yingst is there what is the latest, trey? reporter: stuart, good morning. today the russians announced new evacuation routes for civilians though the ukraine cans say most of the corridors lead to russia or belarus. we just returned from the front liens where civilians remain caught in the crossfire. there is a large group of civilians fleeing the city, holding a white flag to let the russians know they are not a threat, they are simply trying to get out of the city.

>> your life is broken forever and you have no hope. reporter: she has been walking for miles. she tells us she tried to shield the eyes of her young daughter as they passed body in the war-torn streets of irpine. >> i tell her the war is a disaster and it dies, many there are in our town, many die, people just like on the street. reporter: in the distance ukrainian soldiers crouch down, worried about russian snipers and shelling. they tell fleeing civilians to hurry and stay low. the evacuation for these people has become much more difficult as the russians fire mortar shells at this position. >> conflict over there, the other end of the city of ireuropean. they destroyed everything. reporter: four people were killed as they left the suburb of kyiv. residents say russian troops

pushed forward and drove tanks in the streets. they told us there is a war. >> we start to go near our houses was -- reporter: russians say they are not targeting civilian areas though the sounds of war are -- a third round of talks are taking place between the ukrainians and the russians though no main developments are expected. stuart: thank you, trey. there is scramble outside of the war to get more oil supplies and president biden's advisors are actually considering a trip for him to saudi arabia. kt mcfarland joins us. kt, i find this extraordinary. we're going to let them get a bomb, a ton of money in return for a little oil extra on the world market? are we really going to do this? >> it is crazy. go to saudi arabia just when we're allowing saudi arabia's mortal enemy iran to get nuclear weapons we'll ask a favor of the

saudis. they're not about to do us any favors. the stuart the answer is staring president biden straight in the fast. what is that? unleash american energy, our oil, our natural gas. we have more than anybody else in the world. let us export our liquified natural gas to the europeans, especially to the germans. it will be great for inflation, right? it will bring inflation levels down. you said it is an energy inspired inflation. secondly it will deny putins the means to fight this war. by keeping energy prices high, who benefits? russia benefits. iran benefits. stuart: but the greens are delighted. the greens want gas prices, four, five, six, seven dollars a barrel. they don't want to use fossil fuels. they don't mind if we starve and freeze. they don't want fossil fuels. that is what is stopping biden. >> how can president biden honestly be president of the

united states when he is held hostage by the zealots of his own party. he should have taken a page out of the german playbook, the german green party who are far moderateally environmental its than the american green party, they said all bets are off now. we do not want to be dependent on russian energy. we're going to look at coal again. we're going to look at nuclear power. we'll look at importing energy from anybody but russia. so president biden had political cover he needed from the germans, the most radical green party in the world has said we need to get off of russian energy. stuart: can only shake your head. >> meanwhile we're still importing russian oil. stuart: you have to shake your head at this stuff. i want to change the subject slightly. former u.n. ambassador nikki haley warning about china. watch this again please. >> we can't take our eyes off of china. biden while he hasn't quite gotten his grips what is happening in russia we have to look at china because that is

next. when that happens, that is and all out issue that will affect every american. we are way do dependent on china and it will come back to bite us. stuart: won't china be cone trained about taiwan after seeing what happens with russians in ukraine? >> i think china sees russia as a stalking horse. they see what happened with ukraine. maybe the military option may not be the preferred option to go after taiwan but look what they're getting out of this. russian energy that germans will not buy and europe will not buy at bargain prices. russia had a trillion dollars in a rainy day fund so they could draw on it in a crisis. all that has been frozen. so the chinese will say maybe we should not keep our money in american banks. finally the chinese will understand the most powerful weapon they can use against america is the economic one. stuart: got it. that is a problem. kt mcfarland, always on target,

thanks for being with us. we'll see you again soon. thanks, kt. >> thanks, stu. stuart: china is upholding its relationship with russia. china says the relationship is what, rock solid? lauren: at china's annual parliamentary meeting over the weekend w we watching it closely for comments about russia. we got them. the top diplomat says, quote, the friendship between people of our two countries is rock sole lid and did not address calls to broker a cease-fire or pressure putin to back off of ukraine. that is what the west was hoping. we didn't get that. i think we knew we wouldn't get it. there was the slight help. you have chinese companies lenovo, they said they would pull out of china, out of russia. they were accused of succumbing to u.s. pressure. it is a very different ballgame the way china addresses russia and how it treats companies that might side with the west showing sympathy for ukraine. stuart: i think you know about this visa, mastercard suspended

operations in russia, fair enough. the question is china helping them out? my answer would be, they can't help them that much. lauren: it is realignment if you will of finances and capabilities. china has the alternate payment system called union pay, russia's biggest bank is looking using it. it is operate inning 150 countries. they can't use visa, mastercard, or other systems because of the sanctions and boycott of russia. you have russia's lender alfa bank is offering cards that process transactions with china's union pay. so they're moving off the u.s. and western system. stuart: russia still very much isolated. lauren: very much isolated but it does have some help from china. that is a huge superpower. stuart: yeah, yeah, you're right. the kremlin's crackdowns not scaring russians from openly opposing the war in ukraine. thousands of anti-war protesters have been arrested. i'm talking thousands here. that is opposition in russia.

new numbers just in reveal 1.7 million ukrainians left the country for neighboring countries. we have the report on that from slovakia after this. ♪ ♪ ♪ ♪ ♪ your record label is taking off. but so is your sound engineer. you need to hire.

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stuart: down a little further. you're now down 430 points for the dow, 230 for the nasdaq. it is an early morning selloff so far today. price of oil extending its gains. now it is $118.94. president biden is about to hold a video call with france's ma prone, britain's boris johnson and german chancellor scholz. it is supposed to begin any moment. two issues will be probably discussed. jets going to ukraine for use in ukraine and number two the possible cut-off of all oil and gas coming out of russia going to both europe and america. that is a possibility. they will certainly discuss it. back to the markets, the stock market that is. the dow is down 400. i'm looking at polo ralph lauren which is down 7%. lauren: it was cut to neutral from outperform by wedbush. wedbush lowered their estimates on ralph lauren, seven names

like pbh. they have sizable exposure to europe. 20% of their sales are in europe. stuart: can't see recession out any way out of it. lauren: especially with the energy price spiral. stuart: lauren is down 7%. lauren: i know. stuart: visa, mastercard payment services providers, they're out of russia. lauren: they're out of russia. they're suspending their operations there. it is pretty sharp. within days all transactions initiated with their cards issued in russia won't work outside of the country and vice versa. stuart: that is revenue they are not going to make. lauren: or recover. stuart: there is more than 1.7 million refugees have already fled ukraine. connell mcshane is in slovakia. connell, come in. what are you seeing at the moment? reporter: a lot of people are coming in. poland is getting a lot of attention here at the border in slovakia. this is the busiest crossing. what we're hearing anecdotally, people walking into the country right now, they see the numbers like we do. they know how crowded poland is

taking over a million refugees. so the word gets around, now this border crossing in slovakia is getting crowded with people, mostly people coming in own foot in a city three miles from where i'm standing. you can get a train in the lyviv in western ukraine go to here. maybe saves you some time. this crossing now is getting crowded. individual stories are all over the place from here. we hear them from people who spent two or three days on the road, depending where they're coming from. one example a guy from england we talked to a little while ago. he has been living, working with kyiv while, actually a high school teacher. he got through back to slovakia was volunteering getting supplies. he told us the story how he got out. listen to this. >> i drove as fast as we could to get out, changing directions

every 10, 15 minutes on telegram, what which roads were open, which routes were dangerous. it took us like a full 24 hours to get to like a village further out into the country side because we were changing directions all the time. in the nighttime you couldn't travel because there was curfew. so we spent the night in the car just hoping nothing dropped on us. reporter: so think about that story and multiply it by you know, by millions really at some point. then add in the women and the children and the families that you're looking at now. that is kind of a picture what people are going through on a personal level. now, stuart, we get updates all the time. hard to stay up with the actual numbers. 11 days, 1.7 million refugees. that is the where we were last time we checked. slovakia between one and 200,000. the u.n., everybody you talk to

says that will not go up by a little bit, it will go up a lot. they say millions will come across the borders unless something drastic changes in the coming days. stuart? stuart: we hear you. see you again real soon. with me now is chris meltzer with united states high commission on refugees. chris, you're at the border of poland where a million ukrainians have arrived. we are not being critical here but want to know why you're not building refugee camps? >> this is not necessary. this is not the responsibility of un here. the government of poland, people here in poland are doing a great job. right now they can find reception centers and find homes with relatives or with people who are willing to help them, standing at the border with signs saying i can take small family in my house or something. this is really great. what unhr is doing, we're focusing on the crisis in

ukraine. we're still in ukraine. we will stay there and have the people there in ukraine. stuart: where are the ukrainians going? they exit the country, arrive in poland and slovakia, where do they go after that? if you're not building camps they can't stay on the border. >> they don't have to stay on the border. poland is a big, rich, organized country. there are facilities accommodation for the refugees. yes it will be a challenge as figures are rising and they will rise. but also other european countries. right now the vast majority of the refugees is not only staying in poland, they're staying in eastern poland because they want to go home if possible. i'm asked every day by refugees when can we go home. instead i have unfortunately no answer to this question. stuart: okay. chris, thank you very much for joining us, sir. we appreciate it. nice update, sir. thank you, sir. now the people of russia they

are standing up to putin. they are doing what they can. protesting the invasion of ukraine. how many people were arrested? lauren: so brave. more than 4300 were arrested. this is across russia, not just in certain cities, across the country. they're brave because the russian prosecutors office says protesters actively aimed against russia's national security could be considered treason. that is 20 years in jail. they could face up to 20 years in jail. the jailed critic, alexi novony, called for russians to protest all over the world and they listened. stuart: hard to get information what is going on. there is absolute censorship across russia. lauren: they were shut off. there are days around. they get more information more than we think, if 4300 people are arrested. stuart: those are brief people. update on the florida college student tracking private jets of elon musk and more recently

russian oligarch jack sweeney. has he a new target? lauren: he does. he is 19. super yachts, tracking at russia yachts. 23 luxury boats he consistently updates his information. he did this before with handle elon jet, tracking elon's private plane. stuart: he offered him a lot of money to stop doing it. lauren: jack wanted a free car he didn't get, but he took the handle down, elon musk is rightfully concerned about his privacy. stuart: now going after the yachts. fine with me. well-done, young man. russia's war on ukraine is costing us big time at the pump. national average for a gallon of regular, look at that, $4.06. that is the highest in what 14 years i believe. gas prices are so high even elon musk is calling out biden's green policies. we'll tell you why the tesla guy says it is time to drill. we'll be back.

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stuart: it is a major league selloff, especially on the dow which is down 400 and the nasdaq which is down 1.7%. so first thing this monday morning you have got a lot of red ink. i don't know how we close but there is a lot of red in the first hour of business. 4-dollar gas now is a reality and it is set to go, might go even higher. madison alworth at a gas station in bud lake, new jersey. madison, let's have at it here, could prices reach a new record high as early as tomorrow? reporter: stuart, that is what we're staring at right now. we're over the four dollar mark like you said as the crisis continues in ukraine and prices continue to shoot up at the pump. we're looking at record high costs right now. but here's the thing, i spoke to experts and like you said we could be hearing, seeing new

record high prices tomorrow. in fact, americans could be paying the most that they have ever paid for gas. take a listen. >> prices have been going up between six and eight or nine cents per gallon per day. so without a doubt inthink we're going to hit an all-time high in the next day or two. reporter: all-time high. the previous all-time high, $4.11 and that is what we're looking at. look where we stand today, the national average for regular gas, that is $4.06. that is up five cents from yesterday and over 40 cents from just this time last week. we are shy of that 4.11, that was the record set in 2008. as you heard we could reach that threshold as soon as tomorrow. right now 20 states as well as d.c. are paying over $4 for gas. the high prices are not slowing down people yet.

according to gas buddy, u.s. gasoline demand is up over 6% from last week. demand is expected to go up as we near the summer travel season. this coming at a time when american families are being rocked by high inflation. now the white house is eyeing ways to bring more oil on to the market as they consider cutting oil imports from the u.s. officially. so many of the things we've been seeing, stuart, it is reported that biden officials were in venezuela this past weekend potentially talking to them about imports. there is talk we could be importing from iran. both of these places incredibly questionable when it comes to human rights. questionable when it comes to u.s. relations with the countries. these are things the white house is looking at now. while this is happening in the background, americans are preparing to pay more than they ever did for gas. stuart. stuart: heaven forbid we drill for our own oil. what a thought. madison alworth. thank you very much indeed. look at shell. the stock is on the screen.

up 6%. they're defending their decision to buy discounted oil from russia. ashley, good morning to you. what are they saying? ashley: good morning, stu, three days ago shell bout 100,000 metric tons of crude from russia, at heavily discounted price, and defends the decision, it will commit the profits to a fund for humanitarian aid in ukraine. the purchase did not, by the way violate any western sanctions but shell says it didn't take the decision lightly knowing the strong sentiment about the situation. and in a statement released over the weekend shell said it will choose alternatives to russian oil wherever possible but added it just can't happen overnight because of how significant russia is to the global supply. ukraine's foreign minister who wants companies to cut all business ties with russia as you can imagine heavily criticized shell saying the world will judge them accordingly and history will judge them accordingly. stu? stuart: did you see what elon musk is doing?

he says big climate guy. calling for more drilling. what exactly did he say? ashley: the king of electric is saying drill, baby drill. musk put out a series of tweets that more than raised some eyebrows. we'll start with this, he tweeted, hate to say it but we need to increase oil and gas out put immediately. extraordinary times demand extraordinary measures. musk added obviously this would negatively affect tesla but sustainable energy solutions simply cannot react instantaneously to make up for russian oil and gas exports. the biden administration is facing increased criticism as we know from both sides of the aisle for not doing more to focus on american energy production and critics point out that the administration is helping to fund russia's war machine as reports show the u.s. is buying 650,000-barrels of oil a day from russia. when you know elon musk is

speaking out maybe things need to be addressed. stuart: i think so, ash. do you have anything on this, lauren? lauren: guys that is not all elon musk is saying. he tweeted hopefully it is nowed extremely obvious europe should restart dormant nuclear power stations and increase power out put of existing ones. he is calling on nuclear power. you can do that really fast. stuart: can you? have you can reboot a nuclear power plant in 12 to 24 hours. he says, u.s. produce more oil, that's great. that will take a while to produce and then to ship overseas. as it stands now it is taking one tanker in europe one day, a full day to unload. so we can get a nuclear power plant back in a day versus unloading one tanker already there. stuart: there are 120 mothballed nuclear plants in europe. >> i seen the math. stuart: might be pretty good there. lauren: steve said he would eat lunch next to go one, has no

fears of radiation. stuart: he doesn't. russia reporting recruiting syrian fighters take over big cities in ukraine like kyiv. we have details on that one. secretary blinken meeting the latvian president after sending a small batch of of troops. is it sending a message to putin? the latvian ambassador to the united states joins us next. ♪. municipal bonds don't usually get the media coverage the stock market does. in fact, most people don't find them all that exciting. but, if you're looking for the potential

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♪ stuart: the president of lithuania which is a nato country is issuing a stark warning to our second secretary of state antony blinken. ashley, what is he saying? ashley: he says the president of lithuania, a failure toe stop russia's aggression in ukraine not could, would lead to a global conflict. talking to secretary of state antony blinken saying that putin will not stop in ukraine and the world has a obligation to help ukrainians by all means available if we want to avoid the third world war, adding that the choice is in our hands. lithuania is a nato member and

sent military aid to ukraine and taken in ukrainian refugees since the invasion began by russia. nato countries ramped up their presence in the baltics nations in recent weeks. more troops and equipment are own the way. stu. stuart: thanks, ashley. secretary of state blinken is in latvia talking to the president there. joining me right now the deputy ambassador to the united states. ambassador, he gave the green light for nato to send jets to ukraine. does that worry you? >> good morning. thank you for having me. i don't think at the moment latvia is militarily threatened. as we speak secretary of state blinken is visiting latvia to consult with among allies about how we can further strengthen

ukrainian defense capabilities. how we can increase pressure on russia to stop its unprovoked war on ukraine. stuart: you said -- >> how we can -- stuart: latvia is not threatened military at this moment, so therefore do you oppose jets from nato going to ukraine to be used against russian forces? do you object to that? >> well individual nato members have been sending military equipment to ukraine this is what we have to continue doing to boost ukrainian military capabilities okay. jets. that is, jets are okay with you? >> well, anything that can help ukrainians boost their military capability. stuart: okay. >> this is, this is, individual member-states assisting ukraine this is what we have to to continue to do. stuart: would you be prepared to

stop all energy experts, exports, oil and gas from russia going to europe? are you in favor of stopping that completely? >> well we are united in our approach, international allies in increasing pressure, sanctions pressure on russia and i believe stopping energy flow from russia is certainly on the table now. stuart: do you think it is likely? >> i think we are getting there. i mean it might have, it might need some time to, for us to create alternative sources but, yes, i think we are getting there. stuart: if that happened, if you cut off all exports from russia of energy would latvia be forced to pay a very heavy price? >> well i think our government has already taken a decision to

increase, to increase our capabilities, energy capabilities. we have increased the capacity of our storage facilities, gas storage facilities. we have both extra gas to be prepared for any even event alty. so i think we're ready. stuart: how many american troops are in latvia right now? >> well the number keeps growing. i believe now we have around 1500 american troops in latvia but we have enhanced forward presence which is led by canadian forces. and joined by many, almost 10 nato allies. stuart: mr. ambassador, thank you very much indeed for your candor. we appreciate you being on the show. we hope you come again very soon. thank you, sir. >> thank you.

stuart: quick check of the markets, we're headed fourth south for the dow industrials and the nasdaq. nasdaq over 2%. dow industrial down close to 500 points. still ahead former assistant acting secretary for nuclear energy, edward maginnis. steve forbes, bill baruch. second hour of "varney" is next. ...

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>> the market just at this point , with the backdrop of the russian ukraine war does not want to anticipate higher interest rates. how does the fed deflate the economy without throwing it into a growth shock. >> russia is killing civilians is a crime against humanity. it's not something anyone can sit still for. >> don't think we should be too concerned about russia widening the rules. >> i don't think that the administration has displayed any interest whatsoever in doing the single-most important thing in terms of standing up to vladimir putin, and that is making america strong and making vladimir putin weak. >> you can not suspend energy on someone like putin and it will mess you up and that's what he's doing.

we're dying here, but this is your crisis as well, which is our common life. stuart: 11:00 eastern it is monday, march 7, and we've got a sell-off look at this. the dow is down 460, that is 1.4 % the nasdaq is down 260, that is almost 2%. show me the price of oil, please , because it's beginning to gain some ground again. we're at 119.40 as we speak, and the yield on the 10 year treasury, i believe it's still below 180 and in fact its dropped further down it's 175, so money is still pouring into that safety. now, this. this is what everyone is talking about. the gas price spike. if you were out and about this weekend you couldn't help but notice the national average for regular is 4.06 only $0.05 below the all-time high we hit in 2008. in california prices are off the

charts. worse from an economic standpoint, the price of diesel skyrocketing too, 4.61 is the average now as of this morning, farmers, truckers, delivery, construction, they all use diesel, just imagine a trucker with a 300-gallon tank, she's paying over $1,400 for a fill up. a month ago it was 1,100. inflation is not limited energy. the price of wheat has risen an astonishing 50% since february 24, when the war began. you get a shock at the gas station, you get a shock at the grocery store. that's inflation. what's biden doing about it? not much. he talked about spending more money to cut costs, queue the eye roll. what's the fed doing about it? jay powell will raise interest rates a quarter point this month that won't do much short-term, will it? in short, we are in an inflation spiral, and it's not going away. when we had similar spikes in the past, they were followed by a recession, bad for workers,

bad for the economy and very bad for the democrats in november. the third hour of "varney" is just getting started. steve forbes joins us. all right, steve, we are in an inflationary spiral. what should biden do? >> well there are a lot of basic things he should do starting by giving the green light for u.s. oil & gas production, instead of this crazy war they're waging. we can increase production in the next few months by 1.5 million-barrels a day that should be done. the federal reserve should stop their dithering about their balance sheet and start reigning in the trillions of dollars that have excessively created, that's going to matter, inflation in this year, but also in 2023, so there's a basic step. the biden administration stopped the spending, stop the crazy regulations which is hurting

business in this country making the supply chain crisis even worse. basic steps, and i think the pressure of events, stuart, is going to bring about a profound change on their energy policies, not because they suddenly are going to bend in the green new deal but suddenly november is going to loom and a lot of democrats are going to say i like my job. stuart: [laughter] okay, got it. i want you to listen to this warning about small businesses, from the chicago fed president. roll tape, please. >> wages have been going up, business profits have been quite high and successful industries, i think the in-person service sector has been challenged throughout covid and we're increasing prices are really difficult for businesses, especially if you can't pass those price increases along. stuart: yeah, i think that man is talking about small business there. it seems to me that small business, in this country right now, steve, is in real trouble. >> it is in real trouble, because they don't have the resources to cope with all the regulations and challenges

they face, and that's why banks should start making prudent loans, a lot of these businesses will do perfectly fine in a normal economy, but to get them through, fortunately banks are brimming with reserves are looking for opportunities, so i think the banks can come to the rescue there, but again, it gets to government stop piling on these crazy regulations and barriers that prevent people from doing business and solving supply chain problems. stuart: is a recession in your economic forecast for the next say year or 18 months? >> the way these people are going we are going to have a real slowdown, and may have an official recession, you know, two quarters in a row of negative growth and again, that was caused by government and that's why after november i think you're going to see profound changes in economic policy just by the shear pressure of events. stuart: but it really is just like the late 1970s isn't it? you and i both remember that time, high inflation, rising interest rates, a foreign problem, it was iran in those

days, it's russia today. it's just a carbon copy of 1970s i wonder if we're going in the same direction because the 1970s gave us ronald regan in 1980. >> that's right, and we should remember, before 1980 in many circles ronald regan was seen as sort of an extremeist, a lightweight, and he got elected and rose to the occasion so again i think the american electorate is going to come to the rescue just as it did in 1980. stuart: you hope and so do i. thanks very much, steve forbes, we'll see you again soon. >> thank you. stuart: get back to the market, please. we've got serious selling going on here. dow is down 400, the nasdaq is now down 213 points. bill baruch, market watcher this monday morning joins us now can you give me any grounds to be optimistic, bill? >> listen there's a lot of negativity out there right now, and i think that means opportunity. listen, you shouldn't be over

weight equities coming into this first off, so if you played this right to start the year, you're using this as a buying opportunity, you're looking for names like a marvel, that reported good earnings on friday , and it's holding ground actually turning positive this morning, in the last hour. stuart: yeah, but you see , bill , it's right going into this , is it just me but an awful lot of people did not play it right. we did not sell. we hit the high in november, we held on to everything we got and we held it it all the way down until now. we didn't play it right so what should we do? >> well i know you love inverse head and shoulder patterns, stu, and you've talked about it on your show before, and there's nice little one potentially developing in the nasdaq with the january 24 being the left shoulder the head being the february 24 low, and then a right shoulder developing here today. the dow and the s&p all have similar patterns, but the reason why i'm highlighting the nasdaq here is going back to last year 's highs before we really

accelerated a bit, going to middle part of the year. that actually is bringing in support too, so this inverse head and shoulders building right around there so it's a good thing to takeaway, and i also want to point out inflation you talked about with steve forbes just now, the 1970s inflation. now i forget what year it was exactly, what year they started hiking rates but as the fed hikes rates right now, we'll find out is this 1970s inflation or not is we have all this inflation that's developing , it's building, now you have war inflation on top of that. higher base numbers june through august. pay attention to those and how inflation is going to react over the summer. when the fed starts hiking rates right now we're already pricing in rate cuts at the end of 2023 or through 2024. does the fed have to continue hiking rates after this year or is inflation actually going to subside? that's where we're going to get our answer, because in the 70s the fed had to go into the next year and continue to hike and that's where we got the market crash. i think we'll sort of we'll get

along here this year pretty well but we'll see the back half of this year if it's a bigger problem or not. stuart: if you've got some extra cash from whatever source, but you've got some cash, you would put it into stocks right now. is that right? >> yeah, i mean, if you have cash and you're holding 10% cash , 15% or more cash coming into this , yeah, i be looking at companies to be buying, i like alphabet out above 2,500, marvel after earnings those are good places and there's a number of good ones here. our thing is we've been extreme ly overweight. energies got good exposure to mining stocks now looking at tech to be some good value after this sell-off. stuart: is a recession in your economic forecast anywhere for the next year? >> they are already forecasting 0% gdp for the first quarter, so listen. i'd be lying in saying if i didn't think it was possible, but i do think how long this war stretches out, does it go into april, does it start going into,

how much does it impact quarter two is the big question, but again looking at inflation and this higher base number, if this conflict can start to subside as we move into april, i think there's a good chance of seeing some of the inflation coming in and get higher base numbers through june through august, and that could help us with the back half of the year. stuart: bill baruch, still trying to sell me stocks, all right, i'm listening, bill baruch, see you again later. now i've got movers for you i'll start with kroger, solid gain, lauren? lauren: especially in a market down 386 so deutsche bank says they are gaining market share, they are increasing their efficiency, credit suisse likes their customer fulfillment centers performance and both have increased their price target so kroger is a rare winner today. stuart: oh, i want to see costco you know how much i like that company and it is up again. lauren: good news is the gain, bad news is it's possible that their membership fees go up this year for the first time

since 2017, why? they have to battle inflation. customers love costco. they would probably do this paying between 60 and $120 depending on your membership. stuart: they will pay. lauren: and the analysts agree because we have several price target increases the highest i say was 580 at bmo. stuart: people will pay, stock goes up. schlumberger and energy companies of course. lauren: number one and three on the s&p 500 oil field services firms are leading the way, so i think the big story in energy today is also the volume. i was looking at the volume for schlumberger, that's topping 12 million shares already. in a whole day, they typically get 14 million shares, so the volume is huge, in the energy sector today. stuart: lots of interest, when you've got oil at 130 bucks a barrel this morning. lauren: i saw brent at 140 i believe. stuart: brent went to 140, and then backed off but who knows where they end up. thank you, lauren.

this , an iran nuclear deal maybe reached, maybe as early as this week we've got a report on that for you because that will be a big deal. as more companies cut ties with russia, uniclo says they aren't going anywhere, it's a clothing company and defending their decision to stay open in russia. show me the price of oil, please the white house says everything is on the table, about getting more oil in production. is that really the case though? they won't open the keystone pipeline, we've got a report from the white house on that, next.

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stuart: price of oil is now at $ 119 per barrel, it was 130, and it was 11, right now, 119.

gas prices straight up, the national average for a gallon of regular this is the national average $4.06 only $0.05 away from the all-time record high. the highest-priced gas is in california. the average for a gallon of regular there is now 5.34 and as for diesel which has a profound impact on the overall economy the average price for diesel is now 4.61, again pretty close to the record high. the white house is considering a ban on all russian oil imports coming into this country. they are thinking about it. edward lawrence is at the white house, how soon could it happen, edward? reporter: you know, well there's a meeting that happened this morning we don't have a read-out between president joe biden as well as a leader of france as well as leader of germany and the three of them no doubt talked about banning russian oil, the impact be more in europe than it is for us here in the united states. 12 days into this , 12 days of

blood shed in ukraine, and now, president joe biden is considering doing this secretary of state anthony blinken saying it is now on the table with coordination of our european allies. this comes after pleas by the ukrainian president in order to have this oil ban coming into the united states, also after republicans and democrats both putting saying that congress is the one that could send a clear message, representative kevin brady was telling us that this morning listen to this. >> i expect bipartisan legislation to be introduced very soon, as early as today, that would both ban russian imparts of energy to america and would suspend normal trading relations with both russia and belarus. we ought not to be providing any financial support to the russian economy in this war. reporter: so republicans and also senator joe manchin going farther saying the u.s. needs to expand energy independence, and the american petroleum institute ceo says new regulations,

restrictions and costs by this administration have cut long term oil & gas supply in the u.s. , so i asked this. are there any plans reverse any of these policies to encourage that? >> what overall we need to do is reduce our dependence on oil, europeans are doing that, we're doing that, and i think what we're all going through now in this discussion of banning oil imports and the volatility in the global markets is a reminder of that. reporter: and you could see as you said, oil crude oil reaching over $119 a barrel some experts saying it could go to a record high before this is all said and done, unless we get more supply in the market that supply coming either from the u.s. or now we've had conversations with venezuela as well as iran and then opec to try and increase supply around the world. back to you. stuart: anything rather than drill for our own oil and frac for our own natural gas. we're actually asking iran to

put some oil on the market, we're asking venezuela to put oil on the market to bail us out i find that extraordinary but edward great report, thanks for being with us, sir. look whose here now, edward mcginnis he's the former acting assistant secretary for nuclear energy. sir, let me deal with this first elon musk wants to fire up moth balled nuclear plants in europe. is that a viable plan to increase energy supplies in europe? >> certainly, it's a viable plan, stuart. nuclear power plants in europe just like in the united states have been shutdown, some of them prematurely with no technical reason. these are perfectly good, very well-invested safe nuclear power plants such as indian point outside of new york city, right where you are. indian point one and two was actually providing as much as 30 % of the electricity for new york city and they were shutdown prematurely. stuart: now, let's suppose, on a

different subject. let's suppose that we cut russian oil coming to america, and the europeans cut russian oil going to europe. what happens to the price of oil >> well, i'm no oil expert. i'm sure there will be impact, i'll defer to the experts in the oil industry to do that, but from a nuclear energy perspective, i can tell you that we are not in a good position in the united states. we have allowed ourselves to depends on geostrategic adversaries such as russia to provide our vital nuclear fuel supply. in fact russia provides 20% of all of our nuclear enriched fuel services in the united states, up to today. stuart: do you think that public opinion in america would allow for significant expansion of nuclear power in america? >> i do. i do, indeed, especially now. i think what is happening in ukraine and the actions taken by russia should be a major, major wakeup call for this country.

we have no reason to be dependent on foreign suppliers for nuclear fuel. nuclear provides 20% of our countries electricity, and over 50% of all the clean electricity we have the largest fleet of nuclear reactor s in the world. there's no reason why we should be so depend en on foreign particularly the geostrategic adversaries. stuart: the germans seem to have done a complete 180 on this. before the war they were closing nuclear power plants and going uber green. now, it seems they are going to consider reopening nuclear power plants and actually using coal. that's a revolution, isn't it? >> yeah, better late than never , but it has been to the detriment of germany. they had 33 nuclear power plants they're down to three remaining operating, and those are set to be shutdown by 2024. no good reason, in my humble opinion. they are vital elements for energy security, clean electricity and part of what i believe should be in all of the above strategy, while taking

care of emissions and one could do both in my view. stuart: i've got short on time here, but can you tell me if there is a new form of nuclear power, a new way of generating it, a modern version, that gets away from radioactivity problems have we got something new coming down the pike? >> we have have a exciting new wave of advanced nuclear reactor s that are literally walk -away safe where if you lost power, if you had no human intervention, no plant operators ever to go back to a nuclear reactor, these new advanced reactors, many would shutdown safely and securely on their own so yes, stuart, we do. stuart: that is american technology? >> all-american, and i represent one of those companies where we are also looking to help reestablish our nuclear capacity and go into the next nuclear era through recycling what is a treasure trove, a motherload of clean energy we

have chosen for policy reasons not to use, that is our used nuclear fuel that we call waste but is anything but waste. it's a valuable valuable stock pile of clean energy. stuart: edward mcginnis we're very glad you're on the show and we do hope you can come back and see us sometime again in the very near future. secretary of state anthony blinken says the u.s. may soon have an agreement on the iran nuclear deal. come on back again, ashley. what's he saying? ashley: yeah, well, that the u.s. should never have ditch ed the iran nuclear deal in the first place, and that the world powers could announce the revival of the 2015 agreement as early as this week. here is the secretary of state talking to cbs. listen. >> i think we're close, but there are a couple of very challenging remaining issues. it is really coming down to whether we can resolve a couple of outstanding issues. if we can, we'll get back into the deal if we want, we won't.

ashley: blinken also made it clear russia's attack on ukraine should not scuper the deal even though it involves moscow, and the deal is in return for easing of sanction, but some hurdles still remain, blinken will meet with the israelis who are are opposing the deal and its revival saying basically it would a luxury iran to make a nuclear bomb more easily but the white house disagrees, stu. stuart: well the white house wants iranian oil to makeup for the shortfall that's what they want i suspect at least. ashley thanks back to you again later. next case, ukraine rejecting russia's plan to setup humanitarian corridors for refugees. the russians would have left ukrainian out only if they went to russia or belarus. can't have that. a bar in san francisco pouring out their moscow mules bringing in kyiv mules. the bars owner, joins me, next.

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trade today so he's selling the rest of the 10% stake he owns in occidental after three years of being in the stock and $1 billion in profit, but here is the countertrade. he's selling occidental and buying into delic holdings $64 million which is a near 5% stake he just unveiled in the past hour, meantime you have buffett buying into occidental so he now owns $5 billion and occidental is trading only close to 2019 levels, when it bought a nadarko for about $38 billion, which upset icahn, because he thought they overpaid stuart: did you know that you talk with your hands just like me? >> i'm a hand talker. is there a problem with that? stuart: no i think it's great. just like me. >> it's distracting isn't it? stuart: i found the stock of the day and you know what it is. >> no i called the stock of the day. stuart: well i agree with you. >> okay, [laughter] i like that. stuart: get on with it. >> it's scary when i agree with

stu, so we have the ryan cohen effect taking place buying 10% of bed, bath and beyond but he's not joining the company's board. he did send a scathing letter to improve its business, including spinning out bye-bye baby, and you have to remember that cohen bought 10% of gamestop and him joining the company's board sparked that infamous gamestop saga last year, and a rally, i think gamestop was only trading at $50 went to 480. stuart: you were explaining yourself, you're doing this. >> well you were trying to distract me. stuart: i was actually. >> during my segment which i feel a little, it's unprofessional, stu. stuart: i know, i'm an unprofessional kind of guy but i wanted a little levity on the show it's an awful day with sell-offs. >> i think you're just saying that to make me feel better and telling me to stop talking with my hands so i'll work on that. stuart: what have you got on pal ontier. >> well let me tell you about it, it was upgraded by morgan stanley today and it's worth 16

bucks, you know cathie wood has been selling but morgan stanley sees value in palontier and apparently there's value after that 60% decline the past six months and i get that for you, because i will continue to talk with my hands. stuart: it works. >> if you don't like it. stuart: no i love it of course i do, good lord, thanks everybody. russia's attacks on ukraine have sent wheat prices absolutely soaring, reaching the highest level in more than a decade. ukraine accounts for 12% of the world's total wheat export, lydia hu at a farm in new jersey what are the farmers saying lidia? reporter: hi there, stuart. they say food prices are now set to soar on top of the red hot inflation we're already seeing russia and ukraine taken together they makeup two of the top five wheat producers around the world and they also account for 19% of world corn exports, anticipated disruptions to the supply are driving prices for both the price of corn up

more than 10% since russia's invasion, wheat surging up more than 36% since the invasion, and now the conflict is set to drive the price of fertilizer too, because russia is among the world's top exporter. you can see prices are already up as much as 98% from a year ago. the farmer here that i spoke to said he paid $17,000 to fertilize 300-acres last year. this year, he's fertilizing about half of that and paying double, $34,000. >> my fear is that we're going to probably lose money this year some farmers will sit it out. they will say nevermind, i'm not going to fertilize my fields if i know before i plant the crop i'm going to lose money why am i doing it, they let the fields go fallow. >> this farmer adds he will have to raise his prices this year up by about 25% to 30%

and that comes as we see world food prices around the world hitting a high in february up 24 % over a year ago. stuart? stuart: that is extraordinary, lydia hu spelling it out thanks, we'll see you again soon. our next guest, talk about changing the subject, here we go this is a real change of subject , ladies and gentlemen. our next guest is a bar owner in san francisco. she's changing the name of their moscow mule bring to the kyiv mule. that lady is andrea manu, and she's the owner of the "bond barette in san francisco and she joins me now. andrea, we're talking about, it's served in a copper mug, right? that's the moscow mule. >> that's correct, stuart. stuart: is the kyiv mule really that different from the moscow mule? >> not at all. it's not at all any different. it's an attempt to raise awareness and let everyone know

that we're aware of the situation that's going on in ukraine and we would like to make our point known that we stand in solidarity against the invasion and we hope that it's over sooner than later but really just to bring awareness so that everyone knows that this is happening. stuart: well done. it is a vodka drink, i think? is that correct? >> correct. stuart: but you don't use vodka from russia. i'll bet you use tito's don't you? the most popular brand of vodka in america. is that true? >> that's correct. it is straight from texas. stuart: how much do you charge for one of those kyiv mule? how much? >> $12. stuart: do you give a discount to ukrainians? >> absolutely. bring your passports. stuart: what's been the reaction so far? >> you know, its been positive and i think that people when

they see it on the menu they are like oh, that's cool. they know what it is. they know it's a point and i think that's the only point we're trying to make. it's nothing against the moscow mule. just a different iteration, so everyone knows. stuart: i think that you're doing exactly the right thing, and i'm very supportive of this. get out there. >> thank you so much. stuart: thanks, andrea, we'll see you again soon. >> thank you, take care. stuart: russia is recruiting syrians to fight in ukraine. they are getting ready for intense urban warfare. we have that story. visa, mastercard, american express are the latest companies to suspend operations in russia. we've got the full list of the firms cutting their ties with putin. we'll be back.

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report to you that the dow has taken a further trip south, we're now down 564 points, same story with the nasdaq composite, it's now down 256 points. here is one of the reasons, the price of oil now at $119 per barrel, there is discussion now taking place about cutting oil & gas exports from russia completely, going to europe and america cutting them completely. there's just talk about it that's why oil is up and stocks are down so much. look at google, they are invit ing eight organizations into their offices in poland to help ukrainian refugees access legal and psychological help, no impact on the stock is down slightly. there's a vast number of major companies that have cut ties with russia look on the screen it fills the screen several screens actually. lauren? what does this mean for russia's economy? lauren: it means a lot of pain and perhaps potential decoupling , so these are the latest companies that are bailing on russia. let's talk about netflix, visa,

american express and mastercard specifically the payment giants because formatter card, specifically, accounted for 74% of payment transactions in russia, they are joining dozens of others we saw the list it's not everyone though. coca cola and pepsi co hads are facing harsh criticism for continuing their operations in russia where they do about 4% of overall sales. pepsi has about two production plants there. this attention is leading to hashtags that have gone viral, boycott coca cola, boycott pepsi coca cola had no problem calling for a boycott of georgia over entirely reasonable election integrity reforms, putin kills women and children. they do nothing. we've reached out to coca cola as well as pepsi co for comments and have yet to hear back. stuart: harsh criticism from the congressman. there is uniclo, it's a clothing company, they are defending

their choice because they are staying in russia. ashley? do they have a reason to stay? ashley: well, yes, fast retail ing is asia's largest retailer and parent, says it will continue to operate in russia, because clothing is a necessity of life and the people of russia have the same right to live as we do. the company's ceo, tadashi yana says he against the war and every country should oppose it but all 50 uniqlo stores will continue to operate in russia, the japanese government has followed the line of the u.s. and much of europe in imposing a lot of sanctions but japanese companies appear to be split. automakers, toyota and honda, stopping vehicle shipments to russia, while japan tobacco continues to operate in russia as does uniqlo.

stu? stuart: got it. the hacking group anonymous claims they temporarily took control of russian state tv. the hackers say they showed footage from ukraine along with anti-war messages. this hack comes days after russia announced a new law punishing anyone who spreads so-called fake news with up to 15 years in prison, but they hacked it nonetheless. show me the dow 30, please. i'm sure it's almost all red, yes it is. there's only what, five winners up there. there's about 24 losers and the dow is now down 543 points. 1.6% down, barely above 33,000. i've got video, it shows a russian fighter jet exploding in a fireball as it shot down over kharkiv. my next guest has family members who are in kharkiv. she's going to tell us what it's like to be in that city, right now.

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city. russia is reportedly recruiting syrian fighters, supposedly skilled in urban combat to fight in ukraine. ashley, come back in again, what do we know about this? ashley: it's pretty sinister isn't it? according to a syrian publication russia is offering volunteers from the country between two and $300, to go to ukraine and operate as guards for six months at a time. american analysts say it also indicates that russia has indeed in recent days been recruiting fighters from syria hoping their expertise in urban combat can help take kyiv. now, it's unclear how many fighters have been identified, but it's believed some are already in russia preparing to enter the conflict which does suggest an escalation of fighting and according to reuters, forces also now are being deployed to ukraine. meantime, ukraine itself says nearly 20,000 foreign volunteers have signed up to fight alongside ukrainian forces against the russian invasion

including americans. listen. >> remembering my training going over what the plan of action is and also my plan if there's something bad that should happen that's essentially what i've been running through instead of thinking about why i'm afraid or why this or why that. ashley: it's amazing is it not that is a u.s. army veteran whose already in kyiv right now, stu? stuart: russia says they are going to open humanitarian corridors in ukraine to allow refugees to escape. where will they go, ash? ashley: well that's the catch. those humanitarian corridors will be open to guess where? russia and belarus, the enemy. the move was immediately denounced by the ukrainian government as an immoral stunt but maps reportedly show the new corridor in kyiv will lead to belarus while civilians from kharkiv in the east be permitted to go only to russia. the ukrainian government is accusing russia of trying to " use people's suffering to create a television picture"

adding they are citizens of ukraine, they should have the right to evacuate to the territory of ukraine. the latest announcements come after two days of failed cease-fires to let civilians escape, so that's the latest on that issue, stu? stuart: thanks, ash. i want to bring in yelana kersha w, a ukrainian immigrant in the united states. i know that you have family members in kharkiv which has been under intense attack. would you describe what the your family members are living through over there right now? >> i can't describe what they are going through. i can only imagine, i'm here in my home, i have water and power and people are being slaughtered for 12 days now, there are bombs and explosions when i talked to my mom on the phone i can hear the explosions in the background stuart: do they have food, do they have electricity?

>> some of them do. the food is difficult right now, you can get food for cash but the banks are closed. it creates all kinds of deficits and the black market where people are exchanging goods for medicine and food and it's a real war. stuart: will they try to leave? i understand that your mother is elderly, is she in a position to leave? >> my hometown of kharkiv is surrounded right now, circled, so i am advised by my brother-in-law and my uncle who are in the military to sit back and wait until the situation improves, so that we can take her out of there. stuart: i would say that in america, public opinion is against america getting into a

war, against american troops fighting over there. what's your response to that, bearing in mind your relative situation. >> well, i think that sooner or later, america will step in. it's just a matter of time, and a matter of how many people are going to die. the war that everybody is afraid of, this world war iii has started already and it's unfold ing right before our eyes right now, and -- stuart: you say that because you don't believe that putin will stop at ukraine? >> he was very clear, he was very clear about where he wants to, what he wants to do, and no, ukraine is just a stepping stone yes, he will go further, and it will be too late. the u.s. has two options, stand up to russia now, or look back

when it's too late which they have done so before. stuart: how do you respond to american public opinion because i don't think most americans want to get into that war, but are you saying they will have to eventually? >> the war is already there, yes. they have to, right now. before it's too late. stuart: okay, yelana, we do hear you and we really feel for you, it's your mother, your sister and your nephew, they are still in ukraine. are they still in kharkiv? is that where they are? >> my sister and my nephew are running west and their dog, are running west now. my mom is there. i have other family members, my second cousins, you name it, that are there, in the basement

for 12 days. my uncle and brother-in-law and others are on the front line defending their hometown. stuart: yelana look we really feel for you and we feel for your family and we thank you very much to come on the show today and tell everybody what's really happening over there. that is much appreciated. i hope you can join us again at some point, thank you, yelana. >> appreciate it. stuart: seems rather strange to be going from that kind of interview in about russia and ukraine to the brutality of it all to just segway to some kind of trivia question, but that's what we're going to do. here we go. who was the first president to be born in the united states, john adams, james monroe, martin van buren, andrew jackson, my first response was well what about george washington, a very smart guy on our team said no, no, it wasn't the united states back then. very good. all right we'll have the correct answer after this.

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stuart: well we did ask who was the first president to be born in the united states? i'm going to ask ashley to guess first. what have you got, ash? >> it's a guess. i'm going with monroe, number two. stuart: lauren is going to guess? >> number three, martin van buren. stuart: i will go with andrew jackson. it is martin van buren.

>> whoo-hoo. stuart: he was our 8th president. born in kin der hook, new york, in 1782. >> now we know. stuart: george washington could not have been born in the united states because the united states was not created when he was born. >> that was my clue. a. stuart: bright spark in the control room figured that one out in for me in advance. neil, sir, it is yours. neil: you know, that is how you and i started out we covered the van buren administration. stuart: i knew that was coming. i knew it. neil: i know. it is a layup. it is a layup. i will try to follow the same show. we're looking at sail thing you were, in and out of session lows for the dow jones industrials down 592 points. we just heard about third day peace talks between ukraine and russia. you will not believe some of russia's demands here, to think