i this nord stream project you have lon- this nord stream project you have long opposed _ this nord me, nor— long opposed. you didn't mention it just now by name, nor did _ long opposed. you didn't mention itl just now by name, nor did chancellor scholz _ just now by name, nor did chancellor scholz did _ just now by name, nor did chancellor scholz did you — just now by name, nor did chancellor scholz. did you receive _ just now by name, nor did chancellor scholz. did you receive assurances i scholz. did you receive assurances from _ scholz. did you receive assurances from chancellor _ scholz. did you receive assurances from chancellor scholz _ scholz. did you receive assurances from chancellor scholz today i scholz. did you receive assurances from chancellor scholz today thatl from chancellor scholz today that germany — from chancellor scholz today that germany will _ from chancellor scholz today that germany will in _ from chancellor scholz today that germany will in fact _ from chancellor scholz today that germany will in fact pull- from chancellor scholz today that germany will in

it has the turkstream option, it has nord stream 1, and we imagine it will very soon have nord streame under the baltic sea has been built. the only issue is when it becomes operational. ukraine is being bypassed. that is the strategic reality. but... ..ourjob is to make that russia cannot bypass ukraine, and although this pipeline, nord stream 2, is finished, in terms of construction, it's not operating. and, again, we're successfully fighting against the certification of this pipeline because it's not compliant with european rules. but here, the security dimension is more important than the economic dimension, here in this particular question, because it's ourfirm belief, based on our experience, that the reason, first and foremost, putin wants to build nord stream 2 is to be able to divert transit from ukraine to nord stream 2 to, as you say, bypass ukraine, because he wants to be able to further invade ukraine without any negative consequences on energy trade with europe and with germany in particular. so that's a real concern, and that's what we're trying to explain to our partne

within a short timeframe of the russian invasion beginning, germany took resolute action to take nord stream 2 off the table. today we followed with our own complement tree authorities, using the powers and capabilities that we have. we have always said in the context of north stream two, of in the context of the steps we're taking with allies and partners or other world come out that one of the most important tools we have in our arsenal is transatlantic unity. the fact of germany acted so quickly, so decisively is in many ways a product of the coordination of the consultation. we have done this now with two german governments, it started with chancellor merkel and her government and we have had discussions with chancellor schulz -- scholz and his government. they are willing to immediately take the steps that will move nordstrom to from the equation, that is a result of the work we have done together with the german government over the course of these last several months, over the course of the last year. >> your argument, correct me if i'm wrong, sounds like if you had post the sanctions

nord stream 2, you said all options are on the table. you're not mentioning nord stream 2 by name.ere to spell this out you could win back trust as a strong ally here for the u.s.? >> there's no need to win back trust. he has the complete trust of the united states. germany is one of our most important allies in the world. there's no doubt about germany's partnership with the united states. none. with regard to helping ukraine, one of the largest contributors financially to ukraine has been germany. germany has been in the forefront of making sure of providing economic assistance. you also asked a question, so many, i can't remember them all. in terms of the u.s. media saying germany is not reliable. germany is completely reliable. totally reliable. have no doubt about germany at all. >> we are united. the trans atlantic partnership between germany and the u.s. is one of the permanent pillars of german policy and will be relevant in the future as well, just as relevant. this will be one of our top priorities always. on behalf of nato, we are the country in europe that is doing -- m

the latest situation changes things with nord stream 2. tom: it does in that will be one of the backdrops. i thought this was beneath the u.s. radar was the comments of marriott drug who clearly -- mario draghi who distanced themselves -- himself. look at german ppi and look at the comments from the industry lobby. energy is the risk in europe at the moment as prices go higher. they are stuck between a rock and a hard place already. tom: it's a sequential path of what we see from mr. putin and the many sequential paths of the allies as well as much of that will be measured through this tuesday. jonathan: tony joins us now. what do the events over the weekend mean for us? >> it will remain volatile. we came into the year thinking this would be some year and you throw in the russia-ukraine tensions and every single headline is creating an aggressive move in futures. i think you cannot game that. every single data point for bostick that's coming out will be overly scrutinized as to what it will mean for fed policy and the best part of that is

nord stream 2, you said all options are on the table. you are not mentioning nord stream 2 by name. don't you think if you were to spell this out, you could win back trust as a strong ally here for the u.s.? president biden: there's no need to win back trust. he has the complete trust of the united states. germany is one of our most important allies in the world. there is no doubt about germany's partnership with the united states. none. with regard to helping ukraine, one of the largest contributors financially to ukraine has been germany. germany has been in the forefront of making sure of providing economic assistance. you also asked the question -- you asked so many. i can't remember them all. but in terms of the u.s. media saying germany is not reliable. germany is completely reliable. completely, totally, thoroughly reliable. i have no doubt about germany at all. chancellor scholz: we are united, and the trans-atlantic partnership between germany and the u.s. is one of the permanent pillars of german policy and it will be relevant in the future as well. just as relevant. and t

so rachel, lucy has highlighted nord stream and gas i highlighted nord stream and gas supplies.lking to friends _ well. pm, just say no. yes, he is talking to friends in _ well. pm, just say no. yes, he is talking to friends in germany - well. pm, just say no. yes, he is i talking to friends in germany saying no to nord stream, get nord stream out of the bloodstream. as you say, it's already switched on and it's an issue that's been going back at least a couple of years. very strong words from boris johnson least a couple of years. very strong words from borisjohnson of urging european leaders to take a hard—line stance against putin. i think he's right and i think britain's position in this nda that we've been sending ukrainians compared to other leaders in europe is admirable and probably the right course. the issue is, we might have been in a better position to negotiate and to encourage the european leaders to act in a certain way had we not left the eu, possibly going to get angry comments for saying that. even having left the eu, a lot of the antagonism that we've seen in

coming up, and and to nord stream 2.eak with senior german bundestag member about the response to vladimir putin. this is bloomberg. ♪ tom: welcome back to the open. 43 minutes into european trading day. gains across the european market. u.s. gains points to 0.6%. let us get back to the question of germany and its role within these geopolitics between ukraine and russia, the dependence on oil and gas for europe. the german chancellor said that germany and the eu are ready to widen sanctions on russia if president putin's troops pressed further into your cranium -- into ukrainian territory. joining us now is transatlantic coordinator and bundestag member. thank you for joining us, peter beyer. did this stop to nord stream 2 change the german perspective towards russia? peter: nord stream 2 is something that had been finalized, and there should never be a flow of gas through that pipeline. i think it is too late. i would have liked to see that earlier and we are still waiting on a political decision by the german governmen

it's called nord stream 2.rned... this pipeline would double russia's gas exports to germany. so, it's important for both countries. let's speak to sudha david—wilp from the german marshall fund, an american think tank. she's in berlin. thank you very much forjoining us again. there are so many different dimensions to this crisis and let's focus on energy first of all. to what degree do you think gas calculations will affect how the west place this?— calculations will affect how the west place this? from the german standpoint. — west place this? from the german standpoint, natural— west place this? from the german standpoint, natural gas _ west place this? from the german standpoint, natural gas in - west place this? from the german standpoint, natural gas in russia l west place this? from the german| standpoint, natural gas in russia is very important _ standpoint, natural gas in russia is very important because _ standpoint, natural gas in russia is very important because it's- very important because it's acc

nord stream 2 sanctions, by the way nord stream one united states has no problem with. russian gas is a part of the diversified energy portfolio for europe. but nord stream 2 goes too far. the germans undermined us when it comes to nord stream 2. to have all of washington racing towards military options, ignoring the diplomatic tools that will cripple putin, that will deny him the money that he so desperately needs to go on the offense, to not even discuss nord stream 2, i think it is shameful. it is typical of washington and all of the pundits that race to talk about war instead of utilizing diplomacy, sanctions, and the tools of the u.s. government. they are incredibly important, and yet official washington is talking about troops, and build up, and literally pushing aside the diplomatic response. i find it to be shameful. the aggressive talk coming out of washington is not, let me repeat, is not verified intel. we have to remember that intelligence is an estimate. sometimes we get it right and sometimes we get it wrong. sometimes we overestimate and sometimes we unde

he said there will no longer be nord stream 2. the german chancellor said he was very clear with the united states. if the russian troops move in, there would be consequences in terms of the pipeline and more consequences and what meme didn't ask about or i didn't hear them ask about are the swift sanctions. that's something on the table. that is a very broad base of sanctions that congress here is putting together and it's very significant that on a day when the french president is meeting with put tin trying to give him and off ramp, that the german chancellor is here at the white house meeting with president biden. >> sandra: also the conditions the president was asked about for an invasion and then the shutting down of that pipeline. he said the conditions that would have to be met, tanks and troops crossing the border. i don't know if we ever heard it. obviously simple terms there to define an invasion. that's how the president phrased it just a moment ago, jennifer. >> very significant. we've been hearing from u.s. officials

it halted the important nord stream 2 gas line.not a cancellation but the process was due to be completed in september. that is now surely going to be delayed. in the house of commons, we heard from boris johnson, calling out russia's actions as an invasion, saying the are imposing sanctions on a number of russian banks and various billionaires. and later on announced sanctions on members of the duma who backed vladimir putin's let terry ambitions. here's boris johnson. p.m. johns: the house should be in no doubt, the deployment of these forces and sovereign ukraine territory amounts to a renewed invasion of that country. and by denying ukraine's you jill -- ukraine's legitimacy as a state and presenting its very existence as a threat to russia, putin is establishing a pretext for a full-scale offensive. ros: while the european union has also been announcing similar sanctions targeting over to the individuals and russian banks and some instant to shins close to vladimir putin. >> this decision violates the territorial integrity and

nord stream 2 was hanging by a thread anyway.y difference that olaf scholz has essentially sidelined this product? mitch: not really, this year especially, because it was going to be may be operational in the second half of the year. we are already facing some restraints from the eu. in the near term, this view is not going to have an impact on european gas markets. tom m.: kriti: tell us a kriti: -- kriti: tell us what the impact will be. you had dmitry medvedev, former prime minister of russia, come out and say that if nord stream 2 would pause, there would be severe conflict and pricing european gas. what part of that is true? mitch: he was a little bit aggressive from the pricing, at least in my view, for now. lng is coming to the continent and the gas problems are kind of full market, but that also has the other pipelines it has built and currently uses in operation, like in 2018, when they had a record export year, they can export as they can produce and as europe needs if they want to. the bigger question for us right now,

host: nord stream 2 1 -- is there any chance that nord stream 2 could come back? is this a temporary block? guest: it is where that nord stream 2 one and two not come back in the near term and that the agreements to license massive pipeline is not in the cards. host: democrat, you are next. caller: quick observation, it seems to me that russia is at war with ukraine finally. it seems to me that for the world on a larger scale, the war between democracy and authoritarianism has begun. guest: russia represents a different worldview. it has a long autocratic tradition and russia now has used its history -- or putin has used its history to justify what is a violation of international law. yes, the idea that somehow we would cohabitate in the 1970's and 1980's and the idea that somehow we could make russia a democratic country in the 1990's and 2000, i think that is off the agenda for the time being. it will not return for a long time. host: knoxville, tennessee. independent. caller: thank you for taking my call. first off, i got two things. i want to make a shout out

you're not mentioning nord stream 2 by name.you were to spell this out you could win back trust as a strong ally here for the u.s.? >> there is no need to win back trust. he has the complete trust of the united states. germany is one of our most important allies in the world. there is no doubt about germany's partnership with the united states. none. with regard to helping ukraine, one of the largest contributors financially to ukraine has been germany. germany has been in the forefront of providing economic assistance. you also asked a question -- you asked so many i can't remember them all -- but in terms of the u.s. media saying germany is not reliable. germany is completely reliable. completely, totally, thoroughly reliable. i have no doubt about germany at all. >> translator: we are united, and the trans atlantic partnership between germany and the u.s. is one of the permanent pillars of german policy and it will be relevant in the future as well just as relevant and this will be one of our top priorities always. on behalf

will now implement sanctions on the nord stream 2 pipeline.you with us. you have called this first tranche of sanctions, you called them a shot across the bow and a modest first step. considering what we see at the border, is this a time for a modest first step if the goal is deterrence? >> look, i think the biden administration signaled clearly this is just the beginning of the sanctions that roll ut in the days to come. if the biden administration is correct and russia plans to launch a full-scale war in the coming days, i suspect that the sanctions we saw yesterday and today will be the tip of a very, very large iceberg. it is the fifth largest financial institution in russia who was sanctioned yesterday. that's the first time that the u.s. has ever imposed its strongest sanction, which is the full blocking sanction, against a major state-owned russian financial institution. but it's the fifth largest institution in russia. my interpretation of yesterday's action is that if russia tons escalate, all of the largest russian financial institut

you're not mentioning nord stream 2 by name. to spell this out, you could win back trust as a strong allie here president biden: there is no need to win back trust. he has the complete trust of the united states. germany is one of our most important allies in the world. there is no doubt about germany's partnership with the united states. none. with help of ukraine, within of largest contributors to ukraine has been germany. germany has been in the forefront making sure of providing economic assistance. you also asked a question, so many, i can't remember them all, but in terms of the u.s. media saying germany is not reliable, germany is completely reliable, completely, totally, thoroughly reliable, i have no doubt germany at all. >> translator: we are united and the transatlantic partnership between germany and the u.s. is one of the permanent pillars of german policy and it will be relevant in the future as well, just as relevant and this will be one of our top priorities always on behalf of nato, we are the country in contine

and nord stream 2 -- when nord stream 2 came into existence was that you would miss out potentially on transit fees through ukraine. this is an economic issue for ukraine as well as a security issue. because they guess would be delivered cheaply directly into germany. nord stream 2 was one of these leverage points the west holds again vladimir putin, but europe is in place to really get fossil fuels from russia. matt: fantastic to get your experience and your knowledge on this issue, annmarie hordern, from washington, d.c., to london -- she has covered it all. still ahead, as countries around the world dial back restrictions, health experts are preparing for new variants. we will have more on that, next. this is bloomberg. ♪ matt: welcome back to what is the world deals with the third year of the pandemic, experts are sending out a warning signal that omicron may not be the last variant. i want to bring in a dr. from johns hopkins ulcer for -- johns hopkins' center for health security. i felt a sense of relief multiple times over the last 2.5 years that this is finally over. but we are

and did what on nord stream 2? we saw was — him. and did what on nord stream 2?d of it, and if you signed up for nord stream 2 but it was going to give the russians tremendous leverage over the germans. one of the reasons we are probably where we are is the germans were fairly neutral in this for a long time, the united states is a long way away, germany is right there, major power, and for them to say, we know crimea happened but now we want to buy your natural gas, what kind of message does that send the russians?— the russians? what about president of biden? at — the russians? what about president of biden? at the — the russians? what about president of biden? at the weekend, - the russians? what about president of biden? at the weekend, he i the russians? what about president of biden? at the weekend, he is i of biden? at the weekend, he is heading off to wilmington, and all the other leaders are heading off to munich. talk about leading from the back. why wasn't the american president in munich over the weekend, rallying the western alliance? i weekend, rall

more sanctions against nord stream, too. any indication of this is detouring vladimir putin, matt? >> thank you, katy. i would say no. from the russian perspective, just the way they talk about it even at the top level, just last week putin explaining to reporters in moscow that russia spent the last eight years after the initial round of sanctions trying to fortify themselves, fortify their financial system, for example, against the impact of the future western sanctions, and they are categorically against them for obvious reasons and we're also kind of -- they kind of laugh at them, to be honest. i think the experience of most russians is they have not had the kind of biting impact that the authors and proponents of sanctions sometimes hope they will have, and what i mean to say is they sort of lack the deterrence they are presumed to have or hoped to have. that said, we have not seen some of the sanction, some serious high-level sanctions, and there's sanctions about consumer technology goods sold in russia, and part of the reason is they have not seen some of the stronger restr

let's look at the history of nord stream to what was its

nord stream 2 is meant to cut off ukrainian gas transit.n the sense of the pipelines through ukraine, it has a greater importance than just the trans atlantic revenue it is a bridge that ukraine has which is complete to the west to keep it linked in and have the eu reform that europe is pushing forward and it travels down the pipeline putin wants to stop that in its tracks he wants to prey on the historic corruption and push back against the reforms that manifested in ukraine and has for several years now. >> frank fannon, really appreciate your views and insight. thank you very much. >> thank you >>> we have more to do on this busy monday. when we come back, goldman sachs' jeff currie is here why he says the case to own commodities right now has rarely ever been stronger. >>> and former national director john negroponte says the posturing comes down to what we talked about fossil fuels and pipelines and money. >>> and later on, gauging the stock risk ocfureardo ais here. stk tus e wnnd we are back right after this. it takes a village to su

the reason they call it nord stream 2, there is nord stream 1 and a lot of pip lines that cut through all of europe that come from russia. >> harris: last quick one from you. the danger to america. you have talked about globally we could be in this back and forth and escalating situation. when you say escalation and you say america and you know putin hates us, he is not a friend, what danger do we face? >> i think the biggest danger is miscalculation. what i mean by that is mistakes generally start wars. you don't think the other side will do something and we have to be very cautious about a miscalculation. it will take something out of the ordinary to do it. you could have ships run into each other or airplanes or incursion across the border. you automatically go into a much larger conflict. that's what i'm concerned about now everybody having a good hand on the tiller to make sure everything is under control. if you have this miscalculation you are looking at another war in europe and it is going to be a very, very different type of war. you are talking about now a country, russia,

ii waving those sanctions at congress, that i led the effort to sanction nord stream ii, and then thesident waived those sanctions in may. remember, this build—up starting in march, he waived the sanctions in may and by august, afghanistan is imploding, and instead of redeploying his troops out of the region, he keeps them there... congressman, i really don't want to spend this interview discussing too much about afghanistan, but the raw truth of afghanistan is that joe biden made good on a pledge that was originally made by your guy, donald trump, to get all us boots off the ground in afghanistan. it was trump that made that promise. decided that talking to the taliban was the right thing to do. he set a deadline, whichjoe biden actually pushed back, because he thought it was too soon. so if you're going to blame all of this on weakness showed over afghanistan, that's on donald trump. well, i don't think so. i think many presidents have tried to get out of there. i think it was the way it was done, stephen, more than anything, and trump would have had conditions on the ground. i don'

nord stream two is quite dramatic. schultz has - her? nord stream two is quite dramatic.very difficult for russia but it will hurt germany but they are prepared to take the pain. out of nowhere, he announced that that is a major sanction. nowhere, he announced that that is a majorsanction. now nowhere, he announced that that is a major sanction. now what the americans talked about is a lot strong than anything we have said and they've made it clear that they have a roughed of —— raft of much stronger sanctions. have a roughed of —— raft of much strongersanctions. but have a roughed of —— raft of much stronger sanctions. but the danger tonight is that british sanctions of the least effective at the moment. eu sanctions are a little bit more effective. americans look very effective. americans look very effective and germany more so. this has to be pulled together within the next couple of days to show russia that we really mean it. we've talked the talk for the last three or four weeks and this is the week where we have to walk the walk and agree to sanctions that were gene

nord stream 2, owned by gazprom, runs parallel to nord stream 1, and the $11 billion project was completednoff from the german regulators it needs to start operations. this is a huge geostrategic significance. nord stream works for russia because it gets to supply its biggest european energy customer, germany, directly by passing all these transit countries which sends russia a lot of money. the more european countries get gas from russia, the more they rely on russia. hello, leverage. as far as germany is concerned, the new coalition has mixed views on nord stream, but the country really needs affordable and reliable gas supplies with prices rising and renewables not generating enough yet. but the u.s. sees huge potential for exploitation. they worry russia will seek to undermine national and energy security across europe through nord stream. and ukraine, well president zelensky says he thinks putin will use nord stream as a dangerous political tool. nord stream 1 already bypassed ukraine, add another pipeline and ukraine stands to lose hundreds of millions if not billions of dollars of g

on the financial side, nord stream 2 was tough for the germans to do.rprise to putin. that the germans would come through. weeks ago, there was doubt about whether germany was on this and one of the first sanctions out of the box was nord stream 2. you have to give them credit for that. so when you combine nord stream 2 as well as the banks that are yet to come, i mean, we've seen a couple of banks now, they were put on the chopping line. we haven't seen the bulk of the banks. they're yet to come. and you combine that with the military moves and you've got quite an opening package here. there's more to follow both on that financial side as well as the military side. >> jim, thank you so much for being with us and sharing your expertise. mike, thanks for you as well. thanks for watching this hour with us here today. another one, i'm sure we'll do it again tomorrow. deadline white house starts right after a break. again tomo. deadline white house starts deadline white house starts right after a break. and prevent migraines with one medication. onederful.

i will say now though that with the german chancellor shoals and biden talking about nord stream 2, nordtream 2 has to be on the table, we need everything we can regarding sanctions and consequences on to putin in order to make them understand that they are playing with fire at this point and any further steps or even gone too far is going to be met with a very united allied sanctions enforced and i do think nord stream 2 must be on the table. elizabeth: we hear that and then we have this, kt, a new u.s. army probe found the president did endanger troops in afghanistan, also citizens and allies. rushed announcements without any plan. kt i want reaction to the white house press secretary on this. watch. >> we did plan for a range of contingencies even while as we talked about the at time there wasn't anticipation that, that, that the afghan national security forces would fall as they did or as quickly as they did. that was not anticipated by anyone. we had done a range ever continuously planning. >> she is being accused flat-out misleading america, kt. the cia, intel against warned for ye

we have long known about the dangers nord stream 2 poses. that's why the last few years democrats and republicans here in the senate have come together repeatedly and taken bipartisan actions, passing sanctions on nord stream 2 with overwhelming majorities. i led that effort drafting the cruz-shaheen sanctions. they were supported by every democrat in this chamber. they passed overwhelmingly and they worked. they succeeded. they stopped the pipeline literally the day they were signed into law. the story of how that happened is well known to every senator in this chamber. as is the story of how the new president, president biden, inexplicably and catastrophically decided to squander that hard-fought g.o.p. political victory and turn a victory for america into a loss for america and our allies. many a democratic senator standing on this senate floor has quietly expressed frustration, confusion, anger why the biden administration would surrender to russia and give away the victory we had w won. it's not only the decision to surrender on nord st

decision to sanction the nord stream 2 natural gas pipeline after germany shut down its side of the projectn retaliation for russia's you gresh and -- russia's aggression against ukraine. this runs about an hour 15 minutes. >> good afternoon. as we have noted in recent days and recent hours, russia's invasion of ukraine is beginning. hours after russia recognized the so-called donetsk and luhansk people's republic as independent, president putin authorized russian troops to enter those regions. he has taken other steps that amount to a direct assault on ukraine's sovereignty. we responded and turned quickly and decisively. within less than a day, we had announced the first tranche of sanctions with our allies and partners, including those on's the european union, united kingdom, canada, japan, and australia. our german allies yesterday took action to ensure that the nord stream 2 pipeline, what had been a prized 11 million dollar investment on the part of the russian federation, is suspended indefinitely. as you have just seen, president biden today authorized sanctions on nord stream 2 ag

one of them has to do with nord stream 2. mcconnell yesterday said there is going to be a sanctions package big enough to deter putin, and said that the adminstration is to take action on nord stream 2 now. it does seem everyone is on board in terms of sanctioning, but should they sanction now, or should they wait? should they be prospective or strict deterrence? that is what they are waiting on. and it has to go to the house, so you are looking at weeks because they are going on recess in a few days. lisa: what is the latest on nord stream 2? we have been hearing about that from president biden, with no denial from olaf scholz. how much is germany really on board with saying if you aren't going to play nice, we are not going to accept your oil through nord stream 2? maria: this is very important because the germans feel there's a lot of misconceptions about foreign policy, and there is a reason why olaf scholz went on cnn to speak to everyone. they are not sending weapons, but they are sending billions to ukraine. when it co

invades, there will no longer be a nord stream 2. we will bring an end to it. right now nord stream 2 is not even operational. >> martha: was the white house construct ago waiver? >> that's the first i'm hearing of that. i can tell you where we've been in a strong and definitive way. >> the second topic, this is about the durham investigation. does the president have any concerns about a candidate for president using computer experts to infiltrate computer systems of competing candidates or even the president-elect to use nor the goal of creating a narrative? is that something -- >> that's something that i can't speak to from this podium. i refer you -- >> is what is described in that report monitoring internet traffic, is that spying? >> again, i can't speak to that report. i refer you to the department of justice. >> generally speaking, would monitoring -- >> i refer you to the department of justice. i can't speak to that from here. >> thanks. what message does it send to be closing the embassy in kiev? >> the embassy? i know the s

we will ensure nord stream 2, will not, as i promised, will not move forward.ichael: oliver joins me from washington, what remake of the u.s. presidents response? guest: very strong condemnation. he called vladimir putin's actions a flagrant violation of international law and referred to a speech yesterday that biden believes putin will go much farther. we might see a major military attack on all of ukraine and also -- he also questioned the ukrainian right to exist. what president biden, and the last days and weeks announced was that there would be sanctions following russian troops going into ukraine and invading ukraine. this is what we heard today, blocking to russian financials the duchenne's, cutting -- institutions, cutting them off from the debt market. targeting russian elites, families, and this is the first time president biden spoke about the oligarchs and their connection to vladimir putin. it is also important to point out there will be more and can be more should vladimir putin decide to escalate the situation further. michael: what are people sa

including the nord stream two. russia, to a decree, nord stream two.gree, because _ nord stream two. russia, to a degree, because of _ nord stream two. russia, to a degree, because of its - nord stream two. russia, to a degree, because of its huge i degree, because of its huge power and supply to europe has got that trump card and yet nord stream two is seeing part of the sanctions versus russia? there are lots of other conduits to get gas from russia to europe but the key issue is that russia once that pipeline ratified so we can bypass poland and ukraine. it is always good to be able to have always good to be able to have a fred but if russia was to go through with that it would be a surprise. — — have a fred. to germany in particular, it would be a surprise to restrict supply to europe following implications of not being a consistent and reliable supplier. —— threat. consistent and reliable supplier. -- threat. how long do ou supplier. -- threat. how long do you think _ supplier. -- threat. how long do you think we _ supplier. -- threat. how long do

nord stream 2 is benched and frozen. a wonderful line from medvedev, europeans, welcome to a brave new world of what he says will be higher energy costs. stocks got a bounce. the ruble's open-end trading, it rallied in the face of these sanctions. the valuations are the lowest. are you brave enough to buy russian stocks? etb left out of the sanctions round at this juncture. let's quantify the sanctions, because they are live now. those are the messages coming from the u.s. they and the west ramp-up measures against russia, the president of the united states says the russian invasion of ukraine has begun. let's go around the world and assess where we are. oil and commodities team leader. let's start with maria in terms of the sanctions that the west are targeting. are they really going to cause pain? the brits have gone to banks in high-profile people. the financial sanctions people are saying are not punitive. maria: we will have to wait and see. the message was clear when you look at the united states and the u.k. the e

alfred: we provided a loan to nord stream 2.ve received in quarter three and quarter four some payments against this loan but what is outstanding, as you point out, the nord stream 2 in switzerland, they are working on getting registered as an independent transmission operator and that is a regular process that they have to do to meet regulations in europe and they are working with an independent authority to make this happen. this will take time that is necessary but it is a process that is an ongoing legal process. dani: alfred, do you see nord stream 2 getting certified? do you believe that that is what is going to happen? alfred: i think we'll have to wait. as you point out, there is geopolitics. we will leave that to politicians and diplomats to work on it at the same time, there is a technical process that needs to happen, that nord stream 2 needs to do together. manus: ok, alfred. the ceo of omv, alfred stern. to the bank of england, the central bank delivering an historic back-to-back rate hike today. let's get to lizzy

germany announcing that nord stream 2 has been halted. how much will that assuage some of the concerns that ukrainian leaders have? >> well, i mean, it is a massive development. this is the biggest geopolitical project that the russians had. it would, you know, massively increase the amount of gas that russia can sell to the european union. this is a pipeline, of course, that carries gas from russia to germany. and it -- it bypasses, of course, the pipeline network that runs across ukraine. the concern was that if that pipeline was given the okay, and the green light, it would mean that russia no longer needed the pipelines that run across ukraine to deliver its gas from its gas fields in siberia, to its biggest markets in the european union. the fact that that pipeline is has now been put on hold is a major blow to the strategic ambitions of moscow, and, you know, you're right, it might, it might discourage the russians. i think this is part of the thinking. it may deter the russians from moving any further into ukraine and escalating th

and it about nord stream 2.and now it's a terrible idea given what has happened with the build-up of the russian troops on the ukrainian border. those are the differences. i hope we can iron them out. in general, there's a consensus, a unified voice that what russia is doing with its aggressive actions is absolutely unacceptable and we want to stand by the people of ukraine. i think it's smart of us to come together and issue a really strong statement, get the house to pass it, get the president to sign it and that would add to what is already happening, which is a strengthening of the trans atlantic alliance, the nato countries in particular. they're standing up and helping. putin may be surprised one of the consequences is to strengthen nato, not to weaken it. >> charles: senator, nord stream 2, president biden has thrown that in to the mix as a possible retaliation. what about germany? their role here. are they stepping up? what are they saying about that? obviously i don't know that they would agree with tha

you are not mentioning nord stream two by name.could win back trust as a strong ally here for the u.s.? >> there is no need to win back trust. he has the complete trust of the united states. germany is one of our most important allies in the world. there is no doubt about germany's partnership with the united states. none. with regard to helping ukraine, one of the largest contributors financially to ukraine has been germany. germany has been in the forefront of making sure, providing economic assistance. you also asked the question, so many. i can't remember them all. but in terms of the u.s. media saying germany is not reliable. germany is completely reliable. completely totally thoroughly reliable. i have no doubt about germany at all. >> translator: we are united and the transatlantic is one of the permanent pillars of german policy and it will be relevant in the future as well. just as relevant. and this will be one of our top priorities always on behalf of nato, we are the country in continental europe doing, making the large

he also sits on the board of nord stream two and the russian oil producer.m sitting on these boards? what message does that send? >> he is not speaking for the government. he is not working for the government. he is not the government. i am the chancellor now. and the political strategies of germany are the ones you hear from me. >> it is something that i've heard ukrainians cite as an example of where is germany's allegiance? look where schroder is. he is cashing in with all these russian energy giants. >> yeah, but this is a talk you might have with him at cnn. but you should not have with me. i am doing the politics for germany. i am doing my job and my job is to work very hard, that ukraine has a good future. and this is also what we do in the questions of the economic future of ukraine. as you know, germany will go out of the use of gas and oil and coal within 25 years. so we will not depend on the import of fossil fuel to germany anymore. this will happen very, very soon. this is why we enlarge our capacities producing elect, for instance, with offshor

he did not clear nord stream 2.his is a pipeline that has a lot of money invested in it already and if joe biden says it will not happen anymore that is not as easy as it might seem. tom: to as -- to our american audience, let us get to first principles, is nord stream 2 a german property, is it a nato property? or does the u.s. have a piece of the action, the answer is no. joe: correct, here we are and it started to get confusing as that meeting takes place at the same time as emmanuel macron is meeting with vladimir putin. that meeting seems to not be getting as much attention, it happened on the others to the world but might have brought more news. if you listen to what emmanuel macron said before he sat down for six hours with vladimir putin, he referred to the fin land -- findlandization as one of the models on the table. it means that they are going to have big changes with russia, forcing neutrality, not what the president of ukraine wants to hear, or what the white house wants to hear. it did not come up aga