Speaker 1: Bloomberg Audio Studios, Podcasts, radio news.
Speaker 2: This is the Bloomberg Surveillance Podcast. I'm Jonathan Ferrow, along
Speaker 2: with Lisa Bromwitz and Amrie Hordern. Join us each day
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Speaker 2: this morning, the President urging Garan to stand down as
Speaker 2: the Middle East conflict rages into a sixth day to round,
Speaker 2: claiming it's confident it could counter a ground invasion, and
Speaker 2: the US President Tellinggangxios he must be involved in selecting
Speaker 2: Garrant's next leader. Bank with us a good friend of
Speaker 2: this program over the years, the Republican Congressman French Hill
Speaker 2: joins us now for more. Congressman Hill, welcome back to
Speaker 2: the program. Are you satisfied with the rationale for this operation?
Speaker 3: In a well? Jonathan's good to be with you. Yes,
Speaker 3: I am. I mean this has been fifty years of
Speaker 3: counting American bodies the caused at the hands of the IRGC,
Speaker 3: the Kuds Force Iranian IEDs. This has been an on standing,
Speaker 3: long standing gray zone war between Iran and the West
Speaker 3: for all these years. And the President set out the
Speaker 3: goal of they will not obtain a nuclear weapon, and
Speaker 3: we have not been successful in four different presidential administrations
Speaker 3: of achieving that through negotiation. And the Israelis are concerned
Speaker 3: with the advancing ballistic missile development, technology, technology sharing by Iran,
Speaker 3: plus the continued dedication to producing a nuclear weapon, that
Speaker 3: that risk in the region had reached a breaking point.
Speaker 2: There is, as you know, Congressman, a domestic price to
Speaker 2: pay in more ways than one. Unfortunately, for this conversation
Speaker 2: we're going to focus on the market aspect. There are
Speaker 2: much more important issues that play as well, gas prices,
Speaker 2: a climate. What's your assessment of the disruptions to energy
Speaker 2: flows one and two. The kind of remedies that the
Speaker 2: US government can offer right now?
Speaker 3: Well, I think some of the remedies are You've heard
Speaker 3: Treasure's secutary investment talk about supporting the insurance markets. Of course,
Speaker 3: the United States Navy is going to do their part
Speaker 3: to support a transit of the strait of our moves,
Speaker 3: which benefits everyone in the markets. But as you pointed
Speaker 3: out in your reporting, you've just got a risk at
Speaker 3: the margin of Iran striking a production facility or a
Speaker 3: transit ship, and so that has really chilled the oil
Speaker 3: transit market in the Gulf.
Speaker 4: I think this is temporary.
Speaker 3: I think it's going to be handled over the next
Speaker 3: few weeks. I don't think it's going to have a
Speaker 3: permanent impact on the oil markets. If you think about
Speaker 3: Iran's contribution to oil production, eighty percent of it's been
Speaker 3: sold to China, and during the first Trump administration it
Speaker 3: was completely shut down in terms of production due to
Speaker 3: then maximum pressure sanction campaign that was undone by the
Speaker 3: Biden administration with biding letting them back into the oil
Speaker 3: markets and back into the financial markets and freeing up
Speaker 3: a bunch of frozen assets.
Speaker 4: So I think this I.
Speaker 3: Don't believe will have a lasting effect on markets, but
Speaker 3: certainly has an important short term effect as we're seeing
Speaker 3: in oil markets and in the insurance markets.
Speaker 5: Congressman, would you support measures like using and tapping the
Speaker 5: spr the strategic patroil and reserve to try to mitigate
Speaker 5: some of the price increases even in the short term
Speaker 5: that people are already feeling when they go fill up
Speaker 5: their cars.
Speaker 3: Well, I think that's a decision the Treasury Secretary and
Speaker 3: the Cabinet needs to make. If they think that's in
Speaker 3: the right reason, then I certainly would chourage them to
Speaker 3: consider it. We experienced that with Joe Biden during the
Speaker 3: Russian invasion of Ukraine, and it was microscopic. The actual
Speaker 3: hit I mean the sense per barrel from a strategic
Speaker 3: patroyum reserve release or not that measurable. So if the
Speaker 3: whole production and distribution of oil were disrupted, then that
Speaker 3: might make a bigger contribution. But we saw even in
Speaker 3: the Russian case that that was not worth, in my judgment,
Speaker 3: draining the strategic patroying reserve, which Joe Biden did. As
Speaker 3: you know, Europe pivoted and the Gulf pivoted, and the
Speaker 3: sources of both oil and gas quickly replumbed their distribution
Speaker 3: to benefit Europe after that invasion. So I think that
Speaker 3: was a premature decision by Joe Biden.
Speaker 5: Congressman, there also are some strategic questions the Congress has
Speaker 5: to face, including how to prepare the United States better
Speaker 5: and frankly restock some of the munitions that are being depleted.
Speaker 5: There's a fifty billion dollars bill current in your hands,
Speaker 5: in your house, and I'm just wondering, would you support
Speaker 5: an additional funding measure to try to help stockpile some
Speaker 5: additional supplies. Should this be a prolonged conflict, and if
Speaker 5: there are any additional conflicts in the future.
Speaker 3: Well, there was a significant work on that in the
Speaker 3: Big Beautiful Bill last summer. There was nine billion dollars
Speaker 3: allocated to the Pentagon to specifically work on the munitions
Speaker 3: supply chain. We've certainly seen that taken to action in
Speaker 3: Arkansas and Camden, Arkansas, where we've seen a significant increase
Speaker 3: in munitions in rocket engine production the cause of the
Speaker 3: Pentagon's focus on supply chain. Plus, yesterday we just marked
Speaker 3: up in the House Financial Services Committee the Reauthorization and
Speaker 3: Modernization of the Defense Production Act, which specifically focused on
Speaker 3: obviously DoD production, but also the medical supply chain and
Speaker 3: the critical mineral supply chain.
Speaker 4: We think that's good bill.
Speaker 3: It came out of Committee forty one to zero, so
Speaker 3: it's a strong bipartisan bill, and we're working with the
Speaker 3: administration on that, but both the Armed Services Committees and
Speaker 3: the Defense Production Act the Treasury are all working on
Speaker 3: that munition supply chain. But with all that said, and
Speaker 3: the money that we've already set aside in the Big
Speaker 3: Beautiful Bill, I think if military operations continue in the Gulf,
Speaker 3: I think the Congress will be confronted with a supplemental
Speaker 3: appropriation to support that effort.
Speaker 2: Congressman, you want the chair of the Highest Financial Services Committee.
Speaker 2: Of course, now would be a good time to hear
Speaker 2: from Chairman Powell. Are there any plans to have that
Speaker 2: semianual testimony anytime soon?
Speaker 3: You bet. We have invited him. We're trying to find
Speaker 3: a date and coordinate that date with the Senate Banking
Speaker 3: Committee because we typically do those hearings back to back.
Speaker 4: So I hope that that can happen soon.
Speaker 2: Stay with us. Mult Bloomberg surveyan's coming up after this
Speaker 2: rising crude adding to inflation feares potentially for the Federal Reserve,
Speaker 2: Retail gasoline prices in the United States reaching their highest
Speaker 2: levels in eighteen months, the search and energy costs coming
Speaker 2: ahead of fresh routs on the economy with payroll states
Speaker 2: that you are eight thirty Eastern time joining us around
Speaker 2: the table. I'm pleased to say here in New York
Speaker 2: the Fed Governor Chris Wallach, Governor Wan look good to
Speaker 2: see us, sir.
Speaker 4: It's good to see you all again.
Speaker 2: When we planned this, I thought you'd come in and
Speaker 2: talk about the labor market, but something else has taken over.
Speaker 2: What's your assessment of developments in the Middle East and
Speaker 2: ultimately what it means for you and the committee.
Speaker 6: Yeah, I mean, I guess that's exactly The thing is,
Speaker 6: what you're going to see is you're going to see
Speaker 6: a spike and gasoline prices after the American citizens are
Speaker 6: going to see when they go to the pump, and
Speaker 6: they're going to stare at it and be a little
Speaker 6: shocked in terms of how things go. But for us
Speaker 6: thinking about policy going forward, this is unlikely to cause
Speaker 6: sustained inflation. This one reason we don't look at energy
Speaker 6: prices where we look at core. Core is a better
Speaker 6: predictor of future inflation. You're going to see this, but
Speaker 6: once these kind of supply chain issues that you laid out, Lisa,
Speaker 6: once they unravel, this will start coming back down. So
Speaker 6: it's kind of a very odd to think about the
Speaker 6: FEDS maybe changing rates six months from now based on this,
Speaker 6: If it's unwound in a like as you said, Jonson,
Speaker 6: in a couple of weeks or even two months.
Speaker 4: It's not going to be a big factor down the road.
Speaker 6: So this is why we never look at energy prices.
Speaker 4: They bounce up, they come back down.
Speaker 6: It's not that it's something that we don't feel sympathy
Speaker 6: for people that that's what they have to pay when
Speaker 6: they put the gas in their cars. But for us
Speaker 6: thinking about the longer term in terms of policy, this
Speaker 6: is something we're just gonna have to kind.
Speaker 4: Of put off for now.
Speaker 2: When does it become something bigger if it's so.
Speaker 6: It becomes bigger, if it becomes more permanent, because then
Speaker 6: what's going to happen. You're going to see this jump
Speaker 6: in prices. Then it'll start bleeding through to other parts
Speaker 6: of the economy.
Speaker 4: Energy is a big part.
Speaker 6: It feeds into everything else, and then somehow those energy
Speaker 6: costs get passed along like everything else.
Speaker 4: Well, that's what you're more worried about.
Speaker 2: Economists on any given day, Lisa might myself and they'll
Speaker 2: talk about the experience of the seven so and coming
Speaker 2: out of the pandemic, and they'll say things like the
Speaker 2: officials of the fenders of a someone conditions good by
Speaker 2: some of that. It's not your experience of things.
Speaker 6: Well, in the seventies, remember we didn't just have one.
Speaker 6: We had massive oil shocks. If you take seventy three,
Speaker 6: the price of oil quadrupled overnight. It went from four
Speaker 6: dollars a barrel was at twelve dollars a barrow or three,
Speaker 6: or went from three or whatever the numbers were. But
Speaker 6: that was a shock, and it never came back down,
Speaker 6: and then there was another one. Every time you turned around,
Speaker 6: there was another oil shock. Then I ran oil and
Speaker 6: bargo in seventy nine. So that was kind of the
Speaker 6: problem with the oil shocks. They just kept coming and
Speaker 6: coming and coming. So it's not clear this will be
Speaker 6: one shock after another after another.
Speaker 4: So that's why I'm more willing to.
Speaker 6: Say this is, I hate to say, but more like
Speaker 6: a one off event than what we saw in the
Speaker 6: nineteen seventies.
Speaker 1: As roseenn Rosennadena used to say, it's always something because
Speaker 1: if it's not just it's not just the oil shocks,
Speaker 1: it's the whole idea. Now we're going to have a
Speaker 1: whole new round of tariffs coming through the economy, and
Speaker 1: we've got this low fire, low higher economy. How long
Speaker 1: do you think that continues? Does this just push out
Speaker 1: the time period for companies to sit on their hands
Speaker 1: not invest because they don't know what's going to happen.
Speaker 6: Yeah, I mean, this is one of the things I've
Speaker 6: been concerned about since last June, is how week the
Speaker 6: labor market has been. There were a lot of factors
Speaker 6: last summer that we're driving this kind of low higher,
Speaker 6: low fire. It looked like maybe in January we might
Speaker 6: be turning a corner. We'll find out today whether that was,
Speaker 6: as I said last week, signal or noise. But you know,
Speaker 6: when you're in this world in which the labor market,
Speaker 6: even with one hundred and thirty thousand jobs, it was
Speaker 6: really concentrating a couple of sectors eighty percent of the economy,
Speaker 6: the labor market wasn't doing anything.
Speaker 4: It was zero negative.
Speaker 6: So that kind of fragility wouldn't take much for some
Speaker 6: sort of a serious shock to sort of start pushing
Speaker 6: people in another direction. Whether this is that kind of
Speaker 6: shock or not, we'll start finding out.
Speaker 1: Yeah, it's early, because of course these are going to
Speaker 1: be January numbers. But you've been on record as saying
Speaker 1: you'd like to cut more because you still worried about
Speaker 1: where the labor market is. What would it take to
Speaker 1: get you to back off on that feeling, because if
Speaker 1: we get the same sort of numbers we had in December,
Speaker 1: it still shows very narrow breadth of hiring, and it
Speaker 1: still shows some reasonably good numbers for hiring.
Speaker 6: Yeah, the even with the January report, like I said,
Speaker 6: it was all concentrated in a couple of sectors, So.
Speaker 4: That was good. They were robust.
Speaker 6: We got a big number, well above everybody's estimate to
Speaker 6: break even, But the concentration didn't give me a lot
Speaker 6: of comfort that the economy as a whole was doing
Speaker 6: really well. So that's where my brain is telling me.
Speaker 6: The number was good and the economy looks okay. It
Speaker 6: was above break even, but my guts are telling me
Speaker 6: it may not be that good. And that's where I'm
Speaker 6: waiting to see what today's numbers. I'm almost certain it's
Speaker 6: going to get revised down because they have. This has
Speaker 6: been a pattern in January the last few years.
Speaker 5: A pair of these two ideas, the idea of the
Speaker 5: oil that's creating some concerns about inflation and then a
Speaker 5: labor market that kind of is in question, right, is
Speaker 5: it decelerating or is it reaccelerating. How much has your
Speaker 5: reaction changed potentially to Friday's today's report, given the fact
Speaker 5: that we do see energy prices pushing on inflation. In
Speaker 5: other words, would you be less inclined to cut rates
Speaker 5: if there is strength that's demonstrated in the labor market today.
Speaker 6: Yeah, that's kind of what I was hinting at last week,
Speaker 6: that if we get another solid job report then last month,
Speaker 6: this month looks like the labor market's turning around. A
Speaker 6: lot of the downside risk I've been worried about for
Speaker 6: six months is kind of going away. We got a
Speaker 6: hot We're going to get a hot PCE number given
Speaker 6: what we already have seen coming in, that's going to
Speaker 6: probably print from everything I've seen about a point four. Okay,
Speaker 6: usually that comes down again. We've had this January effect,
Speaker 6: we have some more passories of tariffs, but because that
Speaker 6: inflation's hot, it's going to look even worse now with
Speaker 6: the oil prices, at least on headline. And then if
Speaker 6: you get a sellid job, it does say you can
Speaker 6: sit there and wait.
Speaker 5: Let's say the counterfactual. Let's say we don't get a
Speaker 5: good print. Let's go we see the weakness that you
Speaker 5: see right now when you talk to people in your
Speaker 5: district and that you speak to in the different districts
Speaker 5: as well as beyond. How much do you think the
Speaker 5: FED should react to this because it's sort of the
Speaker 5: dual mandate is in conflict and absolutely the wrong way.
Speaker 6: Yeah, I mean, that's the tension we've had for the
Speaker 6: last years. I've been more worried about the labor market
Speaker 6: risk the inflation risk. I've always believed inflation was going
Speaker 6: to come back down once tear if effects passed through.
Speaker 6: My other colleagues on the committee are much more concerned
Speaker 6: about the inflation.
Speaker 4: It's been high for five years.
Speaker 6: They're not seeing it coming down, and they think the
Speaker 6: labor market is.
Speaker 4: All stabilized, it's all supply side.
Speaker 6: So these are the two different views that people have
Speaker 6: about thinking about policy. And I was more willing to
Speaker 6: cut rates because I was more worried about the labor market,
Speaker 6: not as worried about inflation coming down. But like I said,
Speaker 6: if the labor market continues to go weak, if this
Speaker 6: thing comes in, I mean ADP was promising the other day.
Speaker 6: So if the labor market is good, inflation's hotter, and
Speaker 6: we think it's fine to kind of wait another meeting
Speaker 6: and kind of see. But if we get a bad number,
Speaker 6: or January's revised down to some really low number like
Speaker 6: ADP got revised in half, laf Mark's just not that good.
Speaker 6: And so the question is why are you just sitting
Speaker 6: on your hands? So I could certainly see this meeting
Speaker 6: going on the way depending on the data this week
Speaker 6: and the CPI next week comes in.
Speaker 2: I hate to be the ones who asked this question,
Speaker 2: but what's a good report? Because at eight thirty East
Speaker 2: in time, but we'll be asking that question ab outselves.
Speaker 2: What's good to you? What does good look like?
Speaker 4: Well?
Speaker 6: I think good would be if you saw another number
Speaker 6: like January, that would be really good because you're well
Speaker 6: above everybody's break even estimates at that point, and that'd
Speaker 6: be two in a row.
Speaker 4: Looks like it's going through.
Speaker 6: We got very good numbers off the ISM, manufacturing and
Speaker 6: services this week. That's another indication that maybe things are
Speaker 6: turning around. So if that's the case, I'm starting to
Speaker 6: see less downside risk now on the tariff stuff. I
Speaker 6: still have a view that all the tariff risk is
Speaker 6: to the downside. I just don't see big increases in
Speaker 6: tariffs spread all over the place.
Speaker 4: If anything, they're going to come down.
Speaker 6: Estimates of this are coming down, deals are going to
Speaker 6: potentially get made. So I don't see a lot of
Speaker 6: tear for risk going even though there's more uncertain there's
Speaker 6: always the uncertain I don't see a lot of price
Speaker 6: pressures from what we think could happen going forward. So
Speaker 6: that's going to bring I think that's going to bring
Speaker 6: inflation down or take pressure off, and it'll take something,
Speaker 6: the uncertainty off.
Speaker 1: At some point, well, it becomes a question of what
Speaker 1: problem are you trying to solve and what tool are
Speaker 1: you using to do it. How would cutting rates by
Speaker 1: twenty five or fifty basis points help the labor market
Speaker 1: If companies are sitting on their hands because they're still
Speaker 1: waiting for tariff news and we've got a war going on.
Speaker 6: Yeah, I mean we can always say, ah, we can't
Speaker 6: do anything, just sit there.
Speaker 4: That's not my job.
Speaker 6: My job is trying to help the economy and achieve
Speaker 6: our dual mandate. And if the labor market's not looking good,
Speaker 6: then I have to make this trade off.
Speaker 1: But does it make a difference to the CEOs?
Speaker 4: Well, maybe not.
Speaker 6: I mean that's from saying we could argue about whether
Speaker 6: monetary policy has any effect in general on the labor market.
Speaker 6: There's you know, you go back in economics, back to
Speaker 6: the eighties and nineties, there's a whole camp of people
Speaker 6: that said Manitari policy is completely irrelevant for the economy.
Speaker 4: So quit wasting your time.
Speaker 2: You're opening up a very different conversation. Yeah, that's a
Speaker 2: whole bitt we can spend a long time on. I
Speaker 2: wanted to squeeze this in. I actually think it's one
Speaker 2: of the more important topics at the moment. We're not
Speaker 2: seeing a tightning of financial conditions a material one in
Speaker 2: public markets. I don't see that in stocks, I don't
Speaker 2: see that in bumb yields. I'm wondering what on earth
Speaker 2: you see in private markets, because every day there's another
Speaker 2: headline about another fund, another company struggling to meet redemptions.
Speaker 2: What is the Federal Reserve assessment of what is happening?
Speaker 2: Because that has powered this economy, some people might say,
Speaker 2: in a bigger way than the Federal Reserve, or for
Speaker 2: that matter, public markets have what is coming.
Speaker 4: On, Well, there's a couple things.
Speaker 6: I mean, in general, I'm not I don't see big,
Speaker 6: really big, widespread problems in the private credit market. What
Speaker 6: you're seeing is a couple of cases of certainly frauds
Speaker 6: that fraud widespread, I don't. You know, it's hard to
Speaker 6: believe that the entire correct private credit market is being
Speaker 6: driven by fraud or bubble posting of collateral. So these
Speaker 6: are kind of these one off things that get a
Speaker 6: lot of headlines, but it's not clear it's systemic. You
Speaker 6: have to kind of look at whether there are a
Speaker 6: lot of you know, there's different types of private credit.
Speaker 6: There's stuff that's in high yield, you know, risky junk
Speaker 6: bond stuff, and there's other stuff that's better quality in
Speaker 6: terms of what they're funding.
Speaker 4: So I don't think as a whole.
Speaker 6: The private credit market is in any serious trouble. But
Speaker 6: you're going to have these things popping up here and there,
Speaker 6: But I don't think there's enough of it that's going
Speaker 6: to somehow drive down the financial markets and create any
Speaker 6: kind of financial stability problems.
Speaker 2: Stay with us. Multiple impax Savanance coming up off to this.
Speaker 2: So here's the lisis this morning. The War in the
Speaker 2: Middle ag sending energy cast surging across the globe, the
Speaker 2: price of crude sitting at a multi year high, while
Speaker 2: European natural gas is set for its biggest weekly gain
Speaker 2: since the energy crisis of twenty twenty two. John guess
Speaker 2: Now is the European Energy Commissioner. Dani Jorkinson, Commissioner, Welcome
Speaker 2: to the program. So what's your assessment of the disruption
Speaker 2: to supply to Europe over the past few days.
Speaker 7: Well, first of all, it's important to say that it's
Speaker 7: not actually so much that it's disruption of supply that
Speaker 7: creates problems, because first of all, we don't get any
Speaker 7: oil or gas from our RNT directly, and we get
Speaker 7: some limited amounts of gas from the Gulf region overall.
Speaker 7: But that's not it's not nothing, but it's not the
Speaker 7: big problem. The big problem is the effects on the
Speaker 7: global markets, and of course those effects on the global
Speaker 7: markets also hits consumers in Europe, especially on oil and
Speaker 7: on LERG.
Speaker 5: So, Commissioner, do you see a reason to try to
Speaker 5: step in and stave off some of the increases in
Speaker 5: price or do you think that this will well right
Speaker 5: size itself because ultimately the EU isn't as dependent on
Speaker 5: around and sort of some of the regional supplies.
Speaker 7: So I saw earlier that you compared this crisis through
Speaker 7: the crisis in twenty two when Russia started as full
Speaker 7: scale invasion in Ukraine. And I understand why, because this
Speaker 7: is the worst crisis we've had since. But it's also
Speaker 7: important to say that we are we are not close
Speaker 7: to the level of crisis that we have in twenty two.
Speaker 7: The prices are higher, yes, but not close to as
Speaker 7: high as they were there, So that's number one. Number two.
Speaker 7: We are also much better situated to dealing with these
Speaker 7: price increases. We have a more diversified energy system, meaning that,
Speaker 7: for instance, on gas, we get the gas from more
Speaker 7: different sources. So our number one source is Norway. Number
Speaker 7: two is the US. A few years back, that used
Speaker 7: to be Russia. Now we've said we want to stop
Speaker 7: the import from Russia for obvious reasons. So this diversification
Speaker 7: puts US in a better place. Also, we've reduced our
Speaker 7: consumption of gas and we're deploying more renewables every year.
Speaker 7: This means that we get cheaper energy, it means that
Speaker 7: we get home grown energy. And it of course also
Speaker 7: means that we are in better control of our own
Speaker 7: destiny in these areas than we were before, but we
Speaker 7: are still exposed to the global markets, so we don't
Speaker 7: take it lightly.
Speaker 5: Commissioner, have you had any conversations with Chris right over
Speaker 5: in the United States about potentially increasing local fied natural
Speaker 5: gas exports to Europe in order to stave off any
Speaker 5: output from Cutter that is interrupted.
Speaker 7: Yes, we have a continuous dialogue across the Atlantic, both
Speaker 7: with the American administration but also of course with the
Speaker 7: companies and with the sector. And we have to be
Speaker 7: thankful that the American companies have been able to supply
Speaker 7: us with len G that we've needed because we have
Speaker 7: decided to to ban the import of Russian gas.
Speaker 4: We needed, of course to.
Speaker 7: Ban this import because we didn't want to continue to
Speaker 7: indirectly help finance pootince war, and of course also pushing
Speaker 7: has weaponized energy against us, and we could not accept that.
Speaker 7: So we needed other sources, and here the American gas
Speaker 7: has been very welcome. And the projections, also because of
Speaker 7: the political talks that we've had and what we've done
Speaker 7: to facilitated the projections are that that will also increase
Speaker 7: in the future.
Speaker 2: Commissioner on Russian crude. These Treasury Department, as you know,
Speaker 2: I'm sure you saw the news issued a temporary waiver
Speaker 2: to the Indian refiners to purchase Russian crud. What's your
Speaker 2: reaction to that given what you just said.
Speaker 7: For us, it's very clear we do not wish to
Speaker 7: buy Russian energy. We have got a combination of sanctions
Speaker 7: and also are.
Speaker 2: You disappointed that the Americans are allowing the Indians to
Speaker 2: buy that crude.
Speaker 7: That's not up for me to comment on. I can
Speaker 7: definitely say what we want in the European Union is
Speaker 7: to hit Russia as hard as possible on their incomes
Speaker 7: from energy. Russia they're conducting a terrible brutal war in
Speaker 7: Ukraine right now. We're talking about energy. What they do,
Speaker 7: for instance, is that they target the energy infrastructure of Ukraine,
Speaker 7: leaving the Ukrainians to freeze without electricity and a very
Speaker 7: very cold winter, and then when the Ukrainians send people
Speaker 7: to repair what's been destroyed, they bomb and kill those
Speaker 7: people also. So for us, this is a very serious
Speaker 7: matter and we want to stop our imports completely and
Speaker 7: we hope that others will do the same.
Speaker 4: And follow this example.
Speaker 2: This is the Bloomberg Sevendics podcast, bringing you the best
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Speaker 2: Bloomberg Terminal and the Bloomberg Business
Speaker 4: Out mm hmm