trying to insulate itself in past months by importing foreign currency and by doing other things to sort of ring itself off from the outcome. >> the sanctions that the biden administration has been discussing for next, what could that include? >> technology export controls, ringing off more members of the inner circle of vladimir putin and some are talking about trying to get russia kicked out of the swift banking system, that would be very significant, more severe, not sure if that's on the table yet now. >> we saw the german and french markets down 5% in one day. that's an enormous amount. are they built for this? >> this is war in their backyard. this is something we haven't seen since the end of world war ii. there is no playbook for what happens next. you'll see 5% move in frankfurt in one day is a big deal. the next move here is what are the next level of sanctions from the eu and from the u.s. and does that deter putin or does