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In urine with regard to the s.w.i.f.t. payment system, anyone buying or selling oil becomes almost impossible. and then just taking the story to a wider perspective, we've got to keep our mind on this, markets don't lhave a lie detector. it is going to have a spill over effect on many businesses around the world. bp is trying to divest. norwegians are trying to get their money from the sovereign wealth fund that has exposure to russian assets as well. the big question isn't something i'm looking at, it's what china is going to do. they've already softened import rules for russia. and then you'...

Sanctions, resistance and ukraine political isolation by the international community. other sorts of penalties, other sorts of stresses, whispers from the allies that all that together makes a difference rather than sanctions by silver one thing by itself appeared. arthel: okay jim i'm going to come back to you about something else is breaking today. list to your angle of this russia and china if i could get a quick answer if you don't mind, russia and china have their own banking system. so could you inadvertently weaken the dollar if you force those two to work outside of swift? >> that is a...

But he badly miscalculated. he thought he could rule into ukraine and the world would rule over. instead, he met with a mall -- a wall of strength he never anticipated or maghtd. he met ukrainian people. [applause] he thought he could divide us at home in this chamber and this nation. he thought he could divide us in europe as well. but putin was wrong. we are ready. we are united, and that's what we did. we stayed united. putin is now isolated from the world more than he has ever been. we're cutting off russia's largest barn from international financial system. preventing russia's central ban...

Russians learned, lawrence, from the sanctions that were imposed after putin invaded and annexed crimea in 2014, was that they had to insulate themselves from the dollar. russia now has massive currency reserves on order of 630 billion dollars, very little is dollar denominated, it's gold. the state budget has been pared back. so putin and his regime have gone very far to protect themselves from the kind of sanctions that the west imposed after 2014. what is being considered now is much more dramatic than what was imposed in 2014. there is considerations about cutting off russian banks from th...

Are limited and that the evidence suggests president putin isn't deterred by sanctions and we're beginning to see political recrimination from various sides including the republicans over what could or should be done perhaps even suggesting that president biden should do more. listen, there is plenty of blame to go around. you mentioned russian reserves that have build up. $630 billion worth of reserves. president putin has been building those since before his famous speech in 2007 where he railed against nato. so the evidence has been there for a long time. if you talk about a really dramatic...