they do not regularly do. talk about what the impact of all of this will be on the russian economy, on russian oligarchs close to vladimir putin, and those middle class russians who were fearing the worst right now. yes, joe, this is certainly the most robust package of financial sanctions thai can remember being imposed. i think it goes far beyond what most people, including the russians especially, expected to happen. i will come back to that in a second. but the impact on russia and its economy is very much along the lines of what you have said. we have seen reports of people lined up at atms. we see hoarding going on. we see the russian stock market falling over 40% and now being shut. we see the ruble collapsing. these are all signs of a country in great distress. where it ends for the russian people and the russian economy, of course, is too soon to know. but i think you can probably expect based on past efforts past sanction efforts that we have done a very steep recession
nation, and as the lead the world in opposing putin, and president zelenskyy s really stood up. and he has said people to negotiate as a reasonable person should, and the russians don t seem to be taking him seriously. chairman, what do you think? i m concerned about putin doubling down. i think there is encouraging news about the performance of ukrainian military on the battlefield. i m encouraged by the impact of the sanctions, we referenced the ruble collapsing. orphans the fact that the stock market is operating for five days, and that people are lined up to get cash out of russian banks. so i m encouraged by the work that is happening today, but what is putin doing now to double down as eyelids when man said? he lacey shtick kyiv. he strikes as civilian targets. he, i think, engages in the worst war crimes imaginable. he carpet bombs apartment buildings, uses chemical weapons, and even rattles the
moldova. it is happening on multiple borders all at the same time and seems to be getting worse. there is also a growing concern that they left family members behind, exactly what richard is saying, that maybe that window to leave the capitol has closed so there is a great deal of concern about people who remain behind and what is to come, andrea. and keir simmons in moscow, president putin met with his economic advisers, another long table there. mostly doesn t have the answers for inflation and the ruble collapsing and the sanctions that came over the weekend and built to more sanctions this morning against the central bank. reporter: you re right, andrea. and that long table when he met with his defense minister so the distance between him and even his inner circle. i want to share a little bit of what their perception is of the trouble the russians are having.
ban it, that s speaker pelosi discussing an option with increasing attention as the war goes on to go after putin with devastating oil and gas sanctions, u.s. and others pummelling the kremlin with other sanctions you ve heard about and that has had impact, sending russians scrambling for cash, the ruble collapsing, elite panicking, yachts confiscated but no one has actually gone near the biggie. now, oil represents about the majority of about 60% of all russian exports. it is putin s economic lifeline even especially amongst new sanctions and there are leaders who feel, basically, if you do this to go after putin, it could boomerang on you. it could hurt so much of the rest of the world and countries who import the gas, europe cares about it even more than we do in the united states but american