This is CBS Islander World. I'm John Bachelors, Ukraine crisis. I welcome my colleague,

Claudia Rosette, foreign policy fellow with independent women's forum, writing most recently

of what we're looking at now in Ukraine and lessons learned so far. Claudia, a very good

evening to you. The headlines from the Wall Street Journal are alarming and promising.

Global car and Volvo truck group halt sales, productions in Russia. Russia reciprocates

with airspace ban after EU-Canada prohibitions. Sanctions put Russian banks under severe

pressure. Promenade oil trader says market is in denial over Ukraine war. Russia's rubles

slides amid trading restrictions. Russian scramble for dollars. US other major oil consumers

considered tapping reserves as prices surge. Japan sanctions Russia's central banks. It

goes on. But we're looking at financial repercussions of the military invasion of Ukraine.

You mentioned in your article most recently, PJ Media, this is a gun fight. What does that

tell you about how so far the US, NATO, the EC, the European Central Bank and the EU have

responded to Russia's predation? Good evening, Claudia. Good evening, John. Well, as I

wrote, we're doing all these, taking all these actions and at the same time, as everyone

says we stand with Ukraine, what's really going on is as much more as if we're all sitting

like spectators at the Coliseum and we're watching Ukraine do single combat against Russia.

It's Ukrainians who are dying. This is a killing war and that's what's really going on here.

The financial maneuvers, much announced these last days and they've been used, if I understand

correctly, in a the way you use a barrage in the first war, you walk it up to the enemy.

Right now we've reached a point where they're directing much of the attention to the Russian

central bank, which is vulnerable, but also all of the European economies are vulnerable

because of their dependence on Russian natural gas. Do you measure that these financial tools

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