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Hello, and welcome to another episode of the Adlots podcast. I'm Joe Weissenthal.

And I'm Tracy Alloway. Tracy, you know, of course, on our last episode, we talked about the

sanctions that are being imposed against Russia. And they're really extraordinarily dramatic.

Obviously we've seen the Russian financial sector get pounded, all kinds of disruptions,

Russian equities listed abroad, their value in many cases going to zero, numerous companies,

often just voluntarily sort of washing their hands of the Russia business.

But of course, as everyone understands, the one huge, I guess it's the elephant in the room,

one area that has not been directly targeted is energy. Right. And this is really, I don't want

to say the crux of the whole issue, but certainly this is something that has played into the fact

that Putin invaded Ukraine in the first place. There's a huge reliance on Russian natural gas

in Europe. And I think this is well understood and well established now. And even before the

recent actions, prices had been going up. People were talking about inflation and energy crisis.

And then this all made it worse. But on the one hand, all of this plays into the geopolitical

...