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Hello and welcome to the programme.

Now, it is one shock after another to the world economy in recent years.

And the invasion of Ukraine is sadly not just transforming the security outlook in Europe.

It is another painful hit for the global economy and business as well.

You can ask BP, for example, divesting their profitable share of the Russian energy giant Rosneft.

It may show up as up to a $25 billion charge in the accounts this quarter.

Now, it's not an economic war in Ukraine, but the West has chosen to retaliate against Russian action with the economic weapons of sanctions.

And with those, there are repercussions for all.

Immediate effects on global energy prices, for example, obviously on the Russian rouble.

And perhaps longer term effects too, because it's pretty clear there's a

rethink going on about the value of the British money-making industry of selling services to

oligarchs and kleptocrats. If it once seemed like a good business, it's looking less attractive

now. So we really thought we should take a look at what is going on economically at the moment.

Inevitably, this is going to be a

rapid journey through some of the many different problems arising. I've four guests with me.

Duncan Weldon, economist and author, produces the value-added newsletter on Substack. Anna Leach

is Deputy Chief Economist at the CBI. Also with us, Chris Rogers, a supply chain economist for Flexport and Greg Jackson, who's the chief executive of Octopus Energy.

So we have two general economists and two people with a more specialist expertise.

And I hope we have covered a lot of the relevant topics there.

Let us start with our two economists, Duncan Weldon and Anna Leach, and get their broad assessments

as to the economics here. Duncan, just on the weapons that the West has deployed, were you

...