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This is CBS I On The World. I'm John Bachelot. Russia's economy under assault by the sanctions

the US and Europe against the energy sector of the Russian economy that is the mother load,

the cash cow, the natural gas is shut off to Europe. The oil is shut down in some important

way because it's capped. And the buyers and sellers of oil have been taking advantage by

getting discounted oil from Russia, which is certainly not helpful to the Russian budget.

At the same time, we have a voice from the bank, the JP Morgan Bank, that is the largest

bank and most successful bank at that in the United States in the world, perhaps. Jamie

Diamond, the long-time leader. The real issue for the world is Russia, he said recently.

War, Ukraine, energy trade, and that is serious. And that's still out there. Hopefully it

will mitigate and go away, but it may not. The only thing that matters for the future of

the world is how this thing plays out. I welcome Michael Bernstom at the Hoover institution

has been my guide on the Russian economy, the sanctions, what it means to Europe and

to the world that the energy component of Russia is now being heavily discounted, if

sold at all. And this concern by a central by a banker in New York, who is actually making

money, prosperous, that it threatens the global system. Michael, your measure of Jamie Diamond

is he being a larmist, bearish or do you see Ukraine dislodging stability in Europe and

...