we go to annmarie hordern. get us up to speed on what we can expect from joe biden and how much support domestically he's getting from democrats and republicans to pursue the agenda he is pursuing when it comes to ukraine. what is the domestic agenda and how is that shaping the way he looks at this issue and other falls under his conversations with european leaders. we are seeing pictures of leaders continuing at the nato headquarters in brussels including president joe biden. we continue to watch these pictures. on these -- the question on the support biden has for these? >> to my left you will see the president exit his motorcade as he arrives at nato headquarters in brussels. we should know to my right when you have all of these flags, all the nato countries, of the american flag is at half mast former secretary of state madeleine albright. giving your sense of what the american delegation is walking into today. when you ask what they want to get out of this, they are going to announce another set of sanctio

annmarie hordern, maria tadeo, thank you very much. the losses piling up on wall street and we slowly are getting the picture of it because it has taken some time. it will take more time. this from the financial times this morning, the lead paragraph. blackrock its securities holdings because of the attack on ukraine. tom: the news flow is absolutely extraordinary. joel lovington moments ago from bloomberg intelligence published a summation of what this crisis will be. it is full of tension. david wu, legendary at bank of america, now with his own shop, goes to the mathematics of something i am not a fan of, and that is value at risk, or var. david wu looks for a global var shock. he says this is exalted in us and hewed -- is exalted us -- is exogenous and huge. jonathan: the reporting this week on blackrock and pimco this week alone. lisa: especially if the determination committee for derivatives counts russia in default, and you see a lot of covenants triggered and you start to see the actual losses get realized. how the financial sy

president annmarie hordern our washington correspondent in warsaw. there is so much going on in the markets. we look at ukraine for an update, but this global bond rout, i have never seen anything like it in modern history. venice was bringing it back to 1984, is there a floor? kristine: a lot of investors are asking this question. it doesn't seem to be at the moment. i think what could bring about that floor is once we start seeing bonds hit that level where there is a better trade-off between holding bonds and accounting for inflation. this is probably why we're seeing this massive repricing in bonds across the globe, because of the fact that inflation has such a run-up over the past few months and upon movers really have not been getting that compensation. and until they finally do, we're likely to see this run-up in yields. tom: let's get back to the repricing in the yield. goldman now pricing in two 50 point hikes. kristine: i think that is the repricing story that has gathered a lot of steam. goldman sachs being joined by the likes of city also

tom: we have to go right to annmarie hordern's important interview with the foreign minister of ukraine in the 11:00 hour. he is confirming more news which directly goes into the bond market and the write-downs ahead. jonathan: we keep going back to it, the difference between what they are telling us and what is happening on the ground. we need to get the other side of the story. how do you -- how did the ukrainians interpret what is happening at the moment? what we got from the ukrainian foreign minister yesterday, i don't think that characterizes things as positive in any way, shape or form. tom: we see what bloomberg news does with the ukraine update and all the different complexities. the financial times and blackrock with some form of estimated right down, and i go to the telegraph, and james crisp with stunning photos of a massive attack planned. lisa: how do you have discussions about possibly ending the conflict when you are still getting bombed? i think that is one key question i am curious to hear from the ukrainian foreign minister. is that a precondition to any serious talks

annmarie hordern talks to him about talks with russia. >> there was zero progress, so it is hard for me to understand what kind of progress president putin is referring to. even we continued talking with russia, that does not have an impact on the behavior of the russian army on the ground. we believe the personal meeting between president zelensky and president putin would be helpful. we all understand that president putin is the decision-maker and you have to talk to him directly. the russian position changes all the time defending on the develop it's on the -- depending on the developments on the ground. because they have so far failed because of the resistance of the people of ukraine, they are adjusting to the new reality. still if you put all of their demands together, they demand an ultimatum of surrender from ukraine, rather than negotiating position. matt: joining us now is the partner and chief strategist at clocktower group. i'm curious to get your thoughts. that interview, i could not look away from, it was fascinating. above all, the human cost is something that you cann

team coverage begins with annmarie hordern in washington and maria tadeo. maria, 10:15, the president. maria: he is expected to announce more penalties against russia and taking them away from the normal status of a trade partner and puts it in the likes of north korea. they are potentially meeting similar action at other g7 countries and the european union. they are so much more reliant on trade with europe than they are with the united states. lisa: what would this accomplish? annmarie: i think it is a little more symbolic, even the fact that it is 5% the imf data puts on russian trade into the united states. we should note that it just shows that washington and capitals around europe are not stopping when it comes to penalizing the kremlin and the individuals around him and the russian economy. as the invasion continues it shows they are willing to take every single step deposit -- punish president putin. tom: and the bombing of airfields, one is 94 miles to people where you have your cameras set up. what is the significance of the bombing of those airfi

annmarie hordern, reporting from washington, d.c. coming up, we'll take a look the impact of those sanctions on russia. it could be on the verge of its first to in more than a century. more next. this is bloomberg. ♪ ritika: you are looking a live shot of the principal room. coming up, the credit suisse senior equity strategy on bloomberg markets the at 3:30 in new york. this is bloomberg. guy: russia faces its forced foreign currency bond payment due this week since the invasion. we have dollar-denominated ones, euro denominated ones as well. failure to pay could put the country on track for its first default on foreign debt in 100 years. we will get damian sassower to confirm that. what would a russian default look like? let's find out. >> russia faces its first coupon payment on the dollar bond, totaled $107 million needs to be paid in interest. while that is not a lot of money for the russians, sanctions have made getting that money a lot more complicated. failure to do so could be the first step towards a foreign currency deve

annmarie hordern joining us in washington. how significant is it to see this entourage of eastern european leaders heading toward a ukrainian capitol that is currently the siege? annmarie: it is incredibly unlikely you would see this but it goes to show how these leaders want to come out and show their support, not just in messaging or sanctions against russia but physically going to meet the ukrainian president for the mere zelensky in kyiv. there is a war in this country and you see these three leaders from the czech republic, slovenia and poland making a journey into a war-torn country to meet with that president. i think this speaks volumes. guy: i think it speaks volumes about how concerned they are about what is happening and the possible escalation. you have been asking about this and the nato secretary-general who is on the other cited the screen briefing about it talking about nato's fear russia could be used chemical weapons. you've talked about the repercussions. what are you getting back from the white house? how c

annmarie hordern joining us from washington, d.c. she will be here later this week as we track president biden's trip to europe. do you buy the bounce in equities? opinion increasingly divided. sylvia jablonski is ceo of defiance etf. the company has around one points a billion dollars in assets under management. which side of the fence do you sit on, all or bear -- bull or bear? sylvia: i am a bull here. there's a lot of views on inflation and where it will go in the near term. i think that equities are essentially the big could be. i am not just bullish the whole market, but i am bullish that there are a lot of investment opportunities now and there will be missing out for those sitting on the sidelines. kriti: i think it is pretty consensus that higher oil prices are probably here to stay for a while, at least for the next couple of quarters, going at least into the winter. talk to us about how that factors into the market. do you think there's going to be some sort of resistance against these commodity shocks, essentially? sylvia

caroline: annmarie hordern, stay well in brussels. coming up, as the federal reserve tightens policy, home prices, mortgage rates, they've been pricing in those moves. this is starting to see a bit of a spike. we are going to dig into some of the analysis. this is bloomberg. ♪ caroline: this is "bloomberg markets." i'm caroline hyde. sales of new u.s. homes fell in february for the second straight month, suggesting that high prices may be keeping buyers on the sidelines. we want to get more insight on what is happening underneath the surface. you have a wealth of data that you can bring to us. is this a buyer strike? >> so there is no evidence of a buyer strike. these are supply-constrained markets. there are more homes in construction that we added a very long time. garage doors and windows. it is difficult for them to purchase. caroline: the most extraordinary things, complete lack of supply, not to mention washing machines. is there a labor shortage here? michael: certainly labor, across all of the elements of the industry, it is

annmarie hordern joins us from washington, d.c.. what do we know about the plans right now as they stand, the biden administration and what they want to do on capitol hill. annmarie: that was our colleague reported on friday but it would be unilateral. we heard from all of schulz in germany saying europe is too reliant on that gas. they may want to move in the future to reduce that reliance, it cannot happen overnight. it is hard-pressed to find in washington a lot of bipartisanship but you do on this issue. lawmakers on both sides of the aisle agree that the u.s. should ban the imports of russian crude. you were talking about how much is it. it is 3% when talking about pure crude products about 8% when you look at other fossil fuel products. this was quite the feat for the kremlin. something president putin wanted to do, he wanted to kill the u.s. shale industry, and they kind of did that during the price war 2020. the kremlin love the idea that the u.s. was importing russian crude. but if they come out and make this ban, it would

annmarie hordern joins us from the white house. we know president biden spoke with president zelensky about this. what is the administration's position of what is happening here? annmarie: president biden was on the phone with president zelensky when that was happening. zaporizhzia, the biggest nuclear power plant in europe, it makes up 20% of ukraine's electricity. immediately they were imploring russia to pull back from that site. i spoke to the i.a.e.a. director-general just hours before this happened, and he was aware of what was going on on site. he said it was almost face-to-face contact between the russian military as well as the locals that were outside of this massive facility. then of course at night we saw the fire, seems like it was just at a training building and no new active materials leaked. the concern has certainly heightened the tension. should also note, this is the first time ever that a country being invaded has a vast amount of nuclear power plants, and this is why the world was on edge today. emily: on edge,

annmarie hordern our washington correspondent on the ground in warsaw. china is grappling with that covid outbreak across the country, the worst since the pandemic began. to curb the spread in shanghai, a city of 25 million, they have lockdown in two phases four masked testing of residence. our reporter is fair, one of the latest development on the shutdown? >> the announcement came last night, and there were videos of people getting into fist fights. this latest lockdown is in two phases. starting from today, where the firms are, and from wednesday through friday, april 5, it will be in a lot of residential and commercial. i think a lot of people are just stuck. we have had these lockdowns already in the last couple weeks. now it seems to be ramping up. so that is a concern for a lot of people. they are wondering what is the next phase? shanghai contributes 4% of gdp. so it is a big impact on chinese growth going forward. francine: allen wan with all the insights from shanghai. the global bond rout continues, forcing the boj to step in. let's get more f

annmarie hordern with us. the fed meeting folds into it as well. jonathan: this is the elephant in the room for the fomc today. lisa: how long this conflict will persist and what the effect will be on commodities. how much of it is going to message around that whipsaw we saw and oil prices -- saw in oil prices. we are back to where we were before the conflict even started. jonathan: look at the whipsaw in chinese equities. government departments should quote, actively introduce policies that benefit markets. from china today. lisa: i love this. plunge protection control back and forth and here is the support for markets. how much does this edify the feeling that china is the place for a lot of investors to go because their authority is moving in the opposite direction. jonathan: s&p 500 futures up 44 points. the nasdaq 100, 1.7%. looking at yields up a couple basis points. the last time the fed met, they closed at 115. tom: a sigh of relief and with a higher yield, you've got the curve steepening and it is modestly substantial. even the real yield,

maria tadeo and annmarie hordern as well. look out for maria, 8:30 eastern time, about 90 minutes or so from now, sitting down with latvia's defense minister. that conversation just around the corner on bloomberg tv and radio. there was a question, several going into the weekend, as to what might happen this week. with the president visit ukraine , go to the capital? the white house press kit or a, no plans to press secretary, no plans to travel into ukraine -- house press secretary, no plans to travel into ukraine. lisa: this comes as european leaders did had to ukraine, which was a first ever, to head into an active war zone for leaders. i do wonder what comes out of this. just to go to gina fordham's point, there is no offramp. how can some of these -- especially in response to some of the visuals that are just heartbreaking. jonathan: we will stay on top of that visual. also, chairman powell a little later, after hearing from several fed speakers going into the weekend, president barkan seeing very open to half-point move

let's bring in annmarie hordern for this story bringing the return of risk appetite. we are seeing big moves in markets, especially oil, as i'm sure you've noticed. how is washington reacting to this? >> washington has been pushing for a diplomatic path forward but of course they will not engage with russia intel president vladimir putin ends this war and invasion, but theap and the terminal is lighting up because you see the financial fallout of basically decoupling from one of the biggest commodity producers in the world, and right now, in terms of the diplomacy and politics of washington, that still maintains a top priority. president biden coming out yesterday and banning russian imports of fossil fuels. today, the house is set to vote on a bill that will send more than $13 billion in aid to ukraine, so the talk of washington is still about getting a two ukraine, supporting them in the face of russia.. >> i saw a story earlier that russian oligarch -- that a russian oligarch has renounced his citizenship and says that everything putin touches dies. you had an inte

annmarie hordern joining us out of washington, d.c. president biden set to enhance the actions annmarie has been discussing. we think that will happen later this hour. they tend to be flexible with these events but when it does happen, we will bring it to you. i want to update you on headlines that are coming out right now. the u.k. is to produce a ban on russian oil including refining products and crude. we will get more details on that coming out of whitehall over the next few minutes. you have also got the national intelligence director in the united states speaking at a hearing right now talking about russian forces acting with the disregard for civilian lives. russia is loosening the rules of engagement. russia encountering serious military shortcomings. you have another story -- the european vice president, telling a press conference right now, he is indicating that the eu has no plan to sell debt to finance issues we are encountering right now. we will move to the presidential comments very shortly. in the meantime, let's check

jonathan: team coverage starts now with bloomberg's annmarie hordern. the president has made a move, and now we need to see what he does next the energy front. what are you focused on? annmarie: today i want to see what russia says that they are going to come out within terms of this banning of commodities. what could we see in terms of repercussions, less so for the united states which is definitely more insulated when it comes to reliance on russia, but definitely for germany? this is going to be a big problem. i spoke to the former yugo ceo who lives in exile now, and he said this was a massive mistake for western europe to be so reliant on russia when it comes to fossil fuels and commodities. tom: tom mackenzie in poland, away from ella roos, on the border with millions of refugees. i am not seeing enough reporting on what happens next. the refugees get to the border. then what? tom m: we are on the border crossing between poland and ukraine. logistically, there are facilities in place that have been put in place by the polish military, by the polis

annmarie hordern entrances from the white house. anne-marie, how much more pressure will this put on vladimir putin? annmarie: we don't know yet but the strategy is to put pressure on the megarich of russia to try to see if they could potentially move the dial on putin's calculus and get him to withdraw his invasion of the ukraine. but given the fact he already spoke to emmanuel macron today and left that call thinking it will be possible. we did hear the president say that he is going after one of the richest persons. other individuals on that list, his longtime aide, for years he has worked with him, dmitry peskov,'s spokesperson. then you have others. this was a big story when alexei navalny made this widely viewed youtube video about the quote unquote putin's palace near sochi that he spent billions on. the individual came out and said, i am actually the beneficiary of that. so these are people close to the president. and potentially the u.s. thinks they can change his calculus. emily: there is also a few or division that seems

joining me now is annmarie hordern. if people do not have iranian supply coming back onto the market, you have cut off russian oil and gas here in the u.s.. you can look to venezuela maybe. what is the biden administration doing in this situation? annmarie: it is a difficult situation for the biden administration who has been dealing with higher inflation and they are terming this putin's price hike but back in august we had the nsc, president biden's main national security advisor jake sullivan have a letter to opec saying that we need more oil now because they saw that oil prices were going to be too high. now they have iranian talks on pause because of what is going on with russia. russia on saturday was saying that they are worried about this deal because they want to make sure the sanctions put in place to not impact their plans with tehran. where do they look for oil? pretty much anywhere they can get it at this point but the real key would be whether or not they are able to persuade saudi arabia to impact the mar

let's get more perspective, annmarie hordern has been following that call. outside of that chinese message, we should point out that there were other things we heard on western sanctions. at the end of the day, what can you tell us about the conversation and the reactions? annmarie: i only know what the chinese are putting out. this is a number of chinese state-run television news agencies are putting out what the chinese viewed the call. xi jinping lamented about the state of the world saying it is neither stable or tranquil. he also said the war in ukraine is not something we want to see. china has not condemned the actions nor supported it, but they also want to make the point that they don't want to be stuck in the middle of these sanctions that are united states and european countries and even asian countries like japan are putting on russia. what we are waiting for is what the white house says of that call. matt: i thought it was interesting that a chinese state media reported president she said the nation should not resort to arms. especially if you l

guy: thank you very much indeed, bloomberg's washington correspondent annmarie hordern. i want to pivot back to a story we heard a few moms ago when she gave us the first word news. the last story talked about the fact that the shipping industry is going to be significant affected by what is happening here, not only in terms of the routes the shipping industry uses, what is happening in the black sea, but also the people that crew those vessels. many come from ukraine and russia. joining us is the ceo of hapag-lloyd, rolf habben jansen. thank you for your time today. how are your operations being affected by this conflict? what are you now seeing? rolf: what we see is that operations into ukraine and russia, of course, are suspended. as soon as the war broke out which basically suspended all brookings into both countries, and as a consequent of that, we today have no ships that enter either one of them. that means that those things we have on board we have to offload somewhere else. kailey: does the black sea no longer an option for shipping? rolf: that is probably too s

bloomberg's annmarie hordern joining us right now. do we know that the white house is going to brief on this? annmarie: the white house has said to call ended, and the 10:52 a.m., that is an hour and 50 minutes that these two individuals spoke for, and it comes on the heels of jake sullivan's meeting with his counterpart for seven hours in rome. obviously we knew what the united states wanted going into this, making sure they warn china do not send military weapons to president putin and help the russian army, and secondly, do not come in the middle and help russia skirt around our sanctions. cctv interestingly was giving some headlines during that call, so almost like a little bit of live tweeting, and what we have known is kind of a similar rhetoric that we have already heard from china, that no one should resort to arms and that they want a peaceful diplomatic path forward. gina: talk to us about the differences in character. will we hear from xi's office and whatnot that this is about china showing leadership, the same thing out o

thank you to bloomberg's annmarie hordern at the white house for us. it's bringing jane vaynman, temple university associate professor of political science. let's talk about the political repercussions of a move like this. if the u.s. moves without its allies, what with the repercussions be internationally? and then domestically, is the u.s. population in support of such a move? jane: i don't know if i would expect the u.s. to move without its allies at this point. the administrations coordination with allies has been very close up through now, so i would expect to see that continue. if there's going to be public support for it, if the u.s. goes alone or together, it is hard to tell. guy: let's talk about how russia might respond. when they talk about war and business basically being the same thing and so money respects, at the moment we have russia waging war, we have europe and the united states waging economic war. in terms of escalation, how should we think about those two things fitting together? is this an equivalent military response that we sho

jonathan: great to catch up, annmarie hordern. we try to avoid the politics but i saw this line from the president saying, make no mistake, inflation is largely the fault of putin. zach, can i come to you on that? your thoughts on that line, that inflation is largely the fault of putin? >> certainly a part of it, jonathan, but not the whole story. it creates a more difficult situation for the fed. it was difficult before that. we have had years of fiscal and monetary stimulus, supply chain issues in place for almost two years now. that has driven inflation everywhere. it is more than just a commodities story. that is why the fed will be moving forward at a fairly aggressive pace. we don't think 50 basis point is on the table but the fed will be watching that index closely. jonathan: that is what the fed will be responding to next week, not the story of the last couple of weeks in ukraine and the consequences of that, arguably nine months or so. a call to downgrade the u.s. gdp forecast. three reasons for it. tighter financial cond

annmarie hordern is with the president in brussels. a short time ago she had an interview with the pentagon spokesman john kirby about what the u.s. is doing in deploying forces and what more could be done. mr. kirby:

thank you, bloomberg's annmarie hordern. this is bloomberg. ♪ guy: the fed hiked by 25 basis points last night, the first time it has done so since 2018. chair powell signaling there will be six more coming this year. the bond market is unconvinced. it thinks the fed is going to struggle to deliver on those hikes. bridgewater associates' co-cio for sustainability joins us now. give us your view. karen: the bond market is basically pricing in a relatively moderate increase in interest rates when you put in just how far inflation has risen, and if you break down the bond market pricing between the real interest rates and the expected inflation which you can do with the curve on inflation linked bonds, you can see that while inflation is expect it to be high for the next year or so, maybe two, it is expect to do pretty quickly come down afterwards. that is why longer and rates are relatively low. more or less, the bond market and the stock market together are pricing a magical scenario where the fed tightens not that much. it

he joins us alongside bloomberg's washington correspondent annmarie hordern. thank you very much for your time today. can you update us on what you know about the security and the stability of the nuclear reactors, the nuclear facilities, the nuclear storage facilities in ukraine? rafael: as you are seeing -- thank you very much for having me, first of all -- ukraine is a country with a vast nuclear program, which includes, as you are describing, a number of nuclear reactors, 15 reactors, more than 50% of the electricity produced and consumed. apart from that, you have the associated facilities. waste storage facilities. a number of them. and of course the iconic -- a commission facility. a vast array of installations throughout the country, and of course, the first time there is an ongoing military conflict -- war, actually -- taking place amidst these facilities. in and of itself it constitutes a delicate situation. in terms of what is going on now, i can tell you that we have been and we are as part of our mission, as the international nuclear organization,

let's bring in bloomberg washington correspondent annmarie hordern to talk about exactly what we know. there are a couple of conferences in europe, a council summit and a nato summit. is he going to be attending both in europe? annmarie: it sounds like he will be attending anything that has to do in ukraine happening in brussels, kicking off with that extraordinary nato meeting that you insulted bert just announced for all nato members and heads of state. that takes place next thursday, march 24. that's when the president will be in brussels, jen psaki coming out on the white house podium announcing this. also, she was asked about what other potential trysts can the president have on this trip. she was asked about poland. she was also asked about whether the president will meet with zelensky. and she basically said they are still finalizing the trip. it doesn't seem like anything is off the table. jon: and as we sort of think about the strategy and what people will be talking about, what ultimately do you think are going to be some of the key questions we start to hear a little bit mo

guy: joining us now is annmarie hordern. she joins us from capitol hill. how is the u.s. going to respond? annmarie: we are going to be hearing from the president just before noon today. president zelensky made this plea, speaking in english directly to the president, incredibly emotional, imploring on congress to act. when he renewed his plea for the no-fly zone, he said if that is too much to ask, then give us the air defense that we need. this came before he showed a graphic video showing exactly what is right on in ukraine. it ended with him asking congress to close the skies. kailey: let us talk about how congress would respond. is it going to take congressional pressure to get the biden administration to move? annmarie: potentially. when it comes to a no-fly zone, there is bipartisan support to not go there yet. this would mean world war iii. the white house believes this would be escalatory and russia would view that as a nato member entering the conflict directly, but, when it comes to sending those polish fighter jets, there is already republican support. i imagi

let's get to bloomberg's and marie -- bloomberg's annmarie hordern. the latest, please. annmarie: briefed by a u.s. official on what is going on behind me in the building right now with president biden meeting his fellow nato leaders is that they are concerned and they are discussing what would happen in terms of severe consequences if president putin were to use chemical or biological weapons. the reason why this is top of mind of many leaders, because the war has drawn out much longer than the kremlin expected. they thought this would be a swift operation, a military operation, and also the fact that president putin has been one to either turn a blind eye when his allies used chemical weapons in syria and putting himself and his military providing that air cover. also the fact that he used novichok in the united kingdom. their posture has yet to change in terms of new gear to terrence, but this is clearly top of mind of leaders today. tom: there's video on, of all things, youtube showing a mini pearl harbor. one ship destroyed, another clearly on fire, heading out to s

our annmarie hordern with us now from washington. tell us what we know about the president's trip and what kind of impact that could have. annmarie: jen psaki mentioned the president is a firm believer in face to face clemency. throughout this entire process, whether sharing intelligence with nato allies or making sure the u.s. was in lockstep with european leaders when it comes to harsh sanction packages they put on russia, the president always wanted to make sure he had unity amongst this group. of course they will discuss more determined factors that potentially could bring the w ar to an end, but also the support they have for ukraine. it comes, this announcement comes before congress tomorrow morning is going to hear from president zelensky. i imagine he will implore u.s. lawmakers for more support, especially when it comes to the military. emily: meantime the other big story in washington, sara boom risk and withdrawing as president biden's nominee to be the fed's vice chair of supervision. how big a blow is this? annmarie: it

i want to get to annmarie hordern standing by at the white house. president biden spoke to president zelensky earlier. what do we know? annmarie: they are keeping in touch. between ukrainians and the americans, there are conversations almost daily. the president spoke directly with president zelensky today as the second-biggest city there, there's been an onslaught in terms of that city and many reporting and number of civilian places are being attacked and you have a very long road into the capital russians are filling up. they are starting to get hit or encroached and the president speaking about that with the state of the union. this has changed the tone of his state of the union speech because a lot of times, presidents wants to focus what's going on domestically but given this russian invasion of ukraine, the president is going to be focusing on that. emily: the state of the union coming up and what does president biden have to reassure the american people about given the impact we are seeing on the economy and the concerns about rising inflati

we are joined by bloomberg's washington correspondent annmarie hordern. i would like to start with this story you helped break. the iea confirming what you told us, a massive coordinated release of oil from strategic reserves. annmarie: the fourth time ever in their history they are doing this once again, a drawdown of reserves. what is going to happen is that 30 million will come from the united states.

annmarie hordern with us from washington. tell us about what we know from the president's trip and what kind of impact that could have. >> jen psaki also mentioned the president is a firm believer in face-to-face diplomacy. whether it was before the invasion sharing intelligence with nato allies or following the invasion, making sure the united states was and a lockstep with european leaders and when it comes to harsh sanction packages that they have put on russia, the president has always wanted to make sure he was in luck tap -- lockstep and in unity among the group should they will discuss more deterrent factors that could bring the war to an end but also the support they have for ukraine. what is interesting is it comes just before congress tomorrow morning is going to hear from president zelensky. i imagine he is going to implore u.s. lawmakers from more support especially when it comes to the military. emily: the other big story in washington, raskin withdrawing as president biden's nominee to be the fed's vice chair of

hordern in warsaw. what does the walk back look like right now? annmarie: we're not sure exactly what the president meant, but this was clearly unscripted. these nine words at the end of a hallmark speech that ran for about 15 minutes got a ton of crowd applause and cheers when he mentioned nato, humanitarian aid, but the entire speech has been overshadowed when he said this man should not remain in power. was he just exasperated at the moment with everything going on? he met with refugees earlier in the day face-to-face, and in that moment he told reporters he thought president putin was a butcher. now you have the walk back. the white house has been working overtime over the weekend since he said those words. we heard from secretary of state antony blinken and the president himself leaving, was asked, is this what you meant about regime change for the united states and their position on the criminal and russia? he gave a frank "no," but potentially what the president thinks pertinently. tom: maria, yo

for more, let's bring in annmarie hordern. bloomberg news has just been amazing in terms of breaking these stories, both oil and gas side, as well as the debt side. it has been one scoop after another. what do you take from president biden's speech? trying to come on the one hand, saying we will not finance vladimir putin's war, and on the other hand, defending himself from inflation is not our fault, let's deal with it because we have to. annmarie: i think he was the pair of the american people that this will inflict some pain on their pocketbooks because russia is such a major player, not just when it comes to oil and gas, the third biggest producer, second biggest exporter. but also other commodities, wheat, palladium, nickel. those dreams of electrification, all of those materials are needed for that energy transition, for solar panels, wind turbines, batteries. i think he was preparing to say that this will be costly for the american people who were already dealing with inflation, so this is just another layer of the stor

let's bring in annmarie hordern, standing by at the white house. it seems that traders took this as a signal there could be a shortage soon and decided to buy as much as they could. annmarie: there is some angst and concern in the markets about what would happen if we start to see less russian crude hitting the global energy market. russia is the second biggest exporter. we have from that iea, these consumers around the world, that the u.s. will tap -- the second time they have done this under president biden, the fourth time that iea as a whole has done this. the u.s. will make up about 30 million and the rest will come from others. as a whole, that 60 million. we heard from press secretary jen psaki after the iea confirmed our reporting on the fact is she says this is about what president biden has talked about in terms of working in lockstep with the european and other allies around the world in asia and north america and making sure that at the same time they can try to protect american businesses and consumers. when you see elevated oil prices

guy: bloomberg's annmarie hordern is in warsaw for us and joins us now. was it a reflection maybe of what the current thinking is within the white house? is this what is now within the corridors of power within d.c.? annmarie: i'm not sure we can say that just yet because the white house has done a lot to not exactly say they don't agree with what the president was saying, but say this is not u.s. policy. secretary of state antony blinken made that very clear yesterday while on a visit in israel, saying this is not u.s. policy, that is not what the white house is trying to reflect. one u.s. official offered up this was the president may be speaking a low but from the heart after the fact that he had just met refugees who have fled ukraine, who have fled the assault, and also president biden, when asked what he now things are president putin, he said he's a butcher. this just goes a little bit further from that already heightened rhetoric. kailey: i vesely the allies were not pleased with these -- obviously the allies were not that pleased with these remar

the ukrainian foreign minister speaking exclusively with annmarie hordern. >> there was zero talks so it is hard for me to understand what putin is referring to. they are killing our children, civilians. it speaks to one side only, that even if we continue talking with russia, that does not have an effect on the behavior of the russian army on the ground. emily: he also said ongoing talks are not impacting russia's heavy on the ground adding that a meeting between russia's and ukraine's president would be helpful. president biden earlier saying the u.s. would defend every inch of nato territory, even if it meant world war iii, but not a single inch of ukraine. where does this leave ukraine? >> he was speaking at a gathering. this calls into question whether the u.s. could do more. he said, we are going to defend nato countries, ukraine not one of those, even if that means world war iii. he said, we are not going to defend every inch of ukraine, because giving them offensive weapons, tanks, planes, and joe biden's view, would trigger world war iii. a bit of pushback from him on these c

jonathan: let's cover that with bloomberg's annmarie hordern in washington, d.c. speak to vladimir putin's loneliness. annmarie: he's incredibly lonely on the international stage. we know that, especially when it comes to the west. his one friend, and that is going to be the topic to discuss today, is beijing. where it is beijing potentially move a little bit of the pendulum towards moscow or k yiv? russia has asked beijing for military assistance. the issue china has if they were to do this is that would be escalating, getting rid of that veneer they have of neutrality. this is something they have wanted to maintain. they have not come out and criticized or condemned russia directly, but at the same time, they have not exactly helped the ukrainians, so they are put in this difficult decision, and that is what jake sullivan will discuss today with the top chinese diplomat. lisa: what are the additional steps? we heard late last week the u.s. was going to sanction seafood from russia, as well as alcohol. what is next? are they basically just looking for small items

for the latest, we want to bring in bloomberg's annmarie hordern at the white house. the biden administration is calling the possibility of sanctions against russian energy suppliers. annmarie: consider the latest sanctions the administration announced, most going towards belarus but also export controls on technologies the oil and gas industry would potentially need for future production. this is not going against actual barrels are gas on the market but it is a little bit of flirting with the issue of oil and gas on the table. they are sanctioning, putting export controls on the technology the industry actually needs. matt: what happens with china and how does the white house perceive these moves? first they were best friends with the russians and vowed to support them. now they have came out vocally against war. annmarie: it was fascinating. actually using the word war, matt. that was the first time yesterday china referred to what is going on in ukraine is war. they wanted to make sure they are getting chinese nationals out of the country. it seems like they have

jonathan: team coverage starts right now with bloomberg's annmarie hordern at the white house and maria tadeo in brussels. are they willing to fly solo on that effort? annmarie: great question. they have really worked in lockstep with european partners come of the united kingdom, even japan to make this sums that was really multilateral in name, and now this would be the united states acting alone in banning these imports. the belittle pressure is intense and washington on this white house. we should note right now, there is an embargo in all but name. you have refiners in the united states ditching some of this crude. 3% of imports come from russia you look at hardcore crude, 8% when you consider all of the other fossil fuels, but the signs are there that they are looking to do this because you have u.s. officials going to venezuela to potentially make up some of that shortfall. obviously this is a matter of when, not if. tom: in your world, what is the dynamic of going from aaa unleaded four dollars a gallon out to $4.10 or $4.40 or higher? how does that change the dynamic inside the

we have a perfect cast to follow from the work of annmarie hordern in washington. leslie vinjamuri of chatham house, i want to go to the special relationship which is great britain and the united states. prime minister johnson, can he, should he join president biden in this kind of blockage of russian hydrocarbons? leslie: leslie: i think -- leslie: i think prime minister johnson will wish to do that. certainly the u.k. is less dependent on russian energy than other european economies. i think that the u.k. wanted to stand very tall along the united states, a symbolic appeal that boris johnson gets from this is significant. being able to demonstrate a sanction, that the u.k. won't pay as strong a price for, but the u.k. is also continuing to pull together with europe, so i think there is a very real possibility that the u.k. does follow. tom: does the biden action when we hear the announcement touch upon nord stream one or the development of nord stream 2? can you link them together, or are they discrete? leslie: the announcement is interesting for a couple of reas

jonathon: we have annmarie hordern and maria tadeo. what happened? >> this man said -- president biden said this man should not remain in power. he gave this speech in warsaw, a native country on the border with ukraine. he saw the weekend really working overtime to make sure they can clarify that this was not policy, but we should note that we have been here before with president biden. it was just earlier this year, when he said minor incursions in the white house had to come out and really describe what he meant in terms of retaliation for any sort of invasion into ukraine. there is also october, when the president was coming to the defense of taiwan. now what you see is a number of individuals, especially allies, weighing in and trying to de-escalate, make sure it is not taken the wrong way and for the kremlin to use it against the allies. >>'s poland happy with what they have heard from the united states? annmarie: poland is particularly happy with what they heard from the president. i was there at the speech at the royal court and there were bi

in an exclusive interview he told annmarie hordern that change is coming to moscow. >> the regime will change, no doubt about it. before it might've taken 10 or 20 years from now. now it may happen much faster. ritika: he also said that all of russia's oligarchs should be targeted by sanctions. in south korea, exit polls in the presidential election shows conservative candidate with a slight lead, less than 1% separates them. he is hawk us and focuses on tighter ties with the u.s.. issues surrounding the fast-growing market, the first attempt at coordinating the government's strategy on digital assets. still it falls short of providing regulation. that is something crypto firms have been calling for. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> i continue out of this morning, not a physical shortage for oil, but there is a very strong perception in the market because of the volume. jonathan: the opec secretary-general. futures this morning, good mor

we will touch base with you on the morning -- through the morning with maria tadeo and annmarie hordern. . there cutting the tax on eu fuel to the minimum. they are coming down about $.30 and they will do this for three months. you wonder how money others have to follow this act and how much support we will see. consumers across the continent need to pay a lot more for energy over the last few months and potentially for the rest of this year. tom: the inflation issue is there but far more, can the airlines get together? i would suspect on lng, liquefied natural gas, that will be a focal point. jonathan: watch this space. tom king, welcome back. missed you. you come back and lisa leaves. tom: all of bloomberg is in paris. jonathan: how was it? tom: great. love it. team surveillance, the election. jonathan: i bet you have been thinking about that. tom: i have. jonathan: did you find a bath? tom: no. [laughter] jonathan: from new york, this is bloomberg. ♪ ♪ >> keeping you up-to-date with news from around the word, i'm ritika gupta. president biden and other members issued a tough new

ukraine's foreign minister dmytro kuleba will be joining for an exclusive interview with annmarie hordern. it will be a lengthy sit down. she has plenty of questions to ask him. we will be getting to that interview next. from new york and london, this is bloomberg. ♪ ritika: this is the european close. you're looking a life out of the principal room. coming up, alex ryan at 6:30 in new york. this is bloomberg. annmarie: an exclusive interview with ukrainian foreign minister dmytro kuleba. thank you for joining us at this difficult time for you and your country. i want to begin with comments we have from president vladimir putin who claim to there has been progress made in the talks between ukraine and russia saying there are certain positive shifts. negotiators on his side tell him that. what is your response to this? min. kuleba: yesterday i met with sergei lavrov. the meeting was facilitated by the turkish foreign minister. we spent one hour and a half and there was zero progress in talks, so it is hard for me to understand what kind of progress vladimir putin is referring to. annmari

for the latest, let's go to annmarie hordern at the white house. calls are growing louder on capitol hill it up to nancy pelosi to ban russian oil imports. the white house says they are not on board with this idea because it would send oil and gas prices higher. how much longer can they hold that position? >> we have to wait to see how long they are willing to go this far

guy: bloomberg's washington correspondent annmarie hordern joining us now from the white house. was this a speech that delivered on expectations? was this a speech that delivered on the objective of unifying america? annmarie: it delivered in terms of unifying the chamber when it comes to finding a geopolitical -- to fighting a geopolitical foe, russia, getting the chamber to stand in a show of solidarity, everyone clapping and looking at the woman who stole the show, the ukrainian ambassador to the united states. that is where the president really won that bipartisan support, but that part of the speech was just a little bit less than 10 minutes. the remainder focused on domestic issues. but one of those domestic issues has to do with the geopolitical crisis he is dealing with, which is the war in ukraine, and the premium it is putting on commodities across the board. it is also wheat, corn, nickel, palladium. all of this feeds into the inflation story. kailey: all feeds into higher prices for americans. he went on to say that he is taking great effort to make sure that the san